• Revenues were $2.6 billion in the quarter
  • Net earnings of $138 million or $3.44 diluted earnings per share
  • Narrows FY22 revenue guidance ranges
  • Reaffirms shipbuilding operating margin1 guidance, revises Mission Technologies operating margin guidance
  • Increases FY22 free cash flow1 guidance and updates for current R&D tax treatment

NEWPORT NEWS, Va. (Nov. 3, 2022) – HII (NYSE: HII) reported third quarter 2022 revenues of $2.6 billion, up 12.3% from the third quarter of 2021, primarily driven by revenue attributable to the acquisition of Alion Science and Technology (Alion) in the third quarter of 2021, as well as revenue growth at Newport News Shipbuilding.

Operating income in the third quarter of 2022 was $131 million and operating margin was 5.0%, compared to $118 million and 5.0%, respectively, in the third quarter of 2021. The increase in operating income was primarily driven by favorable changes to non-current state income taxes and operating FAS/CAS adjustment compared to the prior year, as well as higher segment operating income1.

Segment operating income1 in the third quarter of 2022 was $166 million and segment operating margin1 was 6.3%, compared to $163 million and 7.0%, respectively, in the third quarter of 2021. The increase in segment operating income1 was driven primarily by improved results at Newport News Shipbuilding.

Net earnings in the quarter were $138 million, compared to $147 million in the third quarter of 2021. Diluted earnings per share in the quarter was $3.44, compared to $3.65 in the third quarter of 2021. The decrease in diluted earnings per share was driven by a significant tax benefit in the prior year, as well as negative impacts related to equity investments in the current quarter, partially offset by a more favorable non-operating retirement benefit in the current quarter.

Net cash used in operating activities in the quarter was $19 million and free cash flow1 was negative $96 million, compared to cash provided by operating activities of $350 million and free cash flow1 of $277 million in the third quarter of 2021.

New contract awards in the third quarter of 2022 were approximately $2.1 billion, bringing total backlog to approximately $46.7 billion as of September 30, 2022.

“Notwithstanding a continued challenging economic environment, we remain focused on consistent shipbuilding program execution and capturing contract awards at our Mission Technologies division,” said Chris Kastner, HII’s president and CEO. “We are confident in the positioning of the business for long-term value creation given the tremendous volume of shipbuilding work we have secured in backlog and a Mission Technologies division that is poised for growth in markets of critical importance to our customers.”

1Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Results of Operations

  

Three Months Ended

September 30

 

 

 

Nine Months Ended 

September 30

  

($ in millions, except per share amounts)

2022

2021

$ Change

% Change

2022

2021

$ Change

% Change

Sales and service revenues

$ 2,626

$ 2,338

$ 288

12.3 %

$ 7,864

$ 6,847

$ 1,017

14.9 %

Operating income

131

118

13

11.0 %

460

393

67

17.0 %

Operating margin %

5.0 %

5.0 %

 

(6) bps

5.8 %

5.7 %

 

11 bps

Segment operating income1

166

163

3

1.8 %

567

523

44

8.4 %

Segment operating margin %1

6.3 %

7.0 %

 

(65) bps

7.2 %

7.6 %

 

(43) bps

Net earnings

138

147

(9)

(6.1)%

456

424

32

7.5 %

Diluted earnings per share

$ 3.44

$ 3.65

$ (0.21)

(5.8)%

$ 11.37

$ 10.52

$ 0.85

8.1 %

1 Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations.


Segment Operating Results

Ingalls Shipbuilding

  

Three Months Ended

September 30

 

 

 

Nine Months Ended 

September 30

  

($ in millions)

2022

2021

$ Change

% Change

2022

2021

$ Change

% Change

Revenues

$ 623

$ 628

$ (5)

(0.8)%

$ 1,912

$ 1,947

$ (35)

(1.8)%

Segment operating income1

50

62

(12)

(19.4)%

242

233

9

3.9 %

Segment operating margin %1

8.0 %

9.9 %

 

(185) bps

12.7 %

12.0 %

 

69 bps

1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Ingalls Shipbuilding revenues for the third quarter of 2022 were $623 million, a decrease of $5 million, or 0.8%, from the same period in 2021, primarily driven by lower revenues in the Legend-class National Security Cutter (NSC) program and amphibious assault ships, partially offset by higher revenues in surface combatants. Revenues on the NSC program decreased due to lower volumes on Friedman (NSC 11) and Calhoun (NSC 10). Revenues on amphibious assault ships decreased due to lower volumes on USS Fort Lauderdale (LPD 28), partially offset by higher volumes on LHA 9 (unnamed). Revenues on surface combatants increased due to higher volumes on Thad Cochran (DDG 135) and Telesforo Trinidad (DDG 139), partially offset by lower volumes on Frank E. Petersen Jr. (DDG 121), Jeremiah Denton (DDG 129) and Ted Stevens (DDG 128).

Ingalls Shipbuilding segment operating income1 for the third quarter of 2022 was $50 million, a decrease of $12 million from the same period in 2021. Segment operating margin1 in the third quarter of 2022 was 8.0%, compared to 9.9% in the same period last year. The decreases were primarily driven by lower risk retirement on Ted Stevens (DDG 128) and USS Delbert D. Black (DDG 119) related to a capital expenditure incentive received in the third quarter of 2021, partially offset by higher risk retirement on USS Portland (LPD 27).

Key Ingalls Shipbuilding milestones for the quarter:

  • Awarded a design engineering contract for the next-generation guided-missile destroyer – DDG(X)

  • Authenticated the keel of guided-missile destroyer Jeremiah Denton (DDG 129)

  • Awarded a contract to begin combat systems availability for the Zumwalt-class destroyer, Lyndon B. Johnson (DDG 1002)

  • Began fabrication of amphibious transport dock Pittsburgh (LPD 31)

    1Non-GAAP measures. See Exhibit B for definitions and reconciliations.

     

Newport News Shipbuilding

  

Three Months Ended

September 30

 

 

 

Nine Months Ended 

September 30

  

($ in millions)

2022

2021

$ Change

% Change

2022

2021

$ Change

% Change

Revenues

$ 1,445

$ 1,354

$ 91

6.7 %

$ 4,268

$ 4,124

$ 144

3.5 %

Segment operating income1

102

88

14

15.9 %

277

257

20

7.8 %

Segment operating margin %1

7.1 %

6.5 %

 

56 bps

6.5 %

6.2 %

 

26 bps

1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Newport News Shipbuilding revenues for the third quarter of 2022 were $1.4 billion, an increase of $91 million, or 6.7%, from the same period in 2021, primarily driven by higher revenues in naval nuclear support services, submarines and aircraft carriers. Naval nuclear support services revenues increased primarily as a result of higher volumes in submarine and carrier fleet support services. Submarine revenues increased due to higher volumes on the Columbia-class submarine program and Block V boats of the Virginia-class submarine (VCS) program, partially offset by lower volumes on submarine services and Block IV boats of the VCS program. Aircraft carrier revenues increased primarily as a result of higher volumes on the refueling and complex overhaul (RCOH) of USS John C. Stennis (CVN 74), partially offset by lower volumes on the RCOH of USS George Washington (CVN 73).

Newport News Shipbuilding segment operating income1 for the third quarter of 2022 was $102 million, an increase of $14 million from the same period in 2021. Segment operating margin1 in the third quarter of 2022 was 7.1%, compared to 6.5% in the same period last year. The increases were primarily due to contract incentives on the Columbia-class submarine program, partially offset by lower risk retirement on the VCS program.

Key Newport News Shipbuilding milestones for the quarter:

  • Achieved pressure hull complete on Virginia-class submarine Massachusetts (SSN 798)

  • Celebrated the ceremonial keel laying of aircraft carrier Enterprise (CVN 80)

  • Reached approximate 98% completion of the RCOH of USS George Washington (CVN 73)

  • Reached approximate 87% completion of John F. Kennedy (CVN 79)

  • Turned over the 1,000th compartment of 2,615 total spaces to the crew of John F. Kennedy (CVN 79)

Mission Technologies

  

Three Months Ended

September 30

 

 

 

Nine Months Ended 

September 30

  

($ in millions)

2022

2021

$ Change

% Change

2022

2021

$ Change

% Change

Revenues

$ 595

$ 394

$ 201

51.0 %

$ 1,785

$ 890

$895

100.6 %

Segment operating income1

14

13

 1

7.7 %

48

33

15

45.5 %

Segment operating margin %1

2.4 %

3.3 %

 

(95) bps

2.7 %

3.7 %

 

(102) bps

1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Mission Technologies revenues for the third quarter of 2022 were $595 million, an increase of $201 million from the same period in 2021. The increase was primarily due to higher volumes in Defense & Federal Solutions (DFS) attributable to the acquisition of Alion, which was completed on August 19, 2021.

Mission Technologies segment operating income1 for the third quarter of 2022 was $14 million, compared to $13 million in the third quarter of 2021. Segment operating margin1 in the third quarter of 2022 was 2.4%, compared to 3.3% in the same period last year. The increase in segment operating income1 was primarily driven by the acquisition of Alion in the third quarter of 2021 and higher equity income, partially offset by higher amortization of purchased intangible assets in 2022.

The decrease in segment operating margin1 was primarily driven by approximately $24 million of amortization of Alion related purchased intangible assets in the third quarter of 2022, compared to approximately $8 million in the same period last year. Mission Technologies EBITDA margin1 in the third quarter of 2022 was 8.4%.

Key Mission Technologies milestones for the quarter:

  • Awarded a task order to provide spectrum assessments across technical, policy and strategy areas for the U.S. DoD Chief Information Officer

  • Awarded an $826 million task order to provide Decisive Mission Actions and Technology Services (DMATS) to U.S. DoD

  • Awarded a $127 million task order to support the Defense Security Cooperation Agency (DSCA) to perform research, development, test and evaluation of emerging technologies

2022 Financial Outlook1

  • Expect FY22 revenue at lower end of previous guidance ranges given challenging labor environment and timing of material delivery

  • Expect FY22 shipbuilding revenue2 between $8.2 and $8.3 billion, shipbuilding operating margin2 between 8.0% and 8.1%

  • Expect FY22 Mission Technologies revenue of approximately $2.4 billion, segment operating margin2 of approximately 2.3%; and Mission Technologies EBITDA margin2 of approximately 8.3%

  • Expect FY22 free cash flow2 of approximately $350 million4 based on current tax law

  • Expect cumulative FY20-FY24 free cash flow2 of approximately $2.9 billion4

 

Prior Outlook

 

Current Outlook

Shipbuilding Revenue2

$8.2B – $8.5B

 

$8.2B – $8.3B

Shipbuilding Operating Margin2 8.0% – 8.1%

8.0% – 8.1%

Mission Technologies Revenue

$2.4B – $2.6B

 

~$2.4B

Mission Technologies Segment Operating Margin2

~2.5%

 

~2.3%

Mission Technologies EBITDA Margin2

8.0% – 8.5%

 

~8.3%

 

 

 

 

Operating FAS/CAS Adjustment

($143M)

 

($143M)

Non-current State Income Tax Expense3

($5M)

 

($5M)

Interest Expense

($102M)

 

($106M)

Non-operating Retirement Benefit

$273M

 

$276M

Effective Tax Rate

~21%

 

~19%

 

 

 

 

Depreciation & Amortization

$365M

 

$365M

Capital Expenditures

2.5% – 3.0%

of Sales

2.5% – 3.0%

of Sales

Free Cash Flow2 based on current tax law4

$200M – $250M

~$350M

1The financial outlook, expectations and other forward looking statements provided by the company for 2022 and beyond reflect the company’s judgment based on the information available at the time of this release.

2 Non-GAAP measures. See Exhibit B for definitions. Reconciliations of forward–looking GAAP and non–GAAP measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the future occurrence and financial impact of certain elements of GAAP and non-GAAP measures.

3 Outlook is based on current tax law. Repeal or deferral of provisions requiring capitalization of R&D expenditures would result in elevated non-current state income tax expense.

4 Outlook is based on current tax law and assumes the provisions requiring capitalization of R&D expenditures for tax purposes is not deferred or repealed.

About Huntington Ingalls Industries

HII is a global, all-domain defense partner, building and delivering the world’s most powerful, survivable naval ships and technologies that safeguard our seas, sky, land, space and cyber. As America’s largest shipbuilder and with a more than 135-year history of advancing U.S. national defense, we are united by our mission in service of the heroes who protect our freedom. HII’s diverse workforce includes skilled tradespeople; artificial intelligence, machine learning (AI/ML) experts; engineers; technologists; scientists; logistics experts; and business professionals. Headquartered in Virginia, HII’s workforce is 43,000 strong. For more information, please visit www.HII.com.

Conference Call Information

HII will webcast its earnings conference call at 9 a.m. Eastern time today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.HII.com. A telephone replay of the conference call will be available from noon today through Thursday, November 10th by calling (866) 813-9403 or (929) 458-6194 and using access code 083595.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs, including cost increases due to inflation, and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, and the impacts of vaccination mandates on our workforce; our ability to attract and retain a qualified workforce; disruptions impacting the global supply, including those attributable to the ongoing COVID-19 pandemic and the ongoing conflict between Russia and Ukraine; our ability to effectively integrate the operations of Alion Science and Technology into our business; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

Exhibit A: Financial Statements

HUNTINGTON INGALLS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

  

Three Months Ended

September 30

 

 

 

Nine Months Ended 

September 30

  

(in millions, except per share amounts)

 

2022

 

2021

 

2022

 

2021

Sales and service revenues

 

 

 

 

 

 

 

 

Product sales

 

$ 1,774

 

$ 1,701

 

$ 5,327

 

$ 5,185

Service revenues

 

852

 

637

 

2,537

 

1,662

Sales and service revenues

 

2,626

 

2,338

 

7,864

 

6,847

Cost of sales and service revenues

 

 

 

 

 

 

 

 

Cost of product sales

 

1,517

 

1,453

 

4,511

 

4,402

Cost of service revenues

 

747

 

554

 

2,252

 

1,450

Income from operating investments, net

 

13

 

11

 

47

 

31

Other income and gains, net

 

 

2

 

 

3

General and administrative expenses

 

244

 

226

 

688

 

636

Operating income

 

131

 

118

 

460

 

393

Other income (expense)

 

 

 

 

 

 

 

 

Interest expense

 

(27)

 

(24)

 

(79)

 

(63)

Non-operating retirement benefit

 

71

 

45

 

209

 

135

Other, net

 

(13)

 

2

 

(30)

 

10

Earnings before income taxes

 

162

 

141

 

560

 

475

Federal and foreign income tax expense (benefit)

 

24

 

(6)

 

104

 

51

Net earnings

 

$ 138

 

$ 147

 

$ 456

 

$ 424

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$ 3.44

 

$ 3.65

 

$ 11.37

 

$ 10.52

Weighted-average common shares outstanding

 

40.1

 

40.3

 

40.1

 

40.3

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$ 3.44

 

$ 3.65

 

$ 11.37

 

$ 10.52

Weighted-average diluted shares outstanding

 

40.1

 

40.3

 

40.1

 

40.3

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$ 1.18

 

$ 1.14

 

$ 3.54

 

$ 3.42

 

 

 

 

 

 

 

 

 

Net earnings from above

 

$ 138

 

$ 147

 

$ 456

 

$ 424

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Change in unamortized benefit plan costs

 

12

 

43

 

(61)

 

102

Other

 

(1)

 

(1)

 

(2)

 

1

Tax benefit (expense) for items of other comprehensive income

 

(3)

 

(11)

 

16

 

(26)

Other comprehensive income (loss), net of tax

 

8

 

31

 

(47)

 

77

Comprehensive income

 

$ 146

 

$ 178

 

$ 409

 

$ 501

HUNTINGTON INGALLS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

($ in millions)

 

 

 

 

September 30, 2022

 

 

December 31, 2021

  

Assets

 

Current Assets

 

 

Cash and cash equivalents

$ 117

$ 627

Accounts receivable, net of allowance for doubtful accounts of $2 million as of 2022 and $9 million as of 2021

721

433

Contract assets

1,564

1,310

Inventoried costs

174

161

Income taxes receivable

180

209

Prepaid expenses and other current assets

61

50

Total Current Assets

2,817

2,790

Property, Plant, and Equipment, net of accumulated depreciation of $2,283 million as of 2022 and $2,149 million as of 2021

3,136

3,107

Other Assets

 

 

Operating lease assets

236

241

Goodwill

2,618

2,628

Other intangible assets, net of accumulated amortization of $846 million as of 2022 and $741 million as of 2021

1,054

1,159

Pension plan assets

355

281

Miscellaneous other assets

399

421

Total other assets

4,662

4,730

Total assets

$10,615

$10,627

Liabilities and Stockholders’ Equity

 

 

Current Liabilities

 

 

Trade accounts payable

539

603

Accrued employees’ compensation

355

361

Current portion of long-term debt

399

Current portion of postretirement plan liabilities

137

137

Current portion of workers’ compensation liabilities

241

252

Contract liabilities

768

651

Other current liabilities

453

423

Total current liabilities

2,892

2,427

Long-term debt

2,605

3,298

Pension plan liabilities

394

351

Other postretirement plan liabilities

360

368

Workers’ compensation liabilities

486

506

Long-term operating lease liabilities

202

194

Deferred tax liabilities

274

313

Other long-term liabilities

354

362

Total liabilities

7,567

7,819

Commitments and Contingencies

Stockholders’ Equity

Common stock, $0.01 par value; 150 million shares authorized; 53.5 million shares issued and 39.9 million shares outstanding as of September 30, 2022, and 53.4 million shares issued and 40 million shares outstanding as of December 31, 2021

1

1

Additional paid-in capital

2,014

1,998

Retained earnings

4,203

3,891

Treasury stock

(2,200)

(2,159)

Accumulated other comprehensive loss

(970)

(923)

Total stockholders’ equity

3,048

2,808

Total liabilities and stockholders’ equity

$ 10,615

$10,627

HUNTINGTON INGALLS INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

 

 

 

 

 

Nine Months Ended September 30

  

($ in millions)

2022

 

 

2021

 

Operating Activities

 

 

 

 

 

Net earnings

$

456

 

$

424

Adjustments to reconcile to net cash provided by (used in) operating activities

 

 

 

 

 

Depreciation

 

158

 

 

154

Amortization of purchased intangibles

 

105

 

 

48

Amortization of debt issuance costs

 

6

 

 

6

Provision for doubtful accounts

 

(7)

 

 

Stock-based compensation

 

28

 

 

19

Deferred income taxes

 

(14)

 

 

74

Loss (gain) on investments in marketable securities

 

34

 

 

(12)

Change in

 

 

 

 

 

Accounts receivable

 

(281)

 

 

52

Contract assets

 

(254)

 

 

(179)

Inventoried costs

 

(13)

 

 

(7)

Prepaid expenses and other assets

 

(4)

 

 

(116)

Accounts payable and accruals

 

48

 

 

93

Retiree benefits

 

(99)

 

 

(73)

Other non-cash transactions, net

 

2

 

 

6

Net cash provided by operating activities

 

165

 

 

489

Investing Activities

 

 

 

 

 

Capital expenditures

Capital expenditure additions

(179)

(216)

Grant proceeds for capital expenditures

11

Acquisitions of businesses, net of cash received

(1,636)

Investment in affiliates

(5)

(22)

Proceeds from disposition of business

20

Other investing activities, net

6

1

Net cash used in investing activities

(178)

(1,842)

Financing Activities

Proceeds from issuance of long-term debt

1,650

Repayment of long-term debt

(300)

Debt issuance costs

(22)

Dividends paid

(142)

(138)

Repurchases of common stock

(41)

(87)

Employee taxes on certain share-based payment arrangements

(14)

(7)

Net cash (used in) provided by financing activities

(497)

1,396

Change in cash and cash equivalents

(510)

43

Cash and cash equivalents, beginning of period

627

512

Cash and cash equivalents, end of period

$ 117

$ 555

Supplemental Cash Flow Disclosure

 

 

Cash paid for income taxes (net of refunds)

$ 107

$ 31

Cash paid for interest

$ 61

$ 39

Non-Cash Investing and Financing Activities

 

 

Capital expenditures accrued in accounts payable

$ 5

$ 4

Exhibit B: Non-GAAP Measures Definitions & Reconciliations

We make reference to “segment operating income,” “segment operating margin,” “shipbuilding revenue,” “shipbuilding operating margin,” “Mission Technologies EBITDA margin” and “free cash flow.”

We internally manage our operations by reference to segment operating income and segment operating margin, which are not recognized measures under GAAP. When analyzing our operating performance, investors should use segment operating income and segment operating margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. They are measures that we use to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of segment operating income and segment operating margin may not be comparable to similarly titled measures of other companies.

Shipbuilding revenue, shipbuilding operating margin and Mission Technologies EBITDA margin are not measures recognized under GAAP. They are measures that we use to evaluate our core operating performance. When analyzing our operating performance, investors should use shipbuilding revenue, shipbuilding operating margin and Mission Technologies EBITDA margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. We believe that shipbuilding revenue, shipbuilding operating margin and Mission Technologies EBITDA margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance.

Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for net earnings as a measure of our performance or net cash provided or used by operating activities as a measure of our liquidity. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies.

Reconciliations of forward-looking GAAP and non-GAAP measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the future occurrence and financial impact of certain elements of GAAP and non-GAAP measures.

Segment operating income is defined as operating income for the relevant segment(s) before the Operating FAS/ CAS Adjustment and non-current state income taxes.

Segment operating margin is defined as segment operating income as a percentage of sales and service revenues.

Shipbuilding revenue is defined as the combined sales and service revenues from our Newport News Shipbuilding segment and Ingalls Shipbuilding segment.

Shipbuilding operating margin is defined as the combined segment operating income of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment as a percentage of shipbuilding revenue.

Mission Technologies EBITDA margin is defined as Mission Technologies segment operating income before interest expense, income taxes, depreciation, and amortization as a percentage of Mission Technologies revenues.

Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

Operating FAS/CAS Adjustment is defined as the difference between the service cost component of our pension and other postretirement expense determined in accordance with GAAP (FAS) and our pension and other postretirement expense under U.S. Cost Accounting Standards (CAS).

Non-current state income taxes are defined as deferred state income taxes, which reflect the change in deferred state tax assets and liabilities and the tax expense or benefit associated with changes in state uncertain tax positions in the relevant period. These amounts are recorded within operating income. Current period state income tax expense is charged to contract costs and included in cost of sales and service revenues in segment operating income.

We present financial measures adjusted for the Operating FAS/CAS Adjustment and non-current state income taxes to reflect the company’s performance based upon the pension costs and state tax expense charged to our contracts under CAS. We use these adjusted measures as internal measures of operating performance and for performance-based compensation decisions.

Reconciliations of Segment Operating Income and Segment Operating Margin

  

Three Months Ended

September 30

 

Nine Months Ended 

September 30

($ in millions)

 

2022

2021

 

2022

2021

Ingalls revenues

 

$ 623

$ 628

 

$ 1,912

$ 1,947

Newport News revenues

 

1,445

1,354

 

4,268

4,124

Mission Technologies revenues

 

595

394

 

1,785

890

Intersegment eliminations

 

(37)

(38)

 

(101)

(114)

Sales and Service Revenues

 

2,626

2,338

 

7,864

6,847

 

 

 

 

 

 

 

Operating Income

 

131

118

 

460

393

Operating FAS/CAS Adjustment

 

36

41

 

108

118

Non-current state income taxes

 

(1)

4

 

(1)

12

Segment Operating Income

 

166

163

 

567

523

As a percentage of sales and service revenues

 

6.3 %

7.0 %

 

7.2 %

7.6 %

Ingalls segment operating income

 

50

62

 

242

233

As a percentage of Ingalls revenues

 

8.0 %

9.9 %

 

12.7 %

12.0 %

Newport News segment operating income

 

102

88

 

277

257

As a percentage of Newport News revenues

 

7.1 %

6.5 %

 

6.5 %

6.2 %

Mission Technologies operating income

 

14

13

 

48

33

As a percentage of Mission Technologies revenues

 

2.4 %

3.3 %

 

2.7 %

3.7 %

Reconciliation of Free Cash Flow

 

Three Months Ended

September 30

 

 

Nine Months Ended 

September 30

 

($ in millions)

 

2022

 

2021

 

2022

 

2021

Net cash provided by operating activities

 

$ (19)

 

$ 350

 

$ 165

 

$ 489

Less capital expenditures:

 

 

 

 

 

 

 

 

Capital expenditure additions

 

(77)

 

(82)

 

(179)

 

(216)

Grant proceeds for capital expenditures

 

 

9

 

 

11

Free cash flow

 

$ (96)

 

$ 277

 

$ (14)

 

$ 284

 

Reconciliation of Mission Technologies EBITDA and EBITDA Margin

 

Three Months Ended

September 30

  

Nine Months Ended 

September 30

  
($ in millions) 2022 2021 2022 2021
Mission Technologies sales and service revenues $ 595 $ 394 $ 1,785 $ 890
         
Mission Technologies segment operating income $ 14 $ 13 $ 48 $ 33
Mission Technologies depreciation expense 3 2 8 4
Mission Technologies amortization expense 30 16 90 32
Mission Technologies state tax expense 3 (1) 9 5
Mission Technologies EBITDA $ 50 $ 30 $ 155 $ 74
Mission Technologies EBITDA margin 8.4 % 7.6 % 8.7 % 8.3 %
MEDIA CONTACT
Christie Thomas (Investors)
(757) 380-2104
 
Brooke Hart (Media)
(202) 264-7108
 
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NEWPORT NEWS, Va. (Nov. 2, 2022) – HII (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $1.24 per share, a $0.06 increase over the $1.18 per share dividend paid in each of the prior four quarters. The $1.24 per share dividend will be payable on Dec. 9, 2022, to shareholders of record as of the close of business on Nov. 25, 2022.

HII is a global, all-domain defense partner, building and delivering the world’s most powerful, survivable naval ships and technologies that safeguard our seas, sky, land, space and cyber.

As America’s largest shipbuilder and with a more than 135-year history of advancing U.S. national defense, we are united by our mission in service of the heroes who protect our freedom. HII’s diverse workforce includes skilled tradespeople; artificial intelligence, machine learning (AI/ML) experts; engineers; technologists; scientists; logistics experts; and business professionals. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

MEDIA CONTACT
Brooke Hart (Media) 
(202) 264-7108
 
Christie Thomas (Investors)
(202) 380-2104
 
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NEWPORT NEWS, Va., (Aug. 18, 2022) –  To address gaps in services for Hampton Roads communities, three leading corporations headquartered in Newport News, Virginia – HII, Ferguson, and BayPort Credit Union – have partnered to fund a $500,000, three-year transformation grant, called Accelerating Change Together (ACT). The inaugural year’s focus will be on education and workforce development.

The grant is an extension of the One Community Transformational Grant program, which HII’s Newport News Shipbuilding division launched in 2018 and has since provided start-up funding for the Fort Monroe Foundation’s National Center for Freedom and the Newport News Public Schools STEM Ecosystem project. The partnership among the three companies will expand the initial program’s scope and funding. Recognizing their unwavering commitment to the community, the ACT Grant is an extension of the three companies existing charitable giving and social impact efforts.

“The ACT Grant builds on the tremendous success of the One Community Transformation Grant that allowed nonprofits to work together to dream about new ways they could use the funds to make a positive change in the community,” said Gary Artybridge, manager, Corporate Citizenship & Education Outreach at Newport News Shipbuilding. “We were thrilled that BayPort and Ferguson wanted to partner with us to build upon the program’s early successes and make it sustainable. This year’s investment will be a win for education in Hampton Roads and in the development of a skilled workforce that will benefit the nation.”

“BayPort is excited to be a leader in the ACT grant,” said Nancy Porter, vice president of marketing at BayPort Credit Union and executive director of the BayPort Foundation. “So many nonprofits have creative ideas about how to address pressing community challenges but don’t have a mechanism to fund the implementation of those ideas. The goal of the ACT Grant is to invest in one project each year that has the greatest potential to leave a lasting legacy on our community.”

“Newport News has been home to Ferguson for more than 70 years, and we’re honored to support our neighbors through this partnership,” said Melissa Hazelwood, director of Social Impact at Ferguson. “Just as our three companies are working collaboratively to implement this program, we hope that the grant will inspire like-minded nonprofits to work together to strengthen the communities where we all live and work.”

The deadline for applications is October 31, 2022. For additional information on the ACT Grant and eligibility requirements, please visit actgrant.org.

####

 About HII

HII is an all-domain defense and technologies partner, recognized worldwide as America’s largest shipbuilder. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable an all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

About Ferguson

 Ferguson plc (NYSE: FERG; LSE: FERG) is a leading value-added distributor providing expertise, solutions and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more. We exist to help make our customers’ complex projects simple, successful and sustainable. Ferguson is headquartered in the U.K., with operations in North America. For more information, please visit www.fergusonplc.com or follow Ferguson on LinkedIn https://www.linkedin.com/company/ferguson-enterprises.

About BayPort Foundation

 BayPort Foundation is the charitable arm of BayPort Credit Union, headquartered in Newport News, Virginia and was established to extend the credit union’s philosophy of “people helping people.” The Foundation is an extension of the credit union’s charitable giving. BayPort Credit Union commits more than half a million dollars in annual corporate donations and pays all the Foundation’s overhead to ensure that 100% of the Foundation donations support its mission. For more information, visit bayportfoundation.org.

MEDIA CONTACT
Todd Corillo
(757) 688-3220
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Visit Follows Significant Contract Wins for HII’s Mission Technologies Division

HONOLULU, HI (Aug. 16, 2022) — Chris Kastner, president and CEO of global defense technologies provider HII (NYSE:HII), toured company facilities in Hawaii this week and met with customers, workforce partners and HII employees as the company continues to expand its role providing integrated solutions that enable a connected, all-domain force.

“Hawaii and the state’s workforce are essential to national security, and to the future of joint all-domain command and control,” Kastner said. “I am proud of HII’s longstanding presence in this state, our technologies and teams here, and our trusted relationships with partners who are driving this strategic direction on behalf of our national defense.”

Through its Newport News Shipbuilding and Ingalls Shipbuilding divisions, HII has built 70% of the U.S. Navy ships that are homeported at Joint Base Pearl Harbor-Hickam. HII has one of the biggest footprints in Hawaii of any large defense contractor with several facilities in Hawaii, and a team of several hundred analysts, engineers, cyber specialists, and fleet maintenance specialists across the U.S. Indo-Pacific Command area of operations. Through Mission Technologies, HII is designing and developing sensors, systems and solutions that enable coordinated use of distributed assets — ships, aircraft, satellites, personnel — across large geographic regions to collect and share intelligence from all domains.

HII is also working with national, state and local officials on plans to expand the company’s investment in workforce development and enhanced capabilities in Hawaii. HII is growing its internship program with the University of Hawaii and on Monday, Kastner met with David Lassner, president of the University of Hawaii, and Michael Bruno, provost of the University of Hawaii

“HII is a workforce development company, in Hawaii and every state,” Kastner said. “We support our supplier small businesses and work hard to develop skills to advance the nation’s critical infrastructure. I am always glad to meet our emerging cyber and other talent to build the pipeline needed to support U.S. national security in the future.”

In recent weeks, HII announced nearly $1 billion in new contracts to support U.S. Department of Defense agencies in delivering critical integrated technology services to counter and deter current and emerging global threats.

Mission Technologies is the fastest growing segment of HII’s portfolio and a quarter of the company’s revenue with a $26 billion pipeline of qualified business in 2022. Mission Technologies includes C5ISR systems and operations; the application of artificial intelligence and machine learning to battlefield decisions; defensive and offensive cyberspace strategies and electronic warfare; unmanned, autonomous systems; live, virtual, constructive training and simulation solutions; and platform modernization.

HII Facts

  • HII has built 70% of U.S. Navy ships homeported at Joint Base Pearl Harbor-Hickam.
  • The largest producer of unmanned undersea vehicles (UUV) globally and small UUV program of record for the U.S. Navy
  • Largest data platform provider for U.S. Army
  • Fourth largest artificial intelligence/machine learning federal contractor
  • Largest in live, virtual, constructive training and simulation solutions for U.S. Navy
  • Number 11 among large companies on list of Forbes’ America’s Best Employers for 2022, HII’s ranking represents biggest jump of any large company on list, rising from number 387 last year. HII is also only aerospace and defense company in the list’s top 40.


####

 About HII

 HII is an all-domain defense and technologies partner, recognized worldwide as America’s largest shipbuilder. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable an all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

MEDIA CONTACT
Greg McCarthy
(202) 264-7126
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NEWPORT NEWS, Va., May 26, 2022 -- HII (NYSE:HII) will participate in Bernstein’s Strategic Decisions Conference on June 2. The conversation with HII President and Chief Executive Officer Chris Kastner will begin at 3:30 p.m. Eastern time and will be webcast on ir.hii.com.

HII is an all-domain defense and technologies partner, recognized worldwide as America’s largest shipbuilder. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable an all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information please visit:

Note: Statements made at the conference may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, and the impacts of vaccination mandates on our workforce; disruptions impacting the global supply, including those attributable to the ongoing COVID-19 pandemic and the ongoing conflict between Russia and Ukraine; our ability to effectively integrate the operations of Alion Science and Technology into our business; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

MEDIA CONTACT
Brooke Hart
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Christie Thomas
757-380-2104

NEWPORT NEWS, Va., April 07, 2022 -- HII (NYSE:HII) will release its first quarter 2022 financial results on Thursday, May 5, and host an earnings conference call at 9 a.m. Eastern time the same day. The call will be webcast live on HII’s website: https://www.hii.com/.

HII participants will include Chris Kastner, president and CEO, and Tom Stiehle, executive vice president and chief financial officer. Their remarks will be supplemented by a series of slides appearing on the company website. Listeners are encouraged to view these materials in conjunction with the call. Replays of the call will be available on the website for a limited time.

HII is an all-domain defense and technologies partner, recognized worldwide as America’s largest shipbuilder. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable an all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information please visit:

MEDIA CONTACT
Christie Thomas
757-380-2104
 
Brooke Hart
202-264-7108

NEWPORT NEWS, Va., March 11, 2022 — Global engineering and defense technologies provider HII (NYSE:HII) announced today that Paul C. Harris has been appointed executive vice president and chief sustainability and compliance officer, reporting directly to HII President and CEO Chris Kastner on matters of sustainability.

The move expands the scope of responsibilities for Harris, who has served as HII’s chief compliance officer since 2020. In his new role he will oversee the company’s ongoing efforts to formalize and mature its strategy-driven environmental, social and governance program, in addition to overseeing matters of compliance.

“Paul has demonstrated true leadership in enhancing our culture of ethics and compliance at HII,” Kastner said. “We see sustainability as important to long-term growth, built around our values and commitments to our employees, customers and shareholders. I am confident Paul’s leadership will ensure we are making meaningful, measurable progress on environmental, social and governance initiatives and communicating clearly about them going forward.”

As HII’s corporate vice president and chief compliance and privacy officer, Harris is responsible for working with leaders within the law department and throughout the enterprise to advance HII’s compliance strategy and execution objectives. Additionally, he manages a team of experienced compliance and privacy counsel, which provide legal advice and guidance to senior management. Harris reports to HII’s general counsel on matters of compliance.

Harris Paul Hero
Paul C. Harris

Harris came to HII from Hampton University, his alma mater, where he served as senior vice president. After serving in the U.S. Army’s 10th Mountain Division, he received his juris doctorate from George Washington University Law School in 1995. In 1997, Harris was elected to Virginia’s House of Delegates, where he served for four years. He later worked for the U.S. Department of Justice, where he served as deputy associate attorney general and deputy assistant attorney general of the civil division, torts branch. He then rejoined the private sector, where he held compliance-related positions of increasing authority at several global companies, including Raytheon, Northrop Grumman and Sodexo.

HII is a global engineering and defense technologies provider. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable a networked, all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

MEDIA CONTACT
Kimberly Aguillard
(202) 580-9086

Paul Harris

Paul Harris is HII’s corporate vice president and chief compliance and privacy officer.

Mar 11, 2022

NEWPORT NEWS, Va., Feb. 22, 2022 — Global engineering and defense technologies provider HII (NYSE:HII) announced today that seven employees from its Newport News Shipbuilding and Ingalls Shipbuilding divisions were recognized for achievements in the science, technology, engineering and math fields during the 36th annual Black Engineer of the Year Award STEM Global Competitiveness Conference.

“These employees represent the best of the best in STEM innovation,” said Edmond Hughes, Ingalls’ vice president, human resources and administration. “Their contributions enhance the capabilities and technologies HII delivers to our customers, and ultimately these engineers strengthen America’s national security.”

Six HII employees received the Modern Day Technology Leader award, which recognizes efforts in shaping the future of engineering, science and technology. They are:

  • Alonzo Smith, manager process improvement, Newport News Shipbuilding
  • Cainesha Holloway, engineer nuclear, Newport News Shipbuilding
  • Eric Scott, manager engineering, Newport News Shipbuilding
  • Randie Dyess, engineering technician, Newport News Shipbuilding
  • Tania Johnson, chief electrical engineer, Ingalls Shipbuilding
  • William Johnson, electrical engineer, Ingalls Shipbuilding
Beya+awards+2022 Thmb
Huntington Ingalls Industries proudly congratulates our 2022 BEYA award winners.

One other employee received the career achievement industry award, which recognizes significant achievements for engineering in industry and performance as a role model and mentor for minorities in technology. She is:

  • Thomasina Wright, director programs, Newport News Shipbuilding

A photo accompanying this release is available at: 

https://newsroom.huntingtoningalls.com/file/beya-awards-2022.

“It is great to recognize these accomplished STEM recipients,” said Xavier Beale, vice president of trades at Newport News Shipbuilding. “Their contributions and talent have a real impact on shaping not only technology, but the shipbuilding team around them.”

HII is a global engineering and defense technologies provider. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable a networked, all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

MEDIA CONTACT
Danny Hernandez
Director of Public Affairs
(202) 580-9086

NEWPORT NEWS, Va., Feb. 17, 2022 — Global engineering and defense technologies provider HII (NYSE:HII) ranked #11 among large companies on the list of America’s Best Employers for 2022, published this month in Forbes magazine. According to Forbes, HII’s ranking represents the biggest jump of any large company on the list, rising from number 387 last year. HII is also the only aerospace and defense contractor within the top 40 large companies on the list.

The America’s Best Employers list is based on views of 60,000 Americans surveyed anonymously. Respondents were asked to rate companies on factors such as working conditions, development opportunities, compensation, and how likely they’d be to recommend their employer. Forbes partnered with the market research company Statista to identify the companies; HII played no role in the survey methodology, identification of respondents or compilation of results.“I’ve always said and I truly believe we’re in the workforce development business,” said Mike Petters, president and CEO of HII. “In all my years with this company, and the last 11 leading HII, I’ve found that if you take care of employees just about everything else takes care of itself.”

At 44,000 strong, HII’s workforce unites diverse backgrounds and skill sets, from pipe fitters to nuclear physicists to software coders. Nearly a quarter of HII’s workforce has been with the company at least 25 years, and more than 1,600 workers have been employed for at least 40 years. Additionally, HII hires, trains and upskills more than 5,000 workers each year.

Forbes Us Be2022 Logo Hii Hero

While offering best-in-class benefits to its employees, HII also invests in nurturing its talent pipeline, spending $100 million each year on workforce development, including the shipbuilding apprentice schools in Virginia and Mississippi and a tuition reimbursement program that promotes continued education among existing employees.

With the long-term health and welfare of the defense industrial base in mind, the company supports the HII Scholarship Fund, offering employees subsidies for childcare. The company also supports the Maritime Training Academy, middle school science, technology, engineering and math mentorship and other education-related initiatives in support of the future workforce.

In addition, HII invests in the communities where employees live and work. In 2021 the company contributed more than $6 million in charitable giving to the United Way, American Red Cross and American Heart Association, among other nonprofit and charitable organizations.

HII is a global engineering and defense technologies provider. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and survivable naval ships ever built, to unmanned systems, ISR and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable a networked, all-domain force. Headquartered in Virginia, HII’s skilled workforce is 44,000 strong. For more information, visit:

MEDIA CONTACTS
Danny Hernandez
Director of Public Affairs
(202) 580-9086

NEWPORT NEWS, Va., Jan. 13, 2022 — Huntington Ingalls Industries (NYSE:HII) will release its fourth quarter 2021 financial results on Thursday, Feb. 10 and host an earnings conference call at 9 a.m. Eastern time the same day. The call will be webcast live on HII’s website: http://www.HII.com.

HII participants will include Mike Petters, president and CEO, Chris Kastner, executive vice president and chief operating officer and Tom Stiehle, executive vice president and chief financial officer. Their remarks will be supplemented by a series of slides appearing on the company website. Listeners are encouraged to view these materials in conjunction with the call. Replays of the call will be available on the website for a limited time.

About Huntington Ingalls Industries

HII is a global engineering and defense technologies provider. With a 135-year history of trusted partnerships in advancing U.S. national security, HII delivers critical capabilities ranging from the most powerful and resilient maritime platforms ever built, to unmanned systems and AI/ML analytics. HII leads the industry in mission-driven solutions that support and enable a connected, integrated full spectrum force. Headquartered in Newport News, Virginia, HII’s skilled workforce is 44,000 strong. For more information please visit:

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Window: 9 a.m.-1 p.m. EST on Saturday, Nov. 19

Note: The six minute video that begins the ceremonial keel laying for Arkansas (SSN 800) includes copyrighted materials from HII/Newport News Shipbuilding and others.

©2022 Huntington Ingalls Industries/All Rights Reserved