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Huntington Ingalls Industries, Inc. reports developments across U.S. military shipbuilding and defense mission technologies. The company’s Ingalls Shipbuilding division builds non-nuclear surface ships such as Arleigh Burke-class guided missile destroyers and supports new frigate work, while Newport News Shipbuilding builds nuclear-powered aircraft carriers and participates in U.S. submarine programs.
Recurring HII news includes U.S. Navy contract awards, ship deliveries and sea-trial milestones, distributed shipbuilding initiatives, workforce pipelines through shipyard academies and apprenticeships, quarterly earnings, and cash dividends. Mission Technologies updates cover unmanned and autonomous maritime platforms, including REMUS unmanned underwater vehicles, and defense capabilities tied to C6ISR, artificial intelligence and machine learning, electronic warfare, and synthetic training.
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.
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.
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