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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) 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.
Huntington Ingalls Industries has launched the REMUS 300, an advanced unmanned underwater vehicle (UUV) designed for multiple applications such as mine countermeasures and marine research. This two-man portable system can dive to depths of 305 meters and offers endurance options up to 30 hours. Built upon over 20 years of REMUS technology, it boasts modularity and open architecture for easy integration with other systems. Over 500 REMUS vehicles are currently operational globally. Standard configurations of the REMUS 300 can be ordered for international and commercial delivery throughout 2022.
Huntington Ingalls Industries (NYSE:HII) announced a significant milestone in the refueling and complex overhaul (RCOH) of the USS George Washington (CVN 73). The ship's crew galley opened after nearly three years, marking a crucial step before the first group of 1,100 sailors moves aboard in June. With the RCOH over 85% complete, the Nimitz-class carrier is scheduled for redelivery to the Navy in 2022. Todd West, VP of in-service aircraft carrier programs, emphasized the importance of the ship's transformation and readiness for future operations.
Huntington Ingalls Industries (NYSE: HII) hosted Chief of Naval Operations Adm. Mike Gilday at Newport News Shipbuilding to discuss major programs and investments in integrated digital shipbuilding. Gilday toured facilities for the Virginia-class submarines and aircraft carriers, emphasizing the importance of quality work for national security. Jennifer Boykin, president of Newport News, highlighted their commitment to safety, cost management, and technological innovations. HII remains a leading military shipbuilder with over 42,000 employees, focusing on operational efficiency and alignment with naval requirements.
Huntington Ingalls Industries (HII) will announce its first quarter 2021 financial results on May 6, 2021, followed by an earnings conference call at 9 a.m. Eastern Time. Investors and interested parties can access the call through HII’s website. Key executives, including CEO Mike Petters, will participate, providing insights alongside a slide presentation. HII, America’s largest military shipbuilder, continues to support various defense initiatives worldwide, employing over 42,000 people across its divisions.
Huntington Ingalls Industries (NYSE: HII) announced a contract modification for the construction of the 10th Virginia-class Block V submarine, adding $9.8 billion to its total contract value. This contract is part of a larger $22 billion deal awarded in December 2019 for nine submarines. Construction is expected to start in early 2024. The contract modification supports the continued production at two submarines per year, aiming to stabilize the industrial base. HII remains the largest military shipbuilder in the U.S., employing over 42,000 people.
Huntington Ingalls Industries (NYSE: HII) has announced the promotion of George Nungesser to vice president of program management, effective April 1. Nungesser will oversee profit and loss for program execution and act as the main liaison to the Navy and Coast Guard. He has been with Ingalls since 1988 and has managed the Arleigh Burke-class destroyer program since 2007, successfully delivering eight destroyers to the Navy. The company is a leader in military shipbuilding, employing over 42,000 people across its divisions.
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