Photo Release — Huntington Ingalls Industries Announces U.S. Navy Order of REMUS 300 UUVs

Rhea-AI Summary

Huntington Ingalls Industries (NYSE: HII) has received a U.S. Navy order for two REMUS 300 unmanned underwater vehicles (UUVs), enhancing its portfolio in defense operations. The REMUS 300, portable and small-class, features swappable energy modules providing endurance of up to 30 hours, and its modular design allows for mission-specific customization. Delivery is scheduled for mid-2022. This order reaffirms HII's commitment to supporting national security missions globally, bolstering its position as America's largest military shipbuilder.

Positive

• Order of two REMUS 300 UUVs from U.S. Navy signifies strong demand for HII's defense capabilities.
• REMUS 300's advanced features enhance operational flexibility with swappable energy modules and modular design.

Negative

• Delivery of UUVs scheduled for mid-2022 may indicate a delay in revenue recognition.

NEWPORT NEWS, Va., May 25, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE: HII) announced today a U.S. Navy order of two REMUS 300 unmanned underwater vehicles (UUVs).

“REMUS UUVs have been used by the U.S. Navy for their defense operations for more than 20 years,” said Duane Fotheringham, president of the Unmanned Systems business group in HII’s Technical Solutions division. “We are pleased to provide them with the new REMUS 300 to support their critical national security missions.”

The two-man portable, small-class UUV offers swappable energy modules with up to 10, 20 or 30 hours of endurance. The open architecture and modularity allow REMUS 300 to be tailored to specific mission requirements and enable spiral development and upgrades as technology evolves.

Delivery of the commercial REMUS 300 UUVs is scheduled for mid-2022.

A photo accompanying this release is available at: https://newsroom.huntingtoningalls.com/file/remus-300-deploy.

Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 41,000 people operating both domestically and internationally.

For more information, visit:

• HII on the web: www.huntingtoningalls.com
• HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
• HII on Twitter: www.twitter.com/hiindustries  
• HII on YouTube: www.youtube.com/huntingtoningalls
• HII on Instagram: www.instagram.com/huntingtoningalls

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

Contact:

Beci Brenton
Beci.Brenton@hii-co.com
(202) 264-7143

FAQ

What is the significance of the U.S. Navy's order for HII?

The U.S. Navy's order for two REMUS 300 UUVs highlights strong demand for HII's unmanned systems and reinforces its position in the defense sector.

When will the REMUS 300 UUVs be delivered?

The delivery of the REMUS 300 UUVs is scheduled for mid-2022.

What features does the REMUS 300 offer?

The REMUS 300 UUV features swappable energy modules with endurance options of up to 30 hours and a modular design for mission-specific customization.

How does this order impact HII's business outlook?

This order potentially enhances HII's revenue prospects in the defense sector while showcasing its innovation in unmanned systems.