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HII expects decreased revenue due to uncertainty around Navy submarine contract

Nov 01, 2024•over 1 year ago

Contract Type

contract

Newport NewsInformation TechnologyCyber SecurityDefense & Space

Description

Huntington Ingalls Industries (HII), the parent company of Newport News Shipbuilding, has announced a cut in its financial outlook for this year. The decrease in revenue is attributed to uncertainty surrounding the timing of a Navy submarine contract and supply chain and workforce issues. HII President and CEO, Chris Kastner, expects to reach an agreement for Virginia-class Block V and Block VI and Columbia-class submarines in the second half of 2024, but uncertainty about the timing of the agreement has led to updated profitability and cash flow assumptions.

Company Information

Company

HII

Location

2401 West Ave

Newport News, Virginia, United States

About

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 43,000 strong. For more information, visit: HII on the web: https://www.HII.com/HII on Facebook: https://www.facebook.com/TeamHIIHII on Twitter: https://www.twitter.com/WeAreHIIHII on Instagram: https://www.instagram.com/WeAreHII Contact: Greg McCarthy(202) 264-7126gregory.j.mccarthy@hii-co.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb47b63d-f55f-4fb0-ba3e-d17465eb0e7a

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