Huntington Ingalls Industries, Inc. - HII STOCK NEWS

HII's Ingalls Shipbuilding division announced the departure of the San Antonio-class amphibious transport dock ship Richard M. McCool, Jr. (LPD 29) from its facility in Pascagoula, Mississippi. The ship is headed to its commissioning site in Pensacola, Florida. LPD 29 is the 13th San Antonio-class ship delivered by Ingalls and the final Flight I transition ship before the company moves to production of the LPD Flight II line.

Notable features of LPD 29 include the installation and activation of the Enterprise Air Surveillance Radar, SPY-6(V)2, which provides increased target engagement capability and overall ship self-defense. Ingalls currently has two Flight II LPDs under construction and was awarded a contract for a third in March 2023.

HII's Mission Technologies division has been awarded a task order valued at over $30 million to support the U.S. Air Force's efforts to recapitalize and sustain its fleet of presidential and executive aircraft. The contract, administered by the U.S Air Force Life Cycle Management Center's Presidential and Executive Airpower Directorate, will involve HII's team in Dayton, Ohio, performing tasks to enhance the reliability and supportability of VIP transport aircraft.

HII will analyze critical aircraft systems and inform equipment improvements for presidential and executive airpower sustainment. The task order was awarded under the Department of Defense's Information Analysis Center (IAC) Multiple Award Contract (MAC) vehicle, with most of the work to be performed at Wright-Patterson Air Force Base in Ohio.

HII (NYSE: HII) has secured a $209 million contract through its Mission Technologies division to support the U.S. Air Force's fighter and bomber weapons systems development and sustainment. The five-year task order involves research and analysis to aid the USAF's weapons systems development, sustainment, and long-term strategy. HII will support the Air Force Fighters and Advanced Aircraft and Bomber Directorates, ensuring effective operation across various warfighting scenarios.

The contract, awarded by the Department of Defense Information Analysis Center (IAC), will see work performed at Wright-Patterson, Tinker, Robins, and Hill Air Force bases. This initiative aims to enhance the Defense Technical Information Center repository and contribute to R&D and science and technology advancements.

HII's Ingalls Shipbuilding division awarded National Merit Scholarships to four children of Ingalls shipbuilders. The scholarships, valued between $2,000 to $2,500 each, are renewable for up to four years of college undergraduate study. Since 2013, Ingalls has provided 44 awards totaling over $350,000 to shipbuilders' children.

The 2024 scholarship recipients include Tracy Le (Microbiological Sciences and Immunology), Madison Eubanks (Biochemistry), Harrison Hinkel (Dentistry), and Tori Williams (Pharmacy). To be considered, finalists had to take the SAT/PSAT, complete an essay, and provide information about extracurricular activities. The selection criteria included being a child of an Ingalls employee and residing in a community served by Ingalls.

HII's Enlighten subsidiary has expanded operations with a new office in Columbia, Maryland, enhancing support for big data operations and national security capabilities. The expansion strengthens Enlighten's presence in a region known for technological innovation and talent. The company highlighted multiple high-value contracts with the U.S. Department of Defense and other federal agencies, focusing on cyber defenses, secure communication networks, and data analytics solutions.

Enlighten demonstrated its newest big data analysis offering, IONIC, a cloud-based platform supporting data normalization, enrichment, ingestion, and storage from various sources. IONIC's core applications aid analysts in quickly identifying key information, while specialized analytics driven by AI and ML deliver tailored results. The expansion aims to better serve clients, drive innovation, and contribute to the local community through STEM education initiatives and talent development programs.

HII (NYSE: HII) hosted Chief of Naval Operations Adm. Lisa Franchetti at its Newport News Shipbuilding division, focusing on investments to improve working conditions for shipbuilders and sailors. Key highlights include:

• A new parking garage planned for 2026, adding over 2,000 spaces
• MicroMarkets providing 24/7 access to fresh food options
• The planned 80,000-square-foot Carrier Refueling Overhaul Workcenter (CROW) building

These initiatives demonstrate HII's commitment to enhancing the working experience for shipbuilders and sailors. NNS remains the sole designer and builder of nuclear-powered aircraft carriers and one of two shipyards capable of designing and building nuclear-powered submarines in the U.S.

HII reported record second quarter revenues of $3.0 billion, up 6.8% compared to Q2 2023. Operating income increased 21.2% to $189 million, with net earnings of $173 million or $4.38 diluted EPS. Key highlights include:

- Delivered Virginia-class submarine New Jersey (SSN 796) and amphibious transport dock Richard M. McCool Jr. (LPD 29)
- Reaffirmed shipbuilding guidance and raised Mission Technologies revenue guidance
- New contract awards of $3.1 billion, bringing total backlog to $48.5 billion
- Segment operating income increased to $203 million with 6.8% margin
- Free cash flow was negative $99 million

CEO Chris Kastner noted strong performance in Mission Technologies and critical shipyard milestones, expressing confidence in shipbuilding margin improvement for H2 2024.

HII (NYSE:HII) has announced a quarterly cash dividend of $1.30 per share. The dividend will be payable on Sept. 13, 2024, to shareholders of record as of the close of business on Aug. 30, 2024. This declaration by the Board of Directors demonstrates HII's commitment to returning value to its shareholders and reflects the company's financial stability. The consistent dividend payout suggests confidence in HII's future performance and cash flow generation capabilities.

HII's Mission Technologies division has been awarded a $65 million task order to support the Joint Staff J7, Deputy Director, Joint Warfighting Development. The contract focuses on three key areas: futures and concepts, joint experimentation, and wargaming for the Joint Staff J4 Logistics enterprise. HII will leverage its expertise in live, virtual, constructive solutions to prepare warfighters for cross-domain battles and support the development of joint concepts addressing emerging operational challenges. The task order was awarded under the Department of Defense's Information Analysis Center (IAC) Multiple Award Contract (MAC) vehicle, emphasizing HII's role in enhancing defense research and development capabilities.