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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 promotion of Keith Munn to vice president and chief financial officer for Ingalls Shipbuilding, effective February 15, 2021. Munn succeeds Tom Stiehle, who is now HII's executive vice president and CFO. With over 23 years at Ingalls, Munn brings extensive experience in finance and contract management. His leadership is expected to enhance the company's strategic functions as HII continues to lead in military shipbuilding.
On January 7, 2021, Huntington Ingalls Industries (HII) announced the start of fabrication for the Arleigh Burke-class destroyer Jeremiah Denton (DDG 129) at its Ingalls Shipbuilding division. This milestone marks the cutting of the first 100 tons of steel, emphasizing HII's commitment to building advanced naval assets. The destroyer is named after U.S. Sen. Jeremiah Denton, a Vietnam War hero. This development adds to HII's extensive portfolio, which includes 32 delivered Arleigh Burke-class destroyers and ongoing work on additional vessels.
Huntington Ingalls Industries (NYSE: HII) has acquired the autonomy business of Spatial Integrated Systems Inc. to enhance its unmanned systems capabilities. This acquisition, which closed on December 31, 2020, adds a skilled team and proven unmanned surface vessel solutions to HII’s portfolio. The transition incorporates approximately 50 SIS employees, bringing advanced technologies such as multi-vehicle collaborative autonomy and sensor fusion into HII's framework. HII aims to support national security missions effectively, leveraging SIS's innovative solutions across various domains.
The U.S. Coast Guard’s newest Legend-class national security cutter, Stone (WMSL 758), has departed from Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding to its homeport in Charleston, SC. Ingalls Shipbuilding President Brian Cuccias expressed pride in the shipbuilders' achievements. Stone is set for commission in early 2021, joining other cutters in Charleston. The Legend-class NSC enhances maritime safety and security with advanced technology, measuring 418 feet and capable of reaching speeds of 28 knots.
Huntington Ingalls Industries (HII) delivered new REMUS 100 Unmanned Underwater Vehicles (UUVs) to the German Navy to enhance their mine countermeasure operations. These UUVs feature advanced electronics and 12-hour endurance. HII collaborated with J. Bornhöft Industriegeräte GmbH for this delivery. The German Navy has effectively utilized legacy REMUS 100s for various missions for seven years. HII, America’s largest military shipbuilder, plays a crucial role in national security and operates globally with over 42,000 employees.
Huntington Ingalls Industries announced key executive changes to enhance operational performance. Christopher D. Kastner has been promoted to executive vice president and chief operating officer, while Thomas E. Stiehle takes over as executive vice president and CFO. These changes, effective February 12, 2021, aim to better align with the company’s $45 billion backlog and the Navy’s shipbuilding plans. Kastner, with extensive experience in corporate development and finance, will oversee operations, while Stiehle will focus on corporate strategy and financial management.
Huntington Ingalls Industries (NYSE: HII) hosted a virtual keel authentication ceremony for the Massachusetts (SSN 798), marking a significant construction milestone for the Virginia-class submarine. The event, adjusted for COVID-19 safety measures, highlighted the partnership between shipbuilders and the vessel's crew. The submarine, approximately 50% complete and scheduled for delivery in 2023, is part of a larger contract with General Dynamics Electric Boat. Jennifer Boykin, president of Newport News Shipbuilding, and Sheryl Sandberg, the ship's sponsor, underscored the importance of this milestone.
Huntington Ingalls Industries (NYSE:HII) will participate in Credit Suisse’s 8th annual Virtual Industrials Conference on December 3, 2020, at 12:30 p.m. Eastern time. The event will feature a discussion with Executive Vice President and CFO Chris Kastner, and will be available for streaming on HII's investor relations website.
As the largest military shipbuilding company in the U.S., HII has a rich history of building various ship classes and supports national security missions worldwide through its Technical Solutions division.
Huntington Ingalls Industries (NYSE:HII) announced a $2.2 billion contract modification from General Dynamics Electric Boat for the Columbia-class submarine program. This contract extends design support and mandates the construction of six module sections for the first two submarines. Module delivery is set to start in November 2022, concluding by January 2028. Newport News Shipbuilding has been a vital partner in this program, which aims to replace the retiring Ohio-class submarines, with the lead submarine expected to be delivered in 2027.
Huntington Ingalls Industries (NYSE: HII) was awarded the Gold 2020 HIRE Vets Medallion Award by the U.S. Department of Labor, recognizing its commitment to veteran employment. Secretary Eugene Scalia honored HII as one of 675 recipients for effectively recruiting and retaining veterans. The award criteria focus on veteran hiring, leadership programming, and specific resources for veterans. Currently, 15% of HII's workforce comprises veterans and active military personnel, highlighting the company’s dedication to those who serve the nation.
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