January 31, 2024
HII Authorizes a $600 Million Increase in its Share Repurchase Program to $3.8 Billion
NewsNews ReleaseHII Corporate
NEWPORT NEWS, Va. (Jan. 31, 2024) — HII (NYSE: HII) announced today that its Board of Directors has authorized an increase in the company’s share repurchase program from $3.2 billion to $3.8 billion and extended the term of the program from Oct. 31, 2024 to Dec. 31, 2028.
“This action demonstrates continued confidence in HII’s free cash flow generation and supports our commitment to return free cash flow to our shareholders,” said Chris Kastner, HII’s president and CEO.
Purchases under the share repurchase program may be made from time to time at the discretion of management in the open market, through privately negotiated transactions or through other means, are subject to prevailing market conditions and other factors, and may be suspended or discontinued at any time.
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About HII
HII is America’s largest shipbuilder, delivering the world’s most powerful ships and all-domain mission technologies, including unmanned systems, to U.S. and allied defense customers. HII is the largest producer of unmanned underwater vehicles for the U.S. Navy and the world.
With a more than 140-year history of advancing U.S. national security, HII builds and integrates defense capabilities extending from the core fleet to C6ISR, AI/ML, EW and synthetic training. Headquartered in Virginia, HII’s workforce is 45,000 strong.
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