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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 that its Ingalls Shipbuilding division achieved electronic systems light-off for the amphibious transport dock Fort Lauderdale (LPD 28). This milestone indicates the operational status of the ship’s critical systems. The company has delivered 11 San Antonio-class ships and currently has three under construction, including LPD 28. In April, Ingalls secured a $1.5 billion contract for LPD 31.
Huntington Ingalls Industries (NYSE:HII) reported second quarter 2020 revenues of $2.0 billion, a 7.4% decrease year-over-year. Operating margin fell to 2.8% from 8.0% in Q2 2019, primarily due to unfavorable adjustments totaling $167 million related to COVID-19 impacts. Net earnings dropped to $53 million, or $1.30 per diluted share, down 58.6% from the previous year. Despite challenges, the backlog increased to $46.1 billion, with new contract awards of approximately $2.9 billion. The company anticipates shipbuilding revenues between $7.6 and $7.9 billion for 2020.
Huntington Ingalls Industries (NYSE: HII) has declared a quarterly cash dividend of $1.03 per share, set to be paid on September 11, 2020, to shareholders on record as of August 28, 2020. This decision underscores the company’s strong commitment to returning value to its shareholders. HII, recognized as America’s largest military shipbuilding entity, boasts a rich history of shipbuilding in Virginia and Mississippi, supporting national security through various divisions. With over 42,000 employees, HII remains a key player in the defense sector.
Huntington Ingalls Industries (NYSE:HII) announced the recognition of employee Jennifer Brady as an Emerging Leader by the Manufacturing Institute, highlighting her contributions as a mechanical engineer since 2016. Brady's work primarily supports propulsion plant projects on aircraft carriers, and she actively mentors children in low-income areas. The award ceremony is scheduled for September 24, 2020, and aims to honor rising female talent in manufacturing. HII continues to be the largest military shipbuilder in the U.S., employing over 42,000 people across various divisions.
Huntington Ingalls Industries (HII) announced that its Technical Solutions division has secured a contract from the U.S. Department of Energy (DOE) Office of Environmental Management. This contract, awarded to Nationwide Remediation Partners—a joint venture led by HII Nuclear—has a maximum value of $3 billion and a 10-year ordering period. The partnership includes EnergySolutions Federal Support and Navarro Research and Engineering, enhancing HII’s capabilities in deactivation and decommissioning services. The contract is designed to assist various federal agencies in environmental management across the nation.
Huntington Ingalls Industries (HII) has announced a reorganization within its Technical Solutions division, merging its Fleet Support and Mission Driven Innovative Solutions (MDIS) groups into a new entity called Defense and Federal Solutions. This restructuring follows strategic acquisitions and contract awards aimed at enhancing efficiency and customer service. Garry Schwartz will lead the newly formed group, focusing on national security challenges and advancing innovative solutions for government customers.
Huntington Ingalls Industries (NYSE:HII) has received approval from the State Council of Higher Education for Virginia to operate The Apprentice School as a degree-granting institution. This certification enables the school to offer associates of applied science degrees across 26 disciplines, including maintenance electrician and marine designer. This milestone enhances the school's commitment to workforce development in response to the increasing demand for skilled workers. Final approval for specific programs is anticipated later this year, following an extensive evaluation process.
Huntington Ingalls Industries (HII) has joined the Virginia Ready Initiative to assist unemployed Virginians in finding work swiftly. This initiative addresses the significant unemployment caused by COVID-19, focusing on developing skills for high-demand jobs in manufacturing and other sectors. HII's support includes financial backing for training programs and facilitating job opportunities for participants. Over 800,000 Virginians have filed for unemployment since the pandemic began, highlighting the urgent need for workforce development. HII aims to help revitalize the local economy through skill development and job placement.
Huntington Ingalls Industries (NYSE:HII) announces its second quarter 2020 financial results release scheduled for August 6, 2020, at 9 a.m. ET. An earnings conference call will follow, accessible via the company’s website. HII remains the largest military shipbuilding firm in the U.S., with over 42,000 employees. The company's divisions have a legacy of building ships across numerous categories, supporting both domestic and international defense initiatives.
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