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.
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On February 22, 2022, HII (NYSE:HII) celebrated the achievements of seven employees recognized for their contributions in STEM at the 36th annual Black Engineer of the Year Award STEM Global Competitiveness Conference. Notably, six employees were awarded the Modern Day Technology Leader award for their influence in engineering and technology. Thomasina Wright, director of programs at Newport News Shipbuilding, received the career achievement industry award. This acknowledgment underscores HII's commitment to innovation and its role in enhancing national security.
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Huntington Ingalls Industries (HII) reported fourth quarter 2021 revenues of $2.7 billion, a 2.9% decrease from 2020. Operating income fell to $120 million with an operating margin of 4.5%, down from 11.1%. Diluted earnings per share were $2.99, a drop of 51.4% year-over-year. For the full year, revenues rose 1.7% to $9.5 billion, while diluted EPS decreased 21.2% to $13.50. New contract awards totaled approximately $1.0 billion in Q4, contributing to a backlog of $48.5 billion as of year-end.
HII (NYSE:HII) successfully completed initial sea trials of the Montana (SSN 794), a Virginia-class submarine, last week. The trials involved testing the submarine's systems, including its first submergence and high-speed maneuvers. HII plans to deliver the submarine to the U.S. Navy later this year. The project began in 2015, with the Montana being the 21st Virginia-class submarine built in partnership with General Dynamics’ Electric Boat. The successful trials mark a significant milestone for HII and its partners.
Huntington Ingalls Industries (NYSE:HII) has declared a quarterly cash dividend of $1.18 per share, set for payment on March 11, 2022. Shareholders on record as of the close of business on February 25, 2022 will receive this dividend. With a rich history spanning 135 years, HII specializes in engineering and defense technologies, providing essential capabilities that enhance U.S. national security. The company employs a workforce of approximately 44,000 individuals, delivering advanced naval ships and innovative solutions.
Huntington Ingalls Industries (NYSE:HII) successfully completed sea trials for the Fort Lauderdale (LPD 28), a San Antonio-class amphibious transport dock, as part of the final preparations for delivery this quarter. During the trials, key operations such as anchor handling and running the ship at full power were tested, showcasing effective Navy-industry collaboration. Ingalls Shipbuilding has delivered 11 San Antonio-class ships, with three more under construction, including Fort Lauderdale. The ship honors Fort Lauderdale's ties to the U.S. Navy, dating back to the 1830s.
HII (NYSE:HII) has appointed Frank R. Jimenez to its board of directors as of Jan. 27, 2022. Jimenez, a former General Counsel of the U.S. Navy, brings substantial expertise from his roles in various companies, including Raytheon Technologies. His background includes overseeing a vast legal team, advising on critical issues like litigation and ethics, which positions him to enhance HII's governance. This addition signals HII's commitment to strengthening its leadership and expertise in defense regulations amidst evolving industry challenges.
Huntington Ingalls Industries (NYSE:HII) has appointed Chris Kastner as the new president and CEO, effective March 1, 2022, following a succession plan. Mike Petters transitions to executive vice chairman for a temporary period. Under their leadership, HII boasts a $48 billion shipbuilding backlog and has made technology-oriented acquisitions to enhance capabilities. Kastner, previously COO and CFO, is well-positioned to continue the company's mission in national security, as stated by Chairman Kirk Donald, ensuring continuity in leadership and operations.
On January 25, 2022, Huntington Ingalls Industries (HII) announced the promotion of Karey Malyszko to vice president of Plant Operations at Newport News Shipbuilding. Malyszko, who has over 18 years of nuclear engineering leadership experience, takes over from Dru Branche, who retired in December. She will oversee waterfront support services, facilities, environmental health and safety, and security. Malyszko started at Newport News in 2004 and has held various engineering management roles. HII is a leading global engineering and defense technologies provider with a workforce of 44,000.