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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 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.
HII, a company listed on NYSE, declared a quarterly cash dividend of $1.30 per share. The dividend will be paid on June 14, 2024, to shareholders of record as of May 31, 2024.
HII’s Ingalls Shipbuilding division hosted an inaugural Scout merit badge day, fostering the next generation of leaders while nurturing the values of hard work, dedication, commitment, and community engagement. The event welcomed over 100 Scouts and Scout leaders, offering them the opportunity to choose from eight areas of interest and earn two badges. The initiative aims to inspire and support the next generation of shipbuilders.
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