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HII expects decreased revenue due to uncertainty around Navy submarine contract
Contract Type
contract
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.