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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 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.
Huntington Ingalls Industries (NYSE:HII) announced that seven apprentices from The Apprentice School at Newport News Shipbuilding were honored as Outstanding Apprentices of the Year for 2020 by the Virginia Department of Labor and Industry. This recognition highlights their excellence in various trade skills, including leadership and initiative. The Apprentice School offers tuition-free apprenticeships in multiple trades and partnerships with local colleges for degree programs. As the largest military shipbuilding company in the U.S., HII continues to emphasize the importance of workforce development.
Huntington Ingalls Industries (NYSE:HII) has been awarded a task order contract by the Naval Information Warfare Center (NIWC) Pacific’s Intelligence, Surveillance and Reconnaissance (ISR) department. The contract, valued at up to $250 million, includes a three-year base term with a two-year extension option. HII will provide development and engineering services, including data analysis and software development, supporting the Navy’s ISR systems and cybersecurity operations from its San Diego location. This award reinforces HII's commitment to innovative solutions for defense.
Huntington Ingalls Industries (HII) has announced a financial commitment to provide 20 nuclear and environmental scholarship awards, in conjunction with its sponsorship of the Waste Management Symposia (WMS) through the Roy G. Post Foundation. This initiative, unveiled during the WMS conference on March 10, 2021, also facilitates access to STEM educational resources for 60 educators. Michael Lempke emphasized HII's dedication to workforce development in critical infrastructure fields, showcasing its longstanding commitment to education and training.
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