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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) has secured a five-year contract valued at $273 million to assist the U.S. Navy's carrier engineering maintenance teams and other readiness programs. This collaboration emphasizes the ongoing modernization of the Navy's fleet, vital for national security. The contract's work scope includes maintaining and overhauling various equipment systems and conducting training to improve operational readiness. HII extends its decades-long partnership with the Navy, focusing on efficiency and cost-saving in defense operations.
Huntington Ingalls Industries (HII) has priced its offering of $400 million in 0.670% Senior Notes due 2023 and $600 million in 2.043% Senior Notes due 2028, collectively termed the 'Notes.' The proceeds will finance the acquisition of Alion Science and Technology, expected to close on August 16, 2021, subject to customary conditions. If the Alion acquisition isn’t finalized by April 4, 2022, HII must redeem the Notes at 101% of their principal value. The Notes will be offered to qualified institutional buyers under Rules 144A and Regulation S of the Securities Act.
Huntington Ingalls Industries (NYSE: HII) announced a senior notes offering to finance the acquisition of Alion Science and Technology. The proceeds will be combined with funds from a term loan credit facility to cover the purchase price. The notes are guaranteed by the Company’s domestic subsidiaries and will be offered to qualified institutional buyers in compliance with U.S. regulations. This offering is part of HII's strategy to enhance its capabilities in defense technology and services.
Huntington Ingalls Industries (HII) reported second quarter revenues of $2.2 billion, marking a 10.1% increase year-over-year. Operating income reached $128 million with a 5.7% operating margin. Diluted earnings per share were $3.20, significantly up from $1.30 in Q2 2020. The company secured approximately $1.2 billion in new contracts, growing its backlog to $47.7 billion. Notably, HII announced its acquisition of Alion Science and Technology, enhancing its technology-driven defense capabilities.
Brian Cuccias, the retired president of Huntington Ingalls Industries' (NYSE: HII) Ingalls Shipbuilding division, received the Navy League's Fleet Admiral Chester W. Nimitz Award at the Sea-Air-Space exposition in Maryland. This award recognizes leaders who significantly enhance national security. Cuccias, nominated by HII President Mike Petters, has over 40 years in shipbuilding, having been pivotal in Ingalls' success. His leadership has been praised by numerous defense leaders, highlighting his influence in strengthening the U.S. Navy's shipbuilding capabilities.
Huntington Ingalls Industries (HII) has declared a quarterly cash dividend of $1.14 per share, payable on Sept. 10, 2021. Shareholders of record as of Aug. 27, 2021 will receive this dividend. HII is recognized as America’s largest military shipbuilding company, providing a range of professional services which include defense solutions and support for national security missions. The company operates both domestically and internationally, employing over 41,000 people.
Huntington Ingalls Industries (HII) announced significant progress on the John F. Kennedy (CVN 79) aircraft carrier construction. The Newport News Shipbuilding division has completed over 20% of the compartments, delivering more than 500 of the 2,615 spaces. Additionally, more than 8 million feet of cable have been installed, out of the total 10.5 million feet required. The ship is over 80% complete and is scheduled for Navy delivery in 2024. HII expressed satisfaction with the progress and anticipates successful systems testing as they move closer to fleet delivery.
Huntington Ingalls Industries (HII) has secured a contract valued at $346 million to provide personnel recovery and casualty evacuation services for U.S. Africa Command (USAFRICOM) and its partners. The contract, part of the One Acquisition Solution for Integrated Services, spans one base year with four additional options. HII will deliver aircraft, operational support, and emergency medical care, enhancing evacuation response times and survival rates in East Africa. This service highlights the strategic importance of U.S. military presence in the region.
Huntington Ingalls Industries (NYSE: HII) announced the appointment of Kimberly Lebak as president and general manager of Newport News Nuclear BWXT-Los Alamos (N3B). She will oversee the 10-year, $1.4 billion legacy cleanup contract for the Los Alamos site under the U.S. Department of Energy. Lebak, who has a strong background in government and was previously the manager of the National Nuclear Security Administration Los Alamos Field Office, joined HII in 2018. Her leadership is expected to enhance N3B’s operational effectiveness.
Huntington Ingalls Industries (NYSE: HII) invites media to a briefing on August 2, 2021, at the Gaylord National Resort, discussing its role as a solutions provider for national security. Key executives, including Chris Kastner and Jennifer Boykin, will present insights on the company’s capabilities in military shipbuilding and national security missions. Media will have the opportunity to ask questions following the presentation. HII, the largest military shipbuilder in America, employs over 41,000 people and has a significant history in naval shipbuilding.
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