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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 February 22, 2023, HII's Newport News Shipbuilding division hosted U.S. Reps. Bobby Scott, Rob Wittman, and Jen Kiggans for a tour and meeting. NNS President Jennifer Boykin highlighted the importance of congressional support for their shipbuilders. During the tour, representatives observed construction of Columbia- and Virginia-class submarines and the Gerald R. Ford-class aircraft carrier, Enterprise (CVN 80). They discussed the significance of HII's role in national defense and the shipbuilding industry's impact on the Virginia economy, emphasizing the need for bipartisan support, stable funding, and a skilled workforce.
PASCAGOULA, Miss., Feb. 16, 2023 (GLOBE NEWSWIRE) -- HII's Ingalls Shipbuilding division hosted U.S. Rep. Mike Ezell for his first official visit. During the tour, Ezell met with leadership and observed the construction of the amphibious transport dock Richard M. McCool Jr. (LPD 29). The Ingalls Shipbuilding President emphasized the significance of their work for the Navy and Coast Guard. With over 11,000 employees, Ingalls is Mississippi's largest manufacturing employer and a major economic contributor. HII's Ingalls has a long history of providing advanced ships for national defense, underscoring its critical role in U.S. military capabilities.
HII (NYSE: HII) has recognized seven employees for their achievements in STEM at the 37th Black Engineer of the Year Awards (BEYA) Conference in National Harbor, Md. Five employees received the Modern-Day Technology Leader award, including Preshus Boone and Marcus Jackson from Newport News Shipbuilding, while DeLaurence Johnson and Cliftoria Stokes earned the Science Spectrum Trailblazer award. HII President Chris Kastner emphasized the importance of diversity in driving innovation. Additionally, HII showcased its workforce training capabilities through digital shipbuilding experiences, highlighting its commitment to technological advancement.
HII (NYSE: HII) has commenced construction on the Multi-Class Submarine Production Facility at its Newport News Shipbuilding division, aimed at enhancing the production of Columbia- and Virginia-class submarines. This facility is part of a larger $1.9 billion investment by HII between 2016 and 2025, jointly funded with the Navy. The Columbia-class program, crucial for national defense, will replace the Ohio-class submarines. NNS is a primary contractor for these submarines, working alongside General Dynamics Electric Boat. The groundbreaking marks the start of a strategic project to meet the Navy's submarine needs efficiently.
HII (NYSE:HII) reported a fourth quarter 2022 revenue of $2.8 billion, a 5.0% increase from Q4 2021. For the full year, revenues were $10.7 billion, up 12.1% year-over-year, with diluted earnings per share at $14.44, up from $13.50 in 2021. Operating income for Q4 2022 was $105 million, yielding an operating margin of 3.7%. New contract awards in Q4 reached $3.2 billion, increasing total backlog to $47.1 billion. Guidance for FY23 includes shipbuilding revenue between $8.4 and $8.6 billion.
HII (NYSE: HII) will participate in Cowen’s Aerospace/Defense & Industrials Conference on February 15, 2023. The discussion with HII President and CEO Chris Kastner is scheduled for 10:45 a.m. Eastern time and will be available via webcast at ir.hii.com. HII is the largest military shipbuilder in the U.S., focusing on delivering advanced ships and comprehensive defense solutions globally. With a legacy spanning over 135 years, HII serves various domains, providing critical capabilities, including unmanned systems and cyber solutions, supported by a workforce of 43,000.
HII (NYSE: HII) has secured a $21 million recompete contract from the Defense Logistics Agency (DLA) to enhance logistics solutions for defense products and materials. The contract aims to streamline supply chains and increase operational efficiency for military services over five years. Grant Hagen, president of HII's Mission Technologies division, emphasized the importance of addressing supply chain disruptions. This award continues HII's long-standing partnership with the DLA, dating back to the 1990s, showcasing HII's expertise in defense logistics and commitment to improving military support.
HII (NYSE: HII) has declared a quarterly cash dividend of $1.24 per share, payable on March 10, 2023, to shareholders of record by the close of business on February 24, 2023. This decision reflects HII's commitment to returning value to its shareholders.
As the largest military shipbuilder in the U.S., HII has a rich history of over 135 years in advancing national security and delivering critical defense capabilities, including ships, unmanned systems, and advanced technologies. The company is headquartered in Virginia and employs around 43,000 personnel.
HII (NYSE: HII) announced the appointment of Eric Chewning as Executive Vice President of Strategy & Development, effective Jan. 30, 2023. Chewning, a former Defense Department official, brings 20 years of national security experience to enhance HII's strategic initiatives, including identifying growth opportunities and fostering cross-division collaboration. HII, the largest military shipbuilder in the U.S. and a key player in unmanned underwater vehicle production, aims to leverage Chewning's expertise to align its capabilities with U.S. Navy needs and drive technological advancements.
HII (NYSE: HII) recently hosted Chief of Naval Operations Adm. Michael Gilday at its Ingalls Shipbuilding division in Pascagoula, Mississippi, on Jan. 26, 2023. Gilday toured the shipyard and met with leadership, reinforcing HII's commitment to national security. This visit follows his previous visit in March 2020 for the christening of the guided missile destroyer Jack H. Lucas. The shipyard has recently received nearly $1 billion in investments to enhance infrastructure and efficiency. HII, as the largest military shipbuilder, continues to develop advanced naval capabilities while supporting over 1,200 suppliers across the U.S.