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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 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.
Huntington Ingalls Industries (HII) announced that The Apprentice School at Newport News Shipbuilding has received certification from the Council for Occupational Education to grant academic degrees in 26 programs. Starting in 2023, apprentices can earn associate degrees in applied science focusing on maritime technology disciplines such as maintenance electrician and welding. This initiative enhances workforce development and reflects HII's commitment to training the next generation of shipbuilders.
Huntington Ingalls Industries (NYSE:HII) celebrated the christening of its guided missile destroyer Lenah Sutcliffe Higbee (DDG 123) on April 25, 2021. The event was held with limited attendance due to COVID-19 restrictions. Ingalls Shipbuilding President Kari Wilkinson emphasized the importance of the milestone, while retired President Brian Cuccias honored the shipbuilders' dedication. The ship, named after the first woman to receive the Navy Cross, represents a significant naval tradition. Keynote speeches were given by Ray Mabus, highlighting the ship's legacy.
Huntington Ingalls Industries (NYSE:HII) announced a $107 million contract modification from the U.S. Navy for long-lead-time material and advance procurement for the amphibious assault ship LHA 9. This brings the total advance funding for LHA 9 to $457 million. Ingalls Shipbuilding President Kari Wilkinson emphasized the funding's role in supporting national defense and sustaining jobs. As the sole builder of large-deck amphibious ships for the Navy, Ingalls continues its legacy with notable deliveries and ongoing constructions.
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