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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.
HII's CFO, Ashutosh Gokhale, has been recognized with the Public Company CFO of the Year award from WashingtonExec. The award was presented on May 10, 2024, in McLean, VA. Gokhale, who joined HII in 2021, was honored for significant business management improvements at HII’s Mission Technologies division in 2023, including the consolidation of an Enterprise Reporting Management system, implementation of new financial reporting and accounts payable systems, restructuring indirect rates, enhancing Sarbanes-Oxley controls, and improving cash collections. Gokhale attributed the award to the teamwork at HII.
HII, the largest military shipbuilder in the U.S., launched the “Build It” campaign during Fleet Week in New York City to highlight the vital role of shipbuilders in supporting the U.S. Navy. This campaign emphasizes the pride and job security associated with shipbuilding, alongside comprehensive benefits such as health coverage and professional development. HII's divisions include Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies, all contributing to national defense by building various types of military ships and employing advanced technologies. The campaign targets workers of all ages and skill levels, offering paid training and development opportunities. The initiative aims to complement the U.S. Navy's national advertising campaign and inspire young talent through educational partnerships like the one with the Tall Ship Providence Foundation.
HII has launched the 'Build It' campaign to highlight its support for the U.S. Navy and attract new talent during New York City's Fleet Week. The campaign showcases the contributions and benefits of shipbuilding careers, emphasizing comprehensive benefits, job security, and professional development. HII's divisions, including Newport News Shipbuilding, are important to national defense, producing nuclear-powered carriers and submarines, among other ships. The campaign targets workers of all skill levels and includes paid training programs. The initiative also aligns with a broader U.S. Navy effort to energize shipbuilding recruitment and features various promotional videos.
On May 17, 2024, HII hosted South Australia Premier Peter Malinauskas at its Newport News Shipbuilding division. This visit supports the AUKUS partnership involving Australia, UK, and the US, aimed at providing Australia with conventionally armed, nuclear-powered submarines. HII and the South Australian Government had previously signed an MOU in November for a cooperative working arrangement to leverage HII's maritime industrial expertise. Malinauskas highlighted the potential for South Australian companies to enter the global supply chain for nuclear-powered submarines. HII's commitment includes addressing critical skills, education, and training programs in Australia.
HII has signed a three-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to enhance mission-critical capabilities. This partnership will focus on developing solutions for defense and intelligence customers, including digital shipyard transformation, next-generation seapower capabilities, and warfighter training readiness. These initiatives will be managed by Dark Sea Labs, HII's advanced technology unit. The collaboration aims to leverage AI, machine learning, edge computing, and cloud modernization to deliver high-quality manufacturing and operational advantages.
The agreement centralizes previous engagements with AWS under a single executive champion, signifying a more unified and strategic collaboration. HII, headquartered in Virginia, employs 44,000 people and is the largest military shipbuilder in the U.S., specializing in various defense domains. The company has a 135-year history in advancing national security.
U.S. Rep. Brandon Williams toured HII's engineering facility in Syracuse on May 14, 2024. The facility employs around 200 engineers and technicians specializing in intelligence, surveillance, reconnaissance (ISR), and electronic warfare. It plays a significant role in integrating technologies to support U.S. military branches and national security agencies. Williams expressed pride in the facility’s contributions to national defense and committed to supporting these programs in the Fiscal Year 2025 National Defense Authorization Act and defense appropriations bill. Andy Green, HII’s executive vice president, highlighted the company’s dedication to delivering advanced solutions for the Department of Defense.
HII's Newport News Shipbuilding division recently welcomed over three dozen high school seniors to careers in shipbuilding through various workforce development programs. The company plans to hire approximately 3,000 skilled trade positions this year and aims to employ nearly 19,000 tradespeople within the next decade.
HII, the leading manufacturer of underwater unmanned vehicles (UUVs), recently sold three REMUS 100s and five REMUS 300s to the Royal Navy, enhancing their underwater capabilities. The longstanding partnership between HII and the United Kingdom military supports the Royal Navy's exploration, countermine, and surveillance programs. The advanced sensors and systems of REMUS UUVs will boost operational efficiency for various maritime missions.
HII reported record first quarter revenues of $2.8 billion, an increase of 4.9% from the previous year. Operating income rose by 9.2%, reaching $154 million. Net earnings were $153 million, with diluted earnings per share at $3.87. New contract awards amounted to $3.1 billion, resulting in a backlog of $48.4 billion. The company reaffirmed its financial guidance.
HII's Ingalls Shipbuilding division hosted a 'signing day' for the 2024 graduates of its Shipbuilder Academy, offering full-time positions to 25 high school students. Participants gain valuable experience through hands-on training, mentorship, and classroom instruction, preparing them for successful shipbuilding careers. The program's success stems from partnerships with local high schools, nurturing a strong talent pipeline. Ingalls reaffirms its commitment to building ships and careers in the Gulf Coast region.
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