PASCAGOULA, Miss., (Nov. 30, 2022) — HII’s (NYSE: HII) Ingalls Shipbuilding division delivered the Arleigh Burke-class guided missile destroyer Lenah Sutcliffe Higbee (DDG 123) to the U.S. Navy today. Delivery of DDG 123 represents the official transfer of the ship from the shipbuilder to the Navy.

“Delivering an incredibly capable finished ship to the Navy is always an important event for our Ingalls team,” said Kari Wilkinson, president of Ingalls Shipbuilding. “We are absolutely committed to the work that we do for our customers, communities and country.”

Lenah Sutcliffe Higbee is the 34th Arleigh Burke-class destroyer Ingalls has delivered to the Navy and will be the final Flight IIA ship built at Ingalls as the Navy transitions to Flight III destroyers. Ingalls currently has in production the future Arleigh Burke-class Flight III destroyers Jack H. Lucas (DDG 125), Ted Stevens (DDG 128), Jeremiah Denton (DDG 129) and George M. Neal (DDG 131).

Arleigh Burke-class destroyers are highly capable, multi-mission ships that can conduct a variety of operations, from peacetime presence and crisis management to sea control and power projection, all in support of the national defense strategy. Guided missile destroyers are capable of simultaneously fighting air, surface and subsurface battles. These ships contain a myriad of offensive and defensive weapons designed to support maritime defense needs well into the 21st century.

DDG 123 is named to honor Lenah Sutcliffe Higbee, a Navy nurse and first woman to receive the Navy Cross for her heroic actions during World War I. Higbee joined the Navy in October 1908 as part of the newly established Navy Nurse Corps, a group of women who would become known as “The Sacred Twenty,” and became the second superintendent of the Navy Nurse Corps in January 1911. The ships motto truly reflects the heritage of this naval hero — Bellatrix illa, meaning “she is a warrior.”

Guided missile destroyer Lenah Sutcliffe Higbee (DDG 123) completing acceptance trials Oct. 6 in Gulf of Mexico
Guided missile destroyer Lenah Sutcliffe Higbee (DDG 123) completing acceptance trials

 

####

About HII

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, visit:

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Kimberly Aguillard
(228) 355-5663
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NEWPORT NEWS, Va., (Nov. 19, 2022) — HII’s (NYSE: HII) Newport News Shipbuilding (NNS) division hosted a keel authentication ceremony today for Virginia-class submarine Arkansas (SSN 800).

The ship’s sponsors are the six women of the historic group known as the Little Rock Nine, the first African American students to attend all-white Central High School in Little Rock, Arkansas during desegregation. NNS honored all nine members, including the three men, during Saturday’s ceremony.

The Little Rock Nine made history in 1957 with their response to the Supreme Court ruling in Brown v. Board of Education, declaring racial segregation in public schools unconstitutional. Faced with shouting mobs, threats of violence and hostile state leaders who blocked their way, the teenagers were escorted into the school by federal troops at the direction of President Dwight D. Eisenhower.

“Their courageous spirit will forever inspire Arkansas and her crew. This group forever changed our nation’s history and their submarine will help ensure their legacy continues,” NNS President Jennifer Boykin said. “The bravery and resilience of the Little Rock Nine sparked a fire of change and demonstrated the strength of blending different perspectives and backgrounds. We harness this strength in the shipyard every day. Our diversity allows us to extend beyond our own limits, to reach new heights, and build each boat even better than the one before it. Arkansas will be proof of this power.”

During Saturday’s ceremony, NNS welders etched a historic six sets of initials of the Little Rock Nine onto metal plates, signifying the keel of SSN 800 as being “truly and fairly laid.” The metal plates will remain affixed to the submarine throughout its life.

“(Former Navy) Secretary Ray Mabus asked us to be supporters of the ship and its crew. I signed on to be a foster grandmother,” said Elizabeth Eckford, a member of the Little Rock Nine, who spoke on behalf of the group during the ceremony. “President Eisenhower sent 1,000 paratroopers to Little Rock to disperse a mob, bring order, and they made it possible for us to enter Central High School. From that point, I’ve had very high regard for specially trained forces.”

Arkansas is the 27th Virginia-class fast attack submarine being built under the teaming agreement with General Dynamics Electric Boat.

“With advances in sound silencing, acoustic sensors, and weapons delivery systems, Arkansas will traverse the world’s oceans and seas as an apex predator. Representing our asymmetric advantage in the undersea domain, the Arkansas will have no equal,” said Vice Adm. William Houston, commander, Naval Submarine Forces.

“It is an incredible honor for the crew to begin to establish the relationship with our namesake state of Arkansas as well as with the ship’s sponsors,” said Cmdr. Adam Kahnke, commanding officer of the pre-commissioning unit. “The story of the Little Rock Nine demonstrates the power of perseverance in the face of adversity. I find the relationship with the ship’s sponsors very appropriate due to the fact that perseverance is an essential attribute to success in the art of submarine warfare.”

NNS is one of only two shipyards capable of designing and building nuclear-powered submarines. The advanced capabilities of Virginia-class submarines increase firepower, maneuverability and stealth.

This milestone on Arkansas comes following the delivery of USS Montana (SSN 794), the launch of New Jersey (SSN 796), and continued progress on Massachusetts (SSN 798) at NNS earlier in 2022, as the shipyard continues to invest in its workforce and facilities to make steady progress on delivering these important assets to the Navy.

####

 About HII

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, visit:

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Todd Corillo
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MCLEAN, Va. (Nov. 9, 2022) — HII’s (NYSE: HII) Mission Technologies division was awarded a $70 million task order contract by the U.S. Air Force to perform technical analysis and recommend enhancements for the Air Force Research Laboratory (AFRL). HII’s research and analysis will be leveraged by the Air Force to support the Department of Defense’s artificial intelligence/machine learning and cyber modernization priorities.  

“We look forward to continuing to support AFRL’s IT systems, enterprise modernization and digital transformation efforts,” said Grant Hagen, president of Mission Technologies’ Cyber, Electronic Warfare & Space business. “The HII team understands the challenges facing the Air Force and has the proven technical expertise and vision to help facilitate alignment across its IT enterprise.”

HII will provide strategic planning; capabilities definition; system engineering; data analytics and visualization; modeling, simulation and analysis; and cloud technologies and cross domain solutions.

Since 2017, HII has been supporting the program and is teamed with Fairhaven Solutions LLC, Georo Consulting, srcLogic LLC, TACG LLC, University of Dayton Research Institute and Vana Solutions LLC.

The research collaboration and computing analysis task order was awarded under the Department of Defense Information Analysis Center’s (DOD IAC) multiple-award contract (MAC) vehicle. These DOD IAC MAC task orders are awarded by the U.S. Air Force’s 774th Enterprise Sourcing Squadron to develop and create new knowledge for the enhancement of the Defense Technical Information Center repository and the research and development and science and technology communities.

The DOD IAC, sponsored by the Defense Technical Information Center, provides technical data management and research support for DOD and federal government users. Established in 1946, the IAC program serves the DOD science and technology and acquisition communities to drive innovation and technological developments by enhancing collaboration through integrated scientific and technical information development and dissemination for the DOD and broader science and technology community.

####

About HII

 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, visit:

MEDIA CONTACT
Greg McCarthy
(202) 264-7126
General Inquiries:
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MCLEAN, Va. (Nov. 8, 2022) — HII’s (NYSE: HII) Mission Technologies division hosted its annual Global Day of Caring on Saturday, Nov. 5. More than 300 employees and their family members completed community service projects in Arizona, Florida, Georgia, Hawaii, Massachusetts, Nevada, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington and South Korea.

“Supporting communities where we live and work is at the core of who we are,” said Andy Green, president of HII’s Mission Technologies division. “The mission-critical solutions we deliver everyday connect us through service to our nation, and the Global Day of Caring initiative gives us an opportunity to connect through service to our communities.”

Projects ranged from food drives, heart walks and youth educational support, to litter clean-ups and trail restoration. This year’s Global Day of Caring also included an American Red Cross blood drive. More community service activities will continue in the coming weeks.

“I participated in Global Day of Caring because I believe volunteering strengthens the community you live in,” said Shyanna Moosavizadeh, an admin in Mission Technologies Fleet Sustainment business group. “Engaging in a good cause gave me a sense of renewed vitality.”

####

About HII

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, visit:

MEDIA CONTACT
Greg McCarthy
(202) 264-7126
General Inquiries:
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Enhanced Endurance, Mission Capacity and Odyssey™ Advanced Autonomy

MCLEAN, Va. (Nov. 7, 2022) — HII’s (NYSE: HII) Mission Technologies division has revealed a new medium-class unmanned underwater vehicle (UUV): REMUS 620.

Building on the design philosophy of the highly successful REMUS 300 — recently selected by the U.S. Navy as the program of record for the Lionfish Small UUV — the REMUS 620 has a battery life of up to 110 hours and a range of 275 nautical miles, providing unmatched mission capabilities for mine countermeasures, hydrographic surveys, intelligence collection, surveillance and electronic warfare.

“Retaining a forward strategic advantage requires the ability to deliver a multitude of effects from under the sea,” said Duane Fotheringham, president of Mission Technologies’ Unmanned Systems business group. “The REMUS 620 is the first medium UUV designed to accurately deliver this range of advanced above-and-below water effects at long range.”

Built to support current and next-generation naval and special operations forces operations, REMUS 620 features a modular, open architecture design to facilitate seamless payload integration and HII’s Odyssey™ suite of advanced autonomy solutions for intelligent, robotic platforms.

REMUS 620 is the same size and weight of the first and only full-rate production medium UUVs: the MK 18 Mod 2, Littoral Battleship Sensing-Autonomous Undersea Vehicle (LBS-AUV) and LBS-Razorback systems operated by the U.S. Navy’s Mine Countermeasure Squadrons, U.S. Naval Oceanographic Office and Submarine Forces, respectively.

Multiple REMUS 620s operating collaboratively can be deployed from submarines, small manned or unmanned boats, amphibious ships, surface combatants and helicopters. REMUS 620 can also be used as a platform to launch and operate other unmanned vehicles or payloads from beneath the sea.

Energy

REMUS 620 is equipped with multiple batteries capable of 110 hours and a range of 275 nautical miles per mission, which provides unmatched multi-day endurance, range and stealth. The increased REMUS battery life enables the UUV to execute a significantly longer route to and from a mission area than previously afforded by medium-class vehicles. The energy modules are swappable, allowing for quick turnaround and incorporation of alternative energy sources as they become available.

Intelligence

REMUS 620 is built with modern core electronics, navigation and communication systems, and the vehicle’s open architecture can now be enhanced with HII Odyssey™, a suite of advanced autonomy solutions for intelligent, robotic platforms. The vehicle includes the new Odyssey Mission Management Software.

Multi-Mission

REMUS 620 standard synthetic aperture sonar payload can be replaced or enhanced for multi-mission capabilities, including intelligence, surveillance and reconnaissance, and cyber and electronic warfare operations.

REMUS 620 builds on the success of HII’s REMUS platforms, with 30 years of innovation and delivery of more than 600 UUVs to 30 countries worldwide, including 14 NATO member countries. The scientific community will also benefit from the payload flexibility and variety of environmental sensors that can be easily added to the base vehicle.

 

####

About HII

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, visit:

MEDIA CONTACT
Greg McCarthy
(202) 264-7126
General Inquiries:
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  • 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., (Nov. 2, 2022) — When men’s college basketball teams Gonzaga and Michigan State face-off next week on an aircraft carrier in San Diego, shipbuilders and veterans from HII (NYSE: HII) and its Newport News Shipbuilding division will share in the national spotlight.

The 2022 Peraton Armed Forces Classic, hosted by ESPN events, will take place on the flight deck of the NNS-built USS Abraham Lincoln (CVN 72) on Veterans Day, Nov. 11.

Two NNS shipbuilders who are military veterans will receive special recognition during the game. Shipbuilders Famatta Cole and Bill McCormick worked on USS Abraham Lincoln (CVN 72) when it was at NNS for its midlife refueling and complex overhaul (RCOH) from 2013 to 2017. Both Cole and McCormick served in the U.S. Navy prior to joining HII.

Cole, who continues to serve our nation as a reservist in the Navy, served aboard the former Enterprise (CVN 65) during her time on active duty. CVN 65 was built at NNS and was the world’s first nuclear-powered aircraft carrier. HII is the only U.S. manufacturer of nuclear-powered aircraft carriers.

“Most of my career at NNS has been spent working on in-service aircraft carriers, which allows for continuous learning and growth” Cole said. “Being recognized in this way will be a special way to spend Veterans Day.”

McCormick served 20 years in the Navy as a radioman, which included tours of duty in three strike groups led by NNS-built aircraft carriers: USS Nimitz (CVN 68), USS Dwight D. Eisenhower (CVN 69) and USS George Washington (CVN 73).

“From serving in carrier strike groups during my time in the Navy to working on them at NNS, carriers have shaped my career in a huge way,” McCormick said. “As a veteran and a shipbuilder, it’s an honor to have served and continue to serve our sailors.”

Carrier Classic Guest Photos
Famatta Cole, left, and Bill McCormick will be recognized for their military service and contributions to HII’s Newport News Shipbuilding division during the Armed Forces Classic basketball game on the NNS-built USS Abraham Lincoln (CVN 72) on Veterans Day. (Photo by Lexi Whitehead/HII)

At NNS today, both Cole and McCormick are supporting the RCOHs of USS George Washington and USS John C. Stennis (CVN 74), leveraging their experiences and lessons learned from working on USS Abraham Lincoln (CVN 72).

Airing nationally on ESPN, viewers will also be introduced to NNS shipbuilder Fatima Medina during a HII commercial that will air during the game.

Medina is a pipefitter apprentice who is using new digital technology to help build the next Gerald R. Ford-class aircraft carriers under construction at NNS, including Enterprise (CVN 80).

Enterprise is the first aircraft carrier not only designed digitally, but also being built digitally using visual work instructions on laptops and tablets rather than paper drawings.

“Each time I download my daily work to the laptop, I can clearly see what I need to do and how to accomplish the job,” Medina said. “The digital tools are making things more efficient for all of us serving our country by delivering aircraft carriers to the Navy.”

As America recognizes the 100-year legacy of aircraft carriers this year, all aircraft carriers operating in the U.S. Navy fleet today were built at NNS. In August, HII celebrated the ceremonious keel-laying of the next Gerald R. Ford-class aircraft carrier, Enterprise (CVN 80). Enterprise is the first of a two-carrier block buy for the Navy, with work also underway at NNS on the second, Doris Miller (CVN 81).

You can watch the 2022 Armed Forces Classic on ESPN starting at 6:30 p.m. Eastern time (3:30 p.m. Pacific) on Nov. 11. Get a sneak preview (above) of the HII commercial that will air during the game.

####

 About HII

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
Todd Corillo
(757) 688-3220
 
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PASCAGOULA, Miss. (Oct. 27, 2022) – HII’s (NYSE:HII) Ingalls Shipbuilding has been awarded a $2.4 billion U.S. Navy fixed-price-incentive contract for the detail design and construction of amphibious assault ship LHA 9. The award includes options, that if exercised, would bring the cumulative value of the contract to $3.2 billion. Ingalls was awarded the original long-lead-time material contract for the fourth ship in the America class on April 30, 2020.

“Ingalls shipbuilders are ready to build the Navy’s newest LHA,” Ingalls Shipbuilding President Kari Wilkinson said. “We understand how important this work is and consider it an honor to be given the opportunity to deliver this capability to the fleet. We value our partnership with the Navy and all of our critical supplier partners.”

Construction on LHA 9 is scheduled to begin in December 2022.

Ingalls has a long tradition of building large-deck amphibious ships that are operated by the Navy and Marine Corps. The shipyard has delivered 15 large-deck ships, including the Tarawa class, LHA 1-5; the Wasp class, LHD 1-8; and most recently the America class, LHA 6 and LHA 7. The third of the America class, Bougainville (LHA 8), is currently under construction.

The America class is a multi-functional and versatile ship that is capable of operating in a high density, multi-threat environment as an integral member of an expeditionary strike group, an amphibious task force or an amphibious ready group. LHA 9, like Bougainville, will retain the aviation capability of the America-class design while adding the surface assault capability of a well deck and a larger flight deck configured for F-35B Joint Strike Fighter and MV-22 Osprey aircraft. These large-deck amphibious assault ships also include top-of-the-line medical facilities with full operating suites and triage.

####

About HII

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
Kimberly Aguillard
(228) 935-6821
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MCLEAN, Va. (Oct. 27, 2022) — HII’s (NYSE: HII) Live, Virtual and Constructive (LVC) Solutions business group was recently rated at a Capability Maturity Model Integration (CMMI) V2.0 Maturity Level 5 (ML5), the highest appraisal rating, for best practices that rapidly improve and sustain an organization’s performance and customer service capabilities.

LVC Solutions, part of HII’s Mission Technologies division, is one of only three U.S. organizations serving the U.S. military with concurrent ML5 Development (CMMI-DEV) and ML5 Services (CMMI-SVC) ratings, each with a corresponding Supplier Agreement Management (SAM) rating, and is the only organization in Hampton Roads, Virginia, with this achievement.

CMMI ML5, designated as “Optimizing,” is the highest appraisal rating that can be achieved and is reserved for organizations that demonstrate true process optimization through the use of predictive analysis. Organizations appraised at CMMI ML5 are recognized for their approach to quality and the principles of continuous improvement.

HII’s LVC Solutions team has implemented a systematic, disciplined process in the design, development, and operation of the largest LVC enterprise preparing warfighters for cross-domain battle. HII’s ML5 rating reflects HII’s ability to execute large-scale, complex LVC training programs on time, within budget, and with predictable results.

“HII is transforming LVC training across the joint defense community,” said Glenn Goodman, president and general manager of HII’s LVC Solutions business group. “This rating is affirmation of HII’s methodical approach to tailoring and scaling LVC mission training solutions to respond to our customers’ requirements and support the joint force at the peak level of readiness.”

CMMI is a proven, outcome-based performance model and the globally accepted standard used by the best companies of all sizes across many industries for improving capability, optimizing business performance, and aligning operations to business goals.

The evaluation was conducted by ISACA, an international professional association focused on information and technology governance.

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About HII

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
Greg McCarthy
Director, Strategic Communications
(202) 264-7126
General Inquiries:
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Satellite: GALAXY 17 (91 degrees west)      

Transponder: Ku Digital 10 – Ch.C (9 Mhz)

Downlink Frequency: 11904.5 

Downlink Polarity: Vertical

FEC: 2/3

Symbol Rate: 7.5

DVBS2, 8PSK TRANSMISSION, 4:2:0, 1080i

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