Huntington Ingalls Inds Inc Stock Price, News & Analysis

HII reported record second quarter revenues of $3.0 billion, up 6.8% compared to Q2 2023. Operating income increased 21.2% to $189 million, with net earnings of $173 million or $4.38 diluted EPS. Key highlights include:

- Delivered Virginia-class submarine New Jersey (SSN 796) and amphibious transport dock Richard M. McCool Jr. (LPD 29)
- Reaffirmed shipbuilding guidance and raised Mission Technologies revenue guidance
- New contract awards of $3.1 billion, bringing total backlog to $48.5 billion
- Segment operating income increased to $203 million with 6.8% margin
- Free cash flow was negative $99 million

CEO Chris Kastner noted strong performance in Mission Technologies and critical shipyard milestones, expressing confidence in shipbuilding margin improvement for H2 2024.

HII (NYSE:HII) has announced a quarterly cash dividend of $1.30 per share. The dividend will be payable on Sept. 13, 2024, to shareholders of record as of the close of business on Aug. 30, 2024. This declaration by the Board of Directors demonstrates HII's commitment to returning value to its shareholders and reflects the company's financial stability. The consistent dividend payout suggests confidence in HII's future performance and cash flow generation capabilities.

HII's Mission Technologies division has been awarded a $65 million task order to support the Joint Staff J7, Deputy Director, Joint Warfighting Development. The contract focuses on three key areas: futures and concepts, joint experimentation, and wargaming for the Joint Staff J4 Logistics enterprise. HII will leverage its expertise in live, virtual, constructive solutions to prepare warfighters for cross-domain battles and support the development of joint concepts addressing emerging operational challenges. The task order was awarded under the Department of Defense's Information Analysis Center (IAC) Multiple Award Contract (MAC) vehicle, emphasizing HII's role in enhancing defense research and development capabilities.

HII (NYSE: HII) announced that its Newport News Shipbuilding (NNS) division has completed contracted work at the Naval Nuclear Laboratory's Kenneth A. Kesselring Site in West Milton, New York. Since 2012, NNS has provided maintenance services and led the refueling overhaul of a nuclear reactor prototype at the site, which supports the U.S. Navy's Naval Nuclear Propulsion Program.

Mary Cullen, NNS vice president of nuclear propulsion, stated that the completion of this work positions Kesselring to continue training nuclear operators for decades. NNS is the nation's sole designer, builder, and refueler of nuclear-powered aircraft carriers and one of only two shipyards capable of designing and building nuclear-powered submarines for the U.S. Navy.

HII (NYSE: HII) hosted a delegation of Australian parliamentarians and U.S. Representatives at its Newport News Shipbuilding division to support the AUKUS partnership. The visit focused on HII's expertise in nuclear-powered submarine sustainment, supply chain management, and workforce development. HII, as a founding member of the AUKUS Workforce Alliance, is committed to preparing a skilled workforce for Australia's nuclear-powered submarine program.

The delegation, led by Milton Dick, Speaker of the Australian House of Representatives, engaged with senior leadership about HII's capabilities. Rep. Bobby Scott and Rep. Rob Wittman emphasized the importance of Virginia's submarine industrial base in supporting the AUKUS agreement and deterring China's military aggression in the Indo-Pacific region.

On July 10, 2024, HII (NYSE: HII) hosted Assistant Secretary of the Navy for Research, Development, and Acquisition, Nickolas Guertin, at its Ingalls Shipbuilding division in Pascagoula, Mississippi.

During the visit, Secretary Guertin met with shipbuilders and leadership, receiving updates on ships under construction and modernization efforts. He toured the guided missile destroyer Ted Stevens (DDG 128) and the amphibious assault ship Bougainville (LHA 8).

Ingalls Shipbuilding President Kari Wilkinson emphasized the company's commitment to supporting global peace and prosperity through its shipbuilding efforts. Ingalls Shipbuilding has a long history of designing, building, and maintaining ships for the U.S. Navy and Coast Guard, and is currently building four classes of ships simultaneously.

HII (NYSE: HII) is set to announce its second quarter 2024 financial results on August 1, 2024. An earnings conference call, featuring remarks from CEO Chris Kastner and CFO Tom Stiehle, will be held at 9 a.m. Eastern time on the same day. The call will be webcast live on HII’s official website, where supplementary slides will also be available. Replays of the webcast will be accessible on the website for a period.

HII’s (NYSE: HII) Ingalls Shipbuilding division hosted 23 Mississippi educators for a two-week Educator Externship program at its shipyard in Pascagoula, Mississippi, from June 3 to June 14, 2024. Organized by Ingalls' human resources and administration team, the program aimed to bridge the gap between education and industry, providing educators with firsthand experience in shipbuilding. Susan Jacobs, VP of Human Resources, emphasized the importance of the program in fostering a deeper appreciation for the critical skills needed in shipbuilding and the career opportunities at Ingalls. The initiative highlights Ingalls' commitment to workforce development and its role as the largest manufacturing employer in Mississippi, currently building four classes of ships for the U.S. Navy.

HII's Ingalls Shipbuilding division has opened applications for its 2024-2025 STEM grant awards, providing up to $100,000 in funding for educational initiatives in Alabama, Louisiana, and Mississippi. The application period is open until October 18, 2024, and recipients will be announced in January 2025.

Eligible educators and nonprofit organizations can apply for grants of up to $5,000 per project, focusing on science, technology, engineering, or mathematics. Over the past decade, Ingalls has awarded over $1.1 million to support STEM education.

Last year's grant cycle saw nearly 80 applications, with 24 projects receiving support. The initiative aims to foster innovation and critical thinking among youth and cultivate future shipbuilders.