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Huntington Ingalls Industries, Inc. (NYSE: HII) is America's largest military shipbuilding company and a premier provider of engineering, manufacturing, and management services in sectors such as nuclear energy, oil, and gas. With a rich history spanning over a century, HII's Newport News and Ingalls Shipbuilding divisions in Virginia and Mississippi have built more ships in a diverse range of classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Virginia, HII employs approximately 37,000 people, operating both domestically and internationally.
HII operates through three major segments:
- Ingalls Shipbuilding: This division focuses on the construction of non-nuclear-powered ships such as amphibious landing ships and Arleigh Burke-class destroyers.
- Newport News Shipbuilding: The only shipyard in the U.S. capable of building nuclear-powered aircraft carriers, it is also a key subcontractor for Virginia and Columbia-class nuclear submarines.
- Mission Technologies: This segment provides advanced technological solutions including uncrewed sea vessels, IT services, and a host of other specialized services to U.S. government agencies.
HII has also made significant strides in innovation and collaboration, recently hosting an industry and academic event to explore new technologies in shipbuilding. The company is actively involved in fostering innovation through partnerships with entities like 3M, Lincoln Electric, and Fastenal.
Financially, HII reported first-quarter 2024 revenues of $2.8 billion, up 4.9% from the previous year, driven by growth in the Mission Technologies segment. Operating income for the quarter was $154 million with an operating margin of 5.5%. The company has a strong backlog of approximately $48.4 billion as of March 31, 2024.
HII's commitment to technological advancement is evident in its recent strategic collaboration with Amazon Web Services (AWS) to enhance digital shipyard transformation, next-generation sea power capabilities, and warfighter training readiness. This partnership aims to leverage AI, machine learning, and cloud technologies to improve manufacturing quality and operational efficiency.
In addition to its core business, HII is heavily invested in education and community outreach. This includes sponsoring STEM expos to inspire the next generation of shipbuilders and innovators.
HII's dedication to maritime excellence and technological innovation continues to position it as a crucial player in the defense sector, ensuring the U.S. maintains a formidable naval presence globally.
Huntington Ingalls Industries (NYSE:HII) announced the successful delivery of the Frank E. Petersen Jr. (DDG 121), an Arleigh Burke-class guided missile destroyer, to the U.S. Navy on November 30. This delivery marks the 33rd destroyer constructed by Ingalls Shipbuilding, with four more currently under construction. Frank E. Petersen Jr. is named after the Marine Corps' first African-American aviator and general officer. Ingalls continues to be a leader in military shipbuilding, employing over 44,000 people and constructing more ships than any other U.S. naval shipbuilder.
Huntington Ingalls Industries (NYSE:HII) announced a $113.6 million contract modification from the U.S. Navy for long-lead-time materials related to amphibious assault ship LHA 9, bringing total funding to $651 million. Ingalls Shipbuilding President Kari Wilkinson emphasized the partnership with the Navy and the economic boost from job sustainability across their supplier network. LHAs are vital assets for Navy amphibious forces, providing advanced medical and logistical support.
Huntington Ingalls Industries (NYSE: HII) has appointed Mike Aldinger as vice president of its Technical Solutions division, focusing on live, virtual, constructive (LVC) training solutions for the U.S. Air Force. Aldinger brings 22 years of experience from Northrop Grumman, where he led the expansion of LVC capabilities. His expertise includes engineering, mission training, and artificial intelligence. This strategic appointment aims to enhance HII's position in the defense training market, supporting crucial readiness needs for the U.S. Department of Defense.
On November 13, Huntington Ingalls Industries (NYSE: HII) held its second annual Global Day of Caring, with employees participating in 26 community service projects across nine U.S. states, Romania, and South Korea. This initiative emphasizes the company's commitment to community involvement as part of its corporate culture. Technical Solutions President Andy Green highlighted the event's dual benefit for employees and communities. The company also supports the U.S. Marine Corps Reserve’s 2021 Toys for Tots program, showcasing its dedication to social responsibility.
Huntington Ingalls Industries (NYSE: HII) christened the pre-commissioning unit New Jersey (SSN 796) at its Newport News Shipbuilding division on November 13, 2021. The ceremony celebrated the dedication of shipbuilders and honored over 1,800 guests, including government officials and Navy personnel. New Jersey is the 23rd Virginia-class submarine, 82% complete, and scheduled for delivery in late 2022. The ship incorporates modifications for gender integration and symbolizes a strong national defense.
Huntington Ingalls Industries (NYSE: HII) recognized four employees at the 2021 Society of Asian Scientists and Engineers National Conference. Matthew Burris received the Career Achievement award, while Dennis Seran, Reby Vanta, and Khoa Nguyen were honored with Promising Professional awards. Additionally, two Newport News Shipbuilding employees, Emily Frantz and Teresa Mullen, won STEP Ahead awards for their contributions to manufacturing. Demetria Petty-Manes received the Prism Award for her leadership in engineering. HII continues to emphasize diversity and excellence within its workforce.
Huntington Ingalls Industries (NYSE:HII) appointed Grant Hagen as president of its Technical Solutions division Cyber and Electronic Warfare group, replacing Terri Walker-Spoonhour. Hagen, previously senior vice president of business operations, is credited with strategic acquisitions and developing the Unmanned Systems Center of Excellence. Andy Green, HII's president of Technical Solutions, expressed confidence in Hagen's leadership to enhance national security solutions. HII remains the largest military shipbuilding company in the U.S., employing over 44,000 people.
Huntington Ingalls Industries (HII) reported third-quarter 2021 revenues of $2.3 billion, a 1% increase year-over-year. Operating income fell to $118 million with an operating margin of 5.0%, down from 9.6% in Q3 2020. Net earnings decreased to $147 million and diluted EPS was $3.65, compared to $5.45 a year earlier. The acquisition of Alion Science and Technology closed on Aug. 19, contributing approximately $163 million in revenue. New contract awards totaled $600 million, raising total backlog to $50.1 billion.
Huntington Ingalls Industries (NYSE:HII) has announced a quarterly cash dividend of $1.18 per share, reflecting a $0.04 increase from the previous dividend of $1.14. The dividend will be paid on December 10, 2021, to shareholders of record as of the close of business on November 26, 2021.
As the largest military shipbuilding company in America, HII continues to demonstrate its commitment to returning value to shareholders while maintaining its leadership in national security solutions.
On October 28, 2021, Huntington Ingalls Industries CEO Mike Petters addressed 1,000 U.S. Coast Guard Academy cadets at the Admiral Thomas Wetmore Annual Ethics Forum. He emphasized the importance of leadership by example and motivating teams to excel beyond mere compliance. Petters inspired cadets to cultivate ethical habits and understand the impact of their actions. Huntington Ingalls, a leading military shipbuilding company, is responsible for building advanced national security cutters for the U.S. Coast Guard, enhancing maritime capabilities for national security and law enforcement.
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