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.
HII (NYSE:HII) reported first quarter 2022 revenues of $2.6 billion, a 13.1% increase year-over-year, mainly due to the acquisition of Alion Science and Technology. Net earnings reached $140 million, translating to $3.50 diluted earnings per share, down from $148 million and $3.68 respectively in Q1 2021. Operating income fell to $138 million with a margin of 5.4%. Notably, free cash flow was negative at $126 million. New contract awards amounted to approximately $2.0 billion, with a total backlog of $47.9 billion as of March 31, 2022.
HII hosted U.S. Secretary of Labor Marty Walsh and Rep. Bobby Scott for a tour of The Apprentice School at Newport News Shipbuilding. Funded by HII, the school provides tuition-free apprenticeships in 19 trades. Walsh praised the program as a model for workforce development, emphasizing its role in preparing workers for high-demand jobs. The Apprentice School is accredited and offers associate degrees in various fields through partnerships with local colleges. HII, America's largest shipbuilder, focuses on advancing national security through a strong workforce of 44,000 employees.
HII (NYSE:HII) has declared a quarterly cash dividend of $1.18 per share, scheduled for payment on June 10, 2022. Shareholders on record as of May 27, 2022 will qualify for this dividend. HII, renowned as America’s largest shipbuilder, provides vital defense and technology solutions that support U.S. national security. The company has a 135-year history and a workforce of 44,000 employees, emphasizing its long-standing commitment to delivering advanced capabilities in naval ships, unmanned systems, and AI/ML analytics.
HII (NYSE:HII) has secured two significant contracts from the Naval Air Warfare Center China Lake. The first is an IDIQ contract for aircrew electronic warfare training, valued at $249 million, while the second focuses on tactical integrated threat systems, worth $92 million. Both contracts span five years, allowing HII to bid on various tasks like research, engineering, and cybersecurity for U.S. Navy systems. HII has a strong legacy in aviation training and is recognized for its advanced technology and support in military training missions.
HII (NYSE:HII) announced the successful launch of the Virginia-class submarine New Jersey (SSN 796) into the James River at its Newport News Shipbuilding division. This 7,800-ton submarine, which is 92% complete, was moved to the submarine pier for final outfitting and testing after being in a floating dry dock. The construction involved approximately 10,000 shipbuilders and suppliers since 2016, contributing to its critical capabilities in maintaining U.S. undersea superiority. HII continues to lead in all-domain defense technologies.
HII (NYSE:HII) announced the promotion of Stephen Fitts to vice president of contracts and pricing at its Ingalls Shipbuilding division, succeeding Eric Crooker. Fitts, who started his career with HII in 2013, previously served as director of contract administration, where he managed a significant backlog of contracts, including U.S. Coast Guard ships and guided missile destroyers. He will oversee contracts, estimating, pricing, and export/import compliance, reporting to Keith Munn.
This leadership change aims to strengthen contract administration and compliance in support of HII's growth in the defense sector.
HII (NYSE:HII) has announced the appointment of Todd Corillo as manager of media relations for its Newport News Shipbuilding division, effective May 9. Corillo, a former Norfolk television anchor, will oversee media communications, focusing on the division's programs and community relations. Brooke Hart, HII's EVP of communications, praised Corillo's media expertise and existing relationships with local media and the Navy. HII, a leader in shipbuilding and defense technology, has a workforce of 44,000 and provides critical capabilities for U.S. national security.
HII (NYSE:HII) has appointed Kimberly Aguillard as manager of media relations, enhancing its corporate communications team. Aguillard will act as the spokesperson for Ingalls Shipbuilding, focusing on community engagement and media relations. She brings extensive experience from her previous role at the Mississippi State Port Authority. HII emphasizes its commitment to national security through innovative defense solutions, backed by a workforce of 44,000 and a legacy of 135 years in shipbuilding. This strategic hire aims to strengthen HII's community ties and communication effectiveness.
HII (NYSE:HII) hosted U.S. Representatives Rob Wittman, Mike Gallagher, and Trent Kelly for a demonstration at Ingalls Shipbuilding, showcasing production capabilities. This visit aligns with the lawmakers' consideration of the National Defense Authorization Act for fiscal year 2023. Ingalls Shipbuilding President Kari Wilkinson emphasized the shipyard’s modernization and commitment to support Navy and Marine Corps needs. Wittman highlighted the importance of maintaining resources for amphibious vessels like Fort Lauderdale and Jack H. Lucas to enhance U.S. naval capabilities.
HII (NYSE: HII) has appointed Henry Choi as vice president of business development for its Mission Technologies division, focusing on cyber, electronic warfare (EW), and space. Choi brings over 30 years of expertise in national security, covering strategic planning and business development. His addition aims to bolster HII's growth in addressing global security threats. Grant Hagen, president of the division, emphasized the importance of having the right talent to enhance mission-critical national security solutions as HII expands its capabilities.