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    Huntington Ingalls Industries Inc (HII)

    New Share Buyback Program

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    Business Description

    Huntington Ingalls Industries, Inc. (HII) is a global defense partner specializing in the construction and delivery of naval ships and advanced technologies . The company is organized into three main segments: Ingalls Shipbuilding, Newport News Shipbuilding, and Mission Technologies, each focusing on different aspects of shipbuilding and technology solutions . HII's primary customers are the U.S. Government and the U.S. Navy, with a significant portion of its revenue derived from these sources . The company's offerings include a range of naval vessels and integrated technology solutions, catering to both nuclear and non-nuclear needs .

    1. Ingalls Shipbuilding - Focuses on the design, construction, repair, and maintenance of non-nuclear ships, including amphibious assault ships and surface combatants .
    2. Newport News Shipbuilding - Specializes in the design, construction, overhaul, refueling, and maintenance of nuclear ships, such as aircraft carriers and submarines .
    3. Mission Technologies - Develops integrated technology solutions, including C5ISR systems, AI and machine learning applications, cyberspace strategies, electronic warfare, unmanned systems, and fleet sustainment .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Christopher D. KastnerPresident and Chief Executive OfficerMarch 1, 2022Christopher D. Kastner was elected as the President and CEO of HII effective March 1, 2022. He previously served as Executive Vice President and COO from February 2021 and as CFO from March 2016 to February 2021. He holds a B.A. in Political Science from the University of California at Santa Barbara and an M.B.A. from Pepperdine University .
    Todd R. BorkeyExecutive Vice President and Chief Technology OfficerSeptember 26, 2022Todd R. Borkey was elected as the Executive Vice President and CTO of HII effective September 26, 2022. He previously served as CTO at Alion Science and Technology and held positions at Thales Defense and Security and DRS Defense Solutions. He holds a Master's Degree in engineering management from Stevens Institute of Technology and an undergraduate degree in Applied Mathematics from the University of Albuquerque .
    Chad N. BoudreauxExecutive Vice President and Chief Legal OfficerApril 1, 2020Chad N. Boudreaux serves as the Executive Vice President and Chief Legal Officer at HII. He joined HII in 2011 and has held various legal positions. He holds a B.A. from Baylor University and a J.D. from the University of Memphis School of Law .
    Jennifer R. BoykinExecutive Vice President and President, Newport News ShipbuildingJuly 2017Jennifer R. Boykin has served as Executive Vice President and President, Newport News Shipbuilding since July 2017. She joined Newport News Shipbuilding in 1987 and has held various roles, including Vice President of Engineering and Design. She holds a B.S. in Marine Engineering from the U.S. Merchant Marine Academy and a Master's Degree in Engineering Management from The George Washington University .
    Eric D. ChewningExecutive Vice President, Strategy and DevelopmentJanuary 30, 2023Eric D. Chewning was elected as the Executive Vice President, Strategy and Development at HII effective January 30, 2023. He previously co-led McKinsey & Company's Aerospace & Defense practice in the Americas and served as Chief of Staff to the U.S. Secretary of Defense. He holds a B.A. and an M.A. in international relations from the University of Chicago and an M.B.A. from the Darden School of Business at the University of Virginia .
    Edgar A. Green IIIExecutive Vice President and President, Mission TechnologiesDecember 2016Edgar A. Green III has served as the Executive Vice President and President, Mission Technologies at HII since December 2016. He previously held positions at Celanese Corp and Wells Fargo Securities. He holds a B.S. in Systems Engineering from the U.S. Naval Academy and an M.B.A. from Duke University .
    Paul C. HarrisExecutive Vice President and Chief Sustainability and Compliance OfficerMarch 14, 2022Paul C. Harris was appointed as Executive Vice President and Chief Sustainability and Compliance Officer at HII effective March 14, 2022. He previously served as Corporate Vice President, Chief Compliance and Privacy Officer at HII. He holds a Bachelor of Arts degree from Hampton University and a Juris Doctor degree from The George Washington University Law School .
    Brooke A. HartExecutive Vice President, CommunicationsSeptember 27, 2021Brooke A. Hart was appointed as the Executive Vice President, Communications at HII effective September 27, 2021. She previously served as Vice President of Communications and Brand at Sierra Nevada Corporation. She holds a B.A. from Stanford University and an M.A. from Georgetown University .
    Stewart H. HolmesExecutive Vice President, Government and Customer RelationsSeptember 27, 2021Stewart H. Holmes was appointed as the Executive Vice President, Government and Customer Relations at HII effective September 27, 2021. He previously served as Senior Vice President of Washington Operations for Textron Inc. He is a graduate of The Citadel and the Naval Postgraduate School .
    Edmond E. HughesExecutive Vice President and Chief Human Resources OfficerApril 1, 2022Edmond E. Hughes was appointed as the Executive Vice President and Chief Human Resources Officer at HII effective April 1, 2022. He previously served as Vice President of Human Resources and Administration for Ingalls Shipbuilding. He holds a B.S. from Tougaloo College and an M.B.A. from Indiana University .
    Nicolas G. SchuckCorporate Vice President, Controller and Chief Accounting OfficerAugust 2015Nicolas G. Schuck was appointed as Corporate Vice President, Controller and Chief Accounting Officer at HII effective August 2015. He previously served as Assistant Controller at HII's Newport News Shipbuilding division. He holds a Bachelor's Degree and a Master's Degree in Accounting and Finance and is a certified public accountant .
    Christopher W. SoongExecutive Vice President and Chief Information OfficerApril 2023Christopher W. Soong was elected as the Executive Vice President and Chief Information Officer of HII in April 2023. He previously served as CIO for HII's Mission Technologies business segment. He holds a bachelor's degree in civil engineering from Virginia Tech .
    Thomas E. StiehleExecutive Vice President and Chief Financial OfficerFebruary 12, 2021Thomas E. Stiehle serves as the Executive Vice President and Chief Financial Officer at HII. He was elected to this position effective February 12, 2021. He previously worked for Northrop Grumman's Aerospace Sector for 24 years. He holds a B.S. in Mechanical Engineering from Hofstra University and an M.B.A. from Adelphi University .
    Kara R. WilkinsonExecutive Vice President and President, Ingalls ShipbuildingApril 1, 2021Kara R. Wilkinson has served as Executive Vice President and President, Ingalls Shipbuilding since April 1, 2021. She began her career at Ingalls Shipbuilding in 1996 as a naval architect. She holds a B.S. in Naval Architecture and Marine Engineering from the University of Michigan and an M.B.A. from Temple University .
    D. R. WyattCorporate Vice President and TreasurerMarch 2011D. R. Wyatt has been serving as the Corporate Vice President and Treasurer at HII since March 2011. He previously was the Director of Business Management at NGSB. He holds a B.S. in Economics from Hampden-Sydney College and an M.B.A. from Old Dominion University .
    Kari R. WilkinsonExecutive Vice President and President, Newport News ShipbuildingJanuary 1, 2025Kari R. Wilkinson was elected to serve as Executive Vice President and President of Newport News Shipbuilding, effective January 1, 2025. She previously served as Executive Vice President and President of Ingalls Shipbuilding since April 1, 2021. She holds a B.S. in Naval Architecture and Marine Engineering from the University of Michigan and an M.B.A. from Temple University .
    Brian BlanchetteExecutive Vice President and President, Ingalls ShipbuildingJanuary 1, 2025Brian Blanchette was elected to serve as Executive Vice President and President of Ingalls Shipbuilding, effective January 1, 2025. He previously served as Vice President of Quality and Engineering at Ingalls Shipbuilding. He joined Ingalls in 1996 and has held various roles in technical and design engineering .

    Questions to Ask Management

    1. Labor productivity in your shipyards remains below pre-pandemic levels due to the inexperience of the workforce . When do you expect productivity to return to pre-pandemic levels, and what specific measures are you implementing to accelerate this improvement?
    2. Ingalls Shipbuilding's margins dipped this quarter due to factors like lower risk retirement on surface combatant programs and schedule adjustments for milestones such as DDG 129 . How do these developments affect your profitability outlook, and what steps are you taking to restore margins at Ingalls?
    3. You have adjusted delivery schedules for ships like SSN 798 Massachusetts, shifting delivery from late 2024 to early 2025 due to equipment replacement during testing . How will these schedule changes impact your financial commitments and confidence in meeting future milestones?
    4. Despite a strong trailing 12-month book-to-bill ratio of 1.15 and an $83 billion pipeline in Mission Technologies , you are maintaining a 5% growth guidance . What are the constraints preventing higher growth, and how might successful execution on your pipeline influence future growth rates?
    5. With Deloitte winning a $2.4 billion Navy shipbuilding contract that HII was not involved in , can you explain why Mission Technologies did not participate in this opportunity and how you are positioning the division to compete more effectively in such contracts?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 2012
    End Date/DurationDecember 31, 2028
    Total additional amount$3.8 billion
    Remaining authorization amount$1,352.3 million
    DetailsAuthorization increased in January 2024

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • L3 Harris, Amentum, ManTech, Leidos: Competitors in the Mission Technologies segment, competing domestically and internationally across business capabilities .
    • Small businesses serving the intelligence community: Increasing competition in the Mission Technologies segment .
    • Lockheed Martin, General Dynamics, Northrop Grumman, Raytheon, Boeing: Compete on certain contracts with major prime A&D contractors .
    • Another large defense contractor: Competes for contracts to build surface combatants, submarines, and large deck amphibious ships .
    • Smaller shipyards: Entered the market for surface combatants .

    Customer Concentration

    CustomerRelationshipSegmentDetails
    U.S. Government
    Principal funder of HII’s major defense contracts
    All
    $11,430 million in 2023 revenue (about 99.8% of HII’s total $11,454 million revenue)
    U.S. Navy
    Major purchaser of nuclear and non-nuclear ships, repairs, and maintenance
    Shipbuilding
    Accounts for approximately 81% of HII’s 2023 revenue

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2011 PresentCurrent auditor

    Latest news

    Recent developments and announcements about HII.

    Financial Actions

      New Share Buyback Program

      ·
      Nov 18, 2024, 12:00 AM

      HII has announced a new buyback program involving the issuance of two new series of senior notes. The 5.353% Senior Notes due 2030 and the 5.749% Senior Notes due 2035 will be issued in aggregate principal amounts of $500,000,000 each. The 2030 Notes will mature on January 15, 2030, and the 2035 Notes will mature on January 15, 2035. Interest on these notes will be payable semi-annually on January 15 and July 15 each year, starting from July 15, 2025. The notes are subject to optional redemption and may be repurchased under certain conditions .