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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) has secured an undefinitized contract from the U.S. Navy, transitioning the delivery of the aircraft carrier John F. Kennedy (CVN 79) from a two-phase to a single-phase approach. The contract could be worth up to $315 million, providing initial funding for procurement and planning. This change aims to deliver the ship with its complete warfare system, including F-35 capabilities, before its 2024 commissioning. Kennedy is currently 76% complete, with enhancements that promise improved operational efficiency and reduced costs.
Huntington Ingalls Industries (HII) announced that five employees were recognized at the 2020 Society of Asian Scientists and Engineers National Conference. Awards included Career Achievement for Yu-Ping Yang and Veera Bandaru, and the ERG Leadership award for Vinod Mathur. Vivian Hsieh and Michael Thompson received Promising Professional awards. This event highlights HII’s commitment to diversity and recognizes achievements in engineering among Asian and Pacific Islander professionals. HII remains a leader in military shipbuilding with over 42,000 employees globally.
Huntington Ingalls Industries (NYSE: HII) has opened a new 21,000-square-foot Human Resources building in Pascagoula, Mississippi. This facility is designed to accommodate nearly 75 employees involved in various HR functions such as onboarding, compensation, and labor relations. Construction began in November 2019, reflecting the company's commitment to enhancing recruitment and onboarding processes. The new building features a visitor management tracking system aimed at improving efficiency and customer service, supporting HII's role as America's largest military shipbuilder.
Huntington Ingalls Industries (HII) has announced the redemption of its 5.000% senior unsecured notes due 2025. As of October 16, 2020, approximately $600 million of these notes is outstanding. The redemption will occur on November 15, 2020, at a price of 102.5% of the principal amount, plus accrued interest. This notice is being delivered to all registered holders by the Bank of New York Mellon. HII remains a leading military shipbuilding company, with significant operations in Virginia and Mississippi and a workforce exceeding 42,000.
Huntington Ingalls Industries (NYSE:HII) successfully transferred the Virginia-class submarine Montana (SSN 794) to a floating dry dock, marking a significant step in its construction. This three-day process, which began on October 3, involved raising the 7,800-ton submarine off its keel blocks. Montana is now approximately 85% complete after construction began in 2015 and is set to launch in November. The vessel is to be delivered to the U.S. Navy in late 2021, following crew certification and waterborne tests.
Huntington Ingalls Industries (NYSE: HII) celebrated the achievements of 18 employees at the 25th annual Women of Color STEM Conference, hosted virtually from October 8-10, 2020. Nine employees received Technology All-Star awards for excellence in their fields, while eight others were recognized as Technology Rising Stars for shaping future technology. Additionally, Latitia McCane received the Special Recognition Award for promoting educational opportunities for minorities in tech. HII continues to be a leader in military shipbuilding with over 42,000 employees, contributing to national security and various industries.
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.
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