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 November 5, HII's Mission Technologies division conducted its annual Global Day of Caring, involving over 300 employees and family members in community service projects across multiple states and South Korea. Activities included food drives, educational support, and clean-up efforts. President Andy Green emphasized the importance of connecting with local communities through service. The initiative underscores HII's commitment to supporting the areas where its workforce lives and works, alongside ongoing community service efforts in the coming weeks.
HII Launches REMUS 620 UUV
On November 7, 2022, HII's Mission Technologies division announced the release of the new REMUS 620 unmanned underwater vehicle (UUV). This medium-class UUV boasts a battery life of up to 110 hours and a range of 275 nautical miles, optimized for a variety of missions including mine countermeasures and surveillance. The REMUS 620 features a modular design for payload integration and advanced autonomy capabilities through HII's Odyssey™ software. With extensive operational versatility, the REMUS 620 can be deployed from various platforms, enhancing naval capabilities worldwide.
HII will host a briefing on Nov. 7, 2022, at 10:30 a.m. ET, led by Duane Fotheringham, president of Mission Technologies’ Unmanned Systems group. The session will present a new design of a medium-sized unmanned underwater vehicle (UUV). This event is exclusive to journalists and details regarding the conference call will be shared upon RSVP. HII is a major defense contractor known for building advanced naval technologies and has a significant workforce of 43,000.
HII reported Q3 2022 revenues of $2.6 billion, a rise of 12.3% year-over-year, primarily due to the Alion acquisition and growth at Newport News Shipbuilding. Net earnings reached $138 million, with diluted EPS at $3.44, down from $3.65 in Q3 2021. The company narrowed FY22 revenue guidance and reaffirmed shipbuilding margin guidance while reducing guidance for Mission Technologies. New contract awards totaled $2.1 billion, increasing backlog to approximately $46.7 billion.
HII (NYSE:HII) has declared a quarterly cash dividend of $1.24 per share, marking a $0.06 increase from the previous dividend of $1.18 paid over the last four quarters. This dividend will be payable on December 9, 2022, to shareholders on record as of November 25, 2022. As a leading global defense partner with a history exceeding 135 years, HII focuses on advancing U.S. national defense, employing a workforce of approximately 44,000 skilled professionals.
HII (NYSE: HII) will be featured during the 2022 Peraton Armed Forces Classic basketball game on Nov. 11 aboard the USS Abraham Lincoln. Veterans Famatta Cole and Bill McCormick, both shipbuilders at HII's Newport News Shipbuilding division, will receive recognition for their contributions to the carrier. They have extensive experience with military ships, having worked on various vessels and ongoing refueling projects. Additionally, HII will showcase shipbuilder Fatima Medina in a commercial during the game, highlighting advancements in digital technology for shipbuilding.
HII’s Ingalls Shipbuilding has secured a $2.4 billion U.S. Navy contract for the detail design and construction of amphibious assault ship LHA 9, potentially rising to $3.2 billion with options. Construction is set to commence in December 2022. This contract follows a long history of Ingalls building large-deck amphibious ships, enhancing naval capabilities with versatile designs that include aviation and well deck features for F-35B and MV-22 Osprey aircraft. Ingalls expresses pride in delivering critical naval capabilities and values its partnership with the Navy.
HII Achieves Highest CMMI Rating
On October 27, 2022, HII's Live, Virtual and Constructive (LVC) Solutions business group received a Capability Maturity Model Integration (CMMI) V2.0 Maturity Level 5 (ML5) rating, the highest possible. This recognition highlights HII's commitment to optimizing processes and improving customer service capabilities. LVC Solutions is among only three U.S. organizations with concurrent ML5 ratings for Development and Services. This achievement underscores HII's capability to manage large-scale LVC training programs effectively and efficiently.
JBG SMITH has signed a 11.5-year lease with HII for 36,809 square feet at 2451 Crystal Drive, National Landing. This move strengthens HII's proximity to key clients, particularly the U.S. Navy, and boosts its presence in the national capital region. The lease reflects ongoing growth, with JBG SMITH securing over 1.4 million square feet of new leases since April 2020. This expansion positions both companies amidst a burgeoning hub for defense technology alongside industry leaders like Boeing and Raytheon.
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