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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) will announce its third quarter 2020 financial results on November 5, 2020, followed by a conference call at 9 a.m. Eastern time. The earnings call will be accessible via webcast on HII’s official website. Key executives, including CEO Mike Petters and CFO Chris Kastner, will present the results, supplemented by downloadable slides. As the largest military shipbuilding company in the U.S., HII operates shipbuilding divisions across Virginia and Mississippi and employs over 42,000 people worldwide.
Huntington Ingalls Industries (NYSE:HII) announced the appointment of Todd West as vice president of In-Service Aircraft Carrier Programs in the Newport News Shipbuilding division, effective November 1. He succeeds Chris Miner, who will retire on December 1 after a 37-year career. West brings 35 years of experience, having served as program director for USS George Washington (CVN 73). His responsibilities will include overseeing aircraft carrier refueling, complex overhauls, and fleet support operations.
Huntington Ingalls Industries (NYSE: HII) announced the successful completion of sea trials for the U.S. Coast Guard's newest national security cutter, Stone (WMSL 758), which lasted two days in the Gulf of Mexico. The Ingalls Shipbuilding division emphasized the ship's capability to undertake challenging missions, with delivery scheduled for later this year and homeport in Charleston, SC. Stone is part of the Legend-class NSCs, designed for high-demand maritime operations. With a length of 418 feet, it can reach speeds of 28 knots and sustain missions for up to 60 days.
Huntington Ingalls Industries (NYSE:HII) announced significant progress in the refueling and complex overhaul (RCOH) of USS George Washington (CVN 73). The ship's shore steam testing program has commenced, a vital milestone for the propulsion plant, while work on the potable water system has also been completed. With 80% of the overhaul finished, the USS George Washington is on track for redelivery in 2022, ensuring operational capabilities for the next 25 years.
Huntington Ingalls Industries (HII) has officially broken ground on a new Unmanned Systems Center of Excellence in Hampton, Virginia. The facility, spanning over 150,000 square feet across two buildings, will focus on unmanned systems prototyping, production, and testing. This investment responds to the U.S. Navy's growing demand for unmanned underwater and surface vehicles. The project is anticipated to create over 250 jobs and is expected to be completed by late 2021. HII aims to enhance its capabilities to meet evolving customer needs in autonomous systems.
Huntington Ingalls Industries (NYSE: HII) announced the awarding of 100 new scholarships and the renewal of 93 existing ones through its HII Scholarship Fund for the 2020-2021 school year. In five years, the fund has supported 767 scholarships totaling over $2 million. The scholarship benefits dependent children of HII employees pursuing post-secondary or pre-kindergarten education. Award amounts range from $1,500 to $3,000, and the program showcases HII’s commitment to workforce development and educational opportunities.
Huntington Ingalls Industries (NYSE: HII) announced the successful completion of builder's sea trials for the U.S. Coast Guard’s newest national security cutter, Stone (WMSL 758). The trials lasted three days in the Gulf of Mexico, testing propulsion and auxiliary equipment. Ingalls' team emphasized overcoming challenges presented by the COVID-19 pandemic, implementing strict safety measures to minimize risks. The Stone is the ninth NSC, with delivery expected later this year. The Legend-class NSCs are designed for diverse maritime missions and feature advanced technology, length of 418 feet, a speed of 28 knots, and a 60-day endurance.
Huntington Ingalls Industries (NYSE: HII) held a virtual christening for the U.S. Navy's newest fast-attack submarine, Montana (SSN 794), on September 12, 2020. This event, conducted due to COVID-19 restrictions, showcased the collaboration of over 10,000 shipbuilders and more than 5,000 suppliers. The submarine is approximately 85% complete and is scheduled for delivery in late 2021. Montana enhances naval capabilities and symbolizes resilience amid challenges. Former Secretary of the Interior, Sally Jewell, served as the ship's sponsor, marking the occasion with a traditional ceremony.
Huntington Ingalls Industries (NYSE: HII) has announced new appointments in its law department. Jeffrey Bauer has been promoted to corporate vice president of litigation and investigations. Paul C. Harris joins as corporate vice president and chief compliance and privacy officer, effective September 8, 2020. Bauer brings extensive experience in litigation from his tenure at the U.S. Department of Justice and various law firms. Harris has a strong background in compliance and privacy, previously serving in significant roles at Hampton University and the DOJ.
Huntington Ingalls Industries (NYSE: HII) has successfully launched the Delbert D. Black destroyer from its Ingalls Shipbuilding division, which is now on its way to its homeport in Mayport, Florida. This marks a significant achievement, as it adds to the 32 destroyers previously delivered to the Navy. With four more destroyers currently under construction and a recent $936 million contract awarded for another Arleigh Burke-class destroyer, HII continues to strengthen its position as the largest military shipbuilding company in the U.S.
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