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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) 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.
Huntington Ingalls Industries (NYSE: HII) announced the successful demonstration of the Proteus unmanned surface vessel (USV) equipped with the Sea Machines SM300 autonomy system on May 14, 2021. The 27-foot Proteus USV showcased advanced autonomy capabilities off the coast of Panama City, Florida. The vessel was fitted with various sensors, demonstrating its ability to navigate safely and avoid obstacles. This achievement underscores HII’s commitment to enhancing unmanned systems technology for government and commercial applications.
Huntington Ingalls Industries' Ingalls Shipbuilding division has commenced the fabrication of the Legend-class national security cutter Friedman (NSC 11), marking the cutting of the first 100 tons of steel. This milestone reflects over a decade of workforce dedication to enhancing production efficiency. The Friedman honors code breaker Elizebeth Smith Friedman and is designed for various national security missions, featuring a length of 418 feet, a top speed of 28 knots, and capabilities to operate for 60 days with a crew of 120.
Huntington Ingalls Industries (NYSE: HII) announced that its Ingalls Shipbuilding division has hired 29 high school seniors from Mississippi and Alabama after they completed the Ingalls Shipbuilder Academy. This program, launched in 2016, addresses the skills gap in the maritime industry, equipping students with technical skills and craft credentials. Over 200 students have graduated, with more than 100 receiving job offers. Ingalls Shipbuilding employs over 11,000 individuals and prides itself on building advanced naval ships.
Huntington Ingalls Industries (NYSE:HII) will participate in the Goldman Sachs Industrials and Materials Conference on May 13, 2021, at 11:20 a.m. Eastern Time. The event will feature a conversation with HII President and CEO Mike Petters, along with CFO Tom Stiehle, and will be webcasted for public access. As America’s largest military shipbuilding company, HII is known for its extensive shipbuilding capabilities and commitment to national security missions through various services.
The USS John C. Stennis (CVN 74) has arrived at Huntington Ingalls Industries’ Newport News Shipbuilding division for its refueling and complex overhaul (RCOH). This project, which is the seventh Nimitz-class carrier undergoing a significant mid-life availability, involves extensive repairs and upgrades after years of preparation. The overhaul will enhance the carrier's operational capabilities, ensuring it remains a vital component of the Navy fleet for another 25 years, continuing through late 2025.
Huntington Ingalls Industries (NYSE:HII) reported first-quarter 2021 revenues of $2.3 billion, reflecting a 0.7% increase year-over-year. Operating income decreased to $147 million, with a 6.5% operating margin. However, segment operating income improved to $191 million, achieving an 8.4% margin. The diluted earnings per share (EPS) were $3.68, down from $4.23 a year ago. The company announced a record backlog of $48.8 billion and secured new contract awards of approximately $5.3 billion.
Huntington Ingalls Industries (NYSE:HII) has announced a quarterly cash dividend of $1.14 per share, set to be paid on June 11, 2021, to shareholders on record by May 28, 2021. HII, recognized as America’s largest military shipbuilding company, operates through its divisions in Virginia and Mississippi, contributing to national security with a range of professional services. The company employs over 42,000 individuals, further solidifying its industry leadership.
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