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.
Huntington Ingalls Industries (NYSE:HII) will participate in the Goldman Sachs Industrials and Materials Conference on May 13, 2021, at 11:20 a.m. Eastern Time. The event will feature a conversation with HII President and CEO Mike Petters, along with CFO Tom Stiehle, and will be webcasted for public access. As America’s largest military shipbuilding company, HII is known for its extensive shipbuilding capabilities and commitment to national security missions through various services.
The USS John C. Stennis (CVN 74) has arrived at Huntington Ingalls Industries’ Newport News Shipbuilding division for its refueling and complex overhaul (RCOH). This project, which is the seventh Nimitz-class carrier undergoing a significant mid-life availability, involves extensive repairs and upgrades after years of preparation. The overhaul will enhance the carrier's operational capabilities, ensuring it remains a vital component of the Navy fleet for another 25 years, continuing through late 2025.
Huntington Ingalls Industries (NYSE:HII) reported first-quarter 2021 revenues of $2.3 billion, reflecting a 0.7% increase year-over-year. Operating income decreased to $147 million, with a 6.5% operating margin. However, segment operating income improved to $191 million, achieving an 8.4% margin. The diluted earnings per share (EPS) were $3.68, down from $4.23 a year ago. The company announced a record backlog of $48.8 billion and secured new contract awards of approximately $5.3 billion.
Huntington Ingalls Industries (NYSE:HII) has announced a quarterly cash dividend of $1.14 per share, set to be paid on June 11, 2021, to shareholders on record by May 28, 2021. HII, recognized as America’s largest military shipbuilding company, operates through its divisions in Virginia and Mississippi, contributing to national security with a range of professional services. The company employs over 42,000 individuals, further solidifying its industry leadership.
Huntington Ingalls Industries (HII) announced that The Apprentice School at Newport News Shipbuilding has received certification from the Council for Occupational Education to grant academic degrees in 26 programs. Starting in 2023, apprentices can earn associate degrees in applied science focusing on maritime technology disciplines such as maintenance electrician and welding. This initiative enhances workforce development and reflects HII's commitment to training the next generation of shipbuilders.
Huntington Ingalls Industries (NYSE:HII) celebrated the christening of its guided missile destroyer Lenah Sutcliffe Higbee (DDG 123) on April 25, 2021. The event was held with limited attendance due to COVID-19 restrictions. Ingalls Shipbuilding President Kari Wilkinson emphasized the importance of the milestone, while retired President Brian Cuccias honored the shipbuilders' dedication. The ship, named after the first woman to receive the Navy Cross, represents a significant naval tradition. Keynote speeches were given by Ray Mabus, highlighting the ship's legacy.
Huntington Ingalls Industries (NYSE:HII) announced a $107 million contract modification from the U.S. Navy for long-lead-time material and advance procurement for the amphibious assault ship LHA 9. This brings the total advance funding for LHA 9 to $457 million. Ingalls Shipbuilding President Kari Wilkinson emphasized the funding's role in supporting national defense and sustaining jobs. As the sole builder of large-deck amphibious ships for the Navy, Ingalls continues its legacy with notable deliveries and ongoing constructions.
Huntington Ingalls Industries has launched the REMUS 300, an advanced unmanned underwater vehicle (UUV) designed for multiple applications such as mine countermeasures and marine research. This two-man portable system can dive to depths of 305 meters and offers endurance options up to 30 hours. Built upon over 20 years of REMUS technology, it boasts modularity and open architecture for easy integration with other systems. Over 500 REMUS vehicles are currently operational globally. Standard configurations of the REMUS 300 can be ordered for international and commercial delivery throughout 2022.
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Huntington Ingalls Industries (NYSE:HII) announced a significant milestone in the refueling and complex overhaul (RCOH) of the USS George Washington (CVN 73). The ship's crew galley opened after nearly three years, marking a crucial step before the first group of 1,100 sailors moves aboard in June. With the RCOH over 85% complete, the Nimitz-class carrier is scheduled for redelivery to the Navy in 2022. Todd West, VP of in-service aircraft carrier programs, emphasized the importance of the ship's transformation and readiness for future operations.