HII Launches Virginia-class Submarine Massachusetts (SSN 798) at Newport News Shipbuilding
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The launch of the Virginia-class submarine Massachusetts (SSN 798) signifies a crucial step in the enhancement of the U.S. Navy's operational capabilities. The Virginia-class submarines are known for their advanced technology, which includes increased firepower, maneuverability and stealth. These improvements are designed to ensure that the U.S. maintains its strategic advantage in naval warfare, particularly as older Los Angeles-class submarines are phased out.
The delivery of the 25th Virginia-class submarine also reflects the ongoing commitment of the defense industry to meet the demands of national security. As one of the two shipyards with the capacity to construct nuclear-powered submarines, Newport News Shipbuilding's role in this sector is significant. The successful launch and eventual commissioning of the SSN 798 could potentially lead to further government contracts, which would benefit HII's long-term revenue streams and stock market performance.
From a market perspective, the launch of a new Virginia-class submarine is an indicator of HII's strong positioning within the defense sector. Investors often look for such milestones as they can be indicative of a company's ability to fulfill large-scale government contracts. Given that defense contracts are typically long-term and high-value, the successful launch may reassure investors of HII's execution capabilities and its prospects for future contract awards.
Moreover, the defense sector is known for its stability due to consistent government spending, which can be appealing during times of economic uncertainty. The progress in the Virginia-class submarine program could, therefore, have a positive impact on HII's stock as it underscores the company's reliability as a defense contractor and its contribution to national security priorities.
Analyzing the financial implications, the launch of Massachusetts (SSN 798) is likely to have a favorable impact on HII's financial health. The construction and delivery of nuclear-powered submarines involve complex budgeting and significant capital outlay. As such, reaching construction milestones enables the company to bill the U.S. Navy for work completed, positively affecting cash flow and earnings.
Additionally, the defense industry operates under the oversight of the government, which includes scheduled payments upon the achievement of certain milestones. This launch event may, therefore, correspond with a tranche of revenue recognition for HII, improving its financial metrics for the current fiscal period. Investors and analysts will closely monitor the company's upcoming financial disclosures to gauge the exact impact of this event on its profitability and working capital.
NEWPORT NEWS, Va., Feb. 23, 2024 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced today that Virginia-class submarine Massachusetts (SSN 798) was recently launched into the James River at the company’s Newport News Shipbuilding (NNS) division.
Shipbuilders transferred the submarine from a construction facility to the floating dry dock, where it was later submerged and moved by tugboats to a submarine pier at the shipyard for final outfitting, testing and crew certification.
“Following the christening of this mighty submarine in May, witnessing Massachusetts launch into the river is a source of immense pride for our shipbuilding team,” said Jason Ward, NNS vice president of Virginia-class submarine construction. “We understand the importance of Massachusetts, and we will continue to execute with purpose to bring this important national security asset to life and deliver it to the Navy.”
Virginia-class nuclear-powered fast attack submarines are built for a broad spectrum of open-ocean and littoral missions to replace the Navy’s Los Angeles-class submarines as they are retired. Virginia-class submarines incorporate dozens of new technologies and innovations that increase firepower, maneuverability and stealth to significantly enhance their warfighting capabilities. These submarines are capable of supporting multiple mission areas and can operate at speeds of more than 25 knots.
Photos and video accompanying this release are available at: https://hii.com/news/hii-launches-virginia-class-submarine-massachusetts-ssn-798-newport-news-shipbuilding/.
Massachusetts is the 25th Virginia-class submarine and will be the 12th delivered by NNS, which is one of only two shipyards capable of designing and building nuclear-powered submarines for the U.S. Navy.
About HII
HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:
- HII on the web: https://www.HII.com/
- HII on Facebook: https://www.facebook.com/TeamHII
- HII on X: https://www.twitter.com/WeAreHII
- HII on Instagram: https://www.instagram.com/WeAreHII
Contact:
Todd Corillo
Todd.T.Corillo@hii-co.com
(757) 688-3220
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4883df04-4be6-4148-9f07-bf7939671605
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