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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 (HII) will acquire Alion Science and Technology for $1.65 billion. This acquisition enhances HII's capabilities in mission-critical defense solutions such as AI, big data, and electronic warfare. Expected to close in H2 2021, the deal anticipates a 7-9% CAGR growth through 2024 for HII's Technical Solutions division. Alion will add approximately $1.6 billion in revenue and $135 million in adjusted EBITDA in fiscal 2022. The transaction is regarded as significantly cash flow and GAAP EPS accretive, strengthening HII's market position and operational reach.
Huntington Ingalls Industries (HII) announced that the Royal New Zealand Navy has ordered four REMUS 300 unmanned underwater vehicles for mine countermeasure and survey operations, marking the first international order for this model. The REMUS 300, known for its modularity and advanced technology, will enhance New Zealand's operational capabilities. Delivery is expected by summer 2022. The order follows New Zealand's existing fleet of six REMUS 100 UUVs, which have been in use for 14 years. This deal was facilitated through New Zealand Ocean Technology, HII's local partner.
Huntington Ingalls Industries (NYSE:HII) has announced the promotion of Jason Sutton to chief information officer for its Newport News Shipbuilding division, effective June 21. Sutton will oversee IT strategies and ensure alignment with cybersecurity goals, aiming to enhance operational efficiency. With over 20 years of IT leadership experience, Sutton previously contributed to digital shipbuilding efforts. He replaces Brian Fields, who transitions to vice president for the Enterprise (CVN 80) and Doris Miller (CVN 81) projects, strengthening HII's commitment to modernization and innovation.
Huntington Ingalls Industries (NYSE:HII) has appointed Ashutosh Gokhale as vice president and CFO of its Technical Solutions division, effective July 9, 2021. Gokhale replaces retiring CFO Billy Jahn and will oversee all financial and business management functions. He brings extensive experience from Maximus, where he grew federal revenues significantly and led major acquisitions. Gokhale holds a CPA and advanced degrees in mechanical engineering and business, underscoring his strong financial and operational background.
Huntington Ingalls Industries’ Ingalls Shipbuilding division has successfully launched the Navy’s first Flight III Arleigh Burke-class destroyer, Jack H. Lucas (DDG 125), enhancing target detection, engagement, and ballistic missile defense capabilities. Ingalls Shipbuilding President Kari Wilkinson praised the team's teamwork in achieving this milestone. The company has delivered 32 Arleigh Burke-class destroyers and continues work on several more. These multi-mission ships support diverse military operations, reinforcing the U.S. military strategy.
Huntington Ingalls Industries (NYSE:HII) plans to hire around 3,000 shipbuilders as part of its growth strategy, with recruitment efforts focusing on Mississippi, Alabama, and Louisiana. A hiring event is scheduled for June 10 at their Pascagoula location. Ingalls Shipbuilding President Kari Wilkinson emphasized the importance of workforce stability and competitive benefits, including health insurance and paid holidays. The shipyard has also improved facilities and offers no-cost training for unskilled applicants. Ingalls is seeking skilled tradespeople, underlining its commitment to workforce development in the region.
Huntington Ingalls Industries (NYSE:HII) announced a contract valued at up to $724 million for planning yard services supporting in-service amphibious ships. This contract spans seven years and includes engineering, logistics, material procurement, and technical support for specific ship classes like LPD 17 and LHD 1.
Ingalls Shipbuilding President Kari Wilkinson emphasized their expertise in this area as essential for Navy fleet commitments. The company remains a leading military shipbuilder with over 41,000 employees.
Huntington Ingalls Industries (HII) has announced the promotion of Brian Blanchette to vice president of quality and engineering at its Ingalls Shipbuilding division, effective May 27, 2021. He will oversee the division's quality program and engineering efforts, relieving Dave Belanger upon his retirement in July. Blanchette has a 25-year tenure at HII, previously serving as director of technical and design engineering, where he managed significant ship design projects, including the Arleigh Burke-class destroyers and the Bougainville amphibious assault ship.
Huntington Ingalls Industries (NYSE:HII) will participate in Bernstein’s Strategic Decisions Conference on June 2. The discussion will feature HII President and CEO Mike Petters alongside Tom Stiehle, executive vice president and chief financial officer, starting at 3:30 p.m. Eastern time. The event will be available via webcast on HII's investor relations site.
As America’s largest military shipbuilding company, HII has been a leader in shipbuilding for over a century, employing more than 41,000 people across domestic and international operations.
Huntington Ingalls Industries (NYSE: HII) has received a U.S. Navy order for two REMUS 300 unmanned underwater vehicles (UUVs), enhancing its portfolio in defense operations. The REMUS 300, portable and small-class, features swappable energy modules providing endurance of up to 30 hours, and its modular design allows for mission-specific customization. Delivery is scheduled for mid-2022. This order reaffirms HII's commitment to supporting national security missions globally, bolstering its position as America's largest military shipbuilder.
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