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) announced the successful completion of builder's sea trials for the U.S. Coast Guard’s newest national security cutter, Stone (WMSL 758). The trials lasted three days in the Gulf of Mexico, testing propulsion and auxiliary equipment. Ingalls' team emphasized overcoming challenges presented by the COVID-19 pandemic, implementing strict safety measures to minimize risks. The Stone is the ninth NSC, with delivery expected later this year. The Legend-class NSCs are designed for diverse maritime missions and feature advanced technology, length of 418 feet, a speed of 28 knots, and a 60-day endurance.
Huntington Ingalls Industries (NYSE: HII) held a virtual christening for the U.S. Navy's newest fast-attack submarine, Montana (SSN 794), on September 12, 2020. This event, conducted due to COVID-19 restrictions, showcased the collaboration of over 10,000 shipbuilders and more than 5,000 suppliers. The submarine is approximately 85% complete and is scheduled for delivery in late 2021. Montana enhances naval capabilities and symbolizes resilience amid challenges. Former Secretary of the Interior, Sally Jewell, served as the ship's sponsor, marking the occasion with a traditional ceremony.
Huntington Ingalls Industries (NYSE: HII) has announced new appointments in its law department. Jeffrey Bauer has been promoted to corporate vice president of litigation and investigations. Paul C. Harris joins as corporate vice president and chief compliance and privacy officer, effective September 8, 2020. Bauer brings extensive experience in litigation from his tenure at the U.S. Department of Justice and various law firms. Harris has a strong background in compliance and privacy, previously serving in significant roles at Hampton University and the DOJ.
Huntington Ingalls Industries (NYSE: HII) has successfully launched the Delbert D. Black destroyer from its Ingalls Shipbuilding division, which is now on its way to its homeport in Mayport, Florida. This marks a significant achievement, as it adds to the 32 destroyers previously delivered to the Navy. With four more destroyers currently under construction and a recent $936 million contract awarded for another Arleigh Burke-class destroyer, HII continues to strengthen its position as the largest military shipbuilding company in the U.S.
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Huntington Ingalls Industries (NYSE:HII) has secured a five-year contract from the U.S. Navy to deliver logistics support for the Naval Expeditionary Logistics Support Group (NAVELSG). The contract, awarded through SeaPort NxG, will be based at Cheatham Annex in Yorktown, Virginia. HII aims to enhance the operational readiness of the Navy by providing asset management and integrated logistics support.
This partnership underscores HII's commitment to national security and its ongoing support of U.S. military operations.
Huntington Ingalls Industries' Newport News Shipbuilding division has completed its 18th home in collaboration with Habitat for Humanity. The traditional ranch-style home, built during the COVID-19 pandemic, was dedicated privately to Donnika Stewart and her children, who moved in last week. The home was constructed on land donated by the Newport News Redevelopment and Housing Authority. Since 2002, Newport News Shipbuilding has partnered with Habitat for Humanity to provide affordable housing for families in the community.
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Huntington Ingalls Industries (NYSE: HII) announced that its Ingalls Shipbuilding division achieved electronic systems light-off for the amphibious transport dock Fort Lauderdale (LPD 28). This milestone indicates the operational status of the ship’s critical systems. The company has delivered 11 San Antonio-class ships and currently has three under construction, including LPD 28. In April, Ingalls secured a $1.5 billion contract for LPD 31.
Huntington Ingalls Industries (NYSE:HII) reported second quarter 2020 revenues of $2.0 billion, a 7.4% decrease year-over-year. Operating margin fell to 2.8% from 8.0% in Q2 2019, primarily due to unfavorable adjustments totaling $167 million related to COVID-19 impacts. Net earnings dropped to $53 million, or $1.30 per diluted share, down 58.6% from the previous year. Despite challenges, the backlog increased to $46.1 billion, with new contract awards of approximately $2.9 billion. The company anticipates shipbuilding revenues between $7.6 and $7.9 billion for 2020.