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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 a $936 million contract for constructing an additional Arleigh Burke-class destroyer for the U.S. Navy. This follows a previous $5.1 billion multiyear contract awarded in 2018 for six destroyers. Ingalls Shipbuilding President Brian Cuccias emphasized the positive momentum this contract brings to HII and its extensive supplier network. Ingalls has successfully delivered 32 destroyers and currently has four more under construction, reinforcing its position as a leader in military shipbuilding.
Huntington Ingalls Industries (NYSE: HII) has offered full-time positions to 60 high school seniors in coastal Mississippi and Alabama who completed specialized career technical education (CTE) training. This initiative, led by Ingalls Shipbuilding, aims to create a skilled workforce in shipbuilding. The students are poised to enter as entry-level skilled craftsmen and women, reflecting the company’s commitment to workforce development and industry readiness. HII emphasizes the importance of these training programs in establishing a robust talent pipeline for sustained operational success.
Huntington Ingalls Industries (HII) has successfully moved the destroyer Delbert D. Black (DDG 119) to Pier Four in Pascagoula, marking the reopening of a key facility damaged by Hurricane Katrina. The 187-acre site features enhanced construction areas and a restored pier for ship docking. CEO Brian Cuccias highlighted the significance of this restoration for the company’s growth and commitment to modern shipbuilding. Over 100,000 tons of recycled concrete were used for infrastructure improvements, aiming to enhance safety and efficiency in operations.
Huntington Ingalls Industries (NYSE:HII) will participate in Bernstein’s 36th annual Strategic Decisions Conference on May 28, 2020. The event features a discussion with HII President and CEO Mike Petters and CFO Christopher D. Kastner at 3 p.m. Eastern time. This interaction will be available via webcast on HII's investor relations website. HII is the largest military shipbuilding company in the U.S., with over 42,000 employees and a rich history of shipbuilding across various classes, supporting national security missions globally.
Huntington Ingalls Industries (NYSE: HII) announced a major milestone as its Ingalls Shipbuilding division successfully lifted the 320-ton aft deckhouse onto the guided missile destroyer Jack H. Lucas (DDG 125) on May 20, 2020. This ship is the first of the Flight III class, featuring enhanced radar and other technological improvements. The achievement keeps the project ahead of schedule, ensuring timely delivery of what is touted as the U.S. Navy's most advanced destroyer. The contract allows for efficient shipbuilding through bulk material purchasing and skilled labor transfer.
PASCAGOULA, Miss., May 20, 2020 — Huntington Ingalls Industries (NYSE: HII) will host a drive-in hiring event on May 22 from 9 a.m. to noon at Singing River Island. Job seekers can apply for positions and interact with recruiters from their vehicles, enhancing safety and accessibility. Edmond Hughes, VP of Human Resources, stated that this innovative approach facilitates engagement while maintaining social distancing. Attendees will enter the event at USS Wisconsin Loop, where various hiring stations will be set up for different shipbuilding crafts.
Huntington Ingalls Industries (HII) reported first quarter 2020 revenues of $2.3 billion, an 8.8% increase from Q1 2019, driven by growth in its shipbuilding divisions. Operating income rose to $215 million, with a margin of 9.5%. Diluted earnings per share increased to $4.23 from $2.85. The company has a robust backlog of $45.2 billion. Despite challenges from COVID-19, HII maintains confidence in its long-term targets, although it anticipates shipbuilding sales growth to remain at the lower end of 3-5% for the year.
On May 5, 2020, Huntington Ingalls Industries celebrated the hard work of their shipbuilders as the Hurricane Hunters conducted a flyover of the Ingalls Shipbuilding division. President Brian Cuccias praised the workforce for their resilience during the COVID-19 pandemic. Recently, Ingalls launched LPD 28, began fabrication on LPD 30 and DDG 128, and delivered DDG 119 to the U.S. Navy. The company secured a $1.5 billion contract for LPD 31 and currently has 10 ships under construction, affirming its status as the largest manufacturing employer in Mississippi.
Huntington Ingalls Industries (NYSE:HII) has secured a $187.46 million advance procurement contract from the U.S. Navy for long-lead-time materials for the amphibious assault ship LHA 9. This contract aims to bolster the health of the shipbuilding supply base and supports ongoing large-deck amphibious ship production. Ingalls is the sole builder of these ships, having previously delivered multiple classes, including the Tarawa and Wasp classes. The current construction includes Bougainville (LHA 8), with the latest ship, Tripoli (LHA 7), delivered earlier this year.
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