Huntington Ingalls Industries-General Dynamics Team Awarded Contract Modification For Construction of 10th Virginia-Class Blo...
March 29 2021 - 2:00PM
Huntington Ingalls Industries (NYSE: HII) announced today that the
shipbuilding team, which includes its Newport News Shipbuilding
division, has been awarded a contract modification in support of
construction of the 10th Virginia-class Block V submarine.
In December 2019, Newport News and teaming partner General
Dynamics Electric Boat received a $22 billion contract to build
nine Virginia-class submarines. The contract modification, which
exercises an option for the last fast-attack submarine of the
block, brings the total value of the contract for Newport News to
$9.8 billion.
“We are pleased that Congress supported the restoration of
funding for the 10th Virginia-class boat in Block V,” said Jason
Ward, Newport News’ vice president of Virginia-class submarine
construction. “We look forward to building and delivering the final
boat of the block that maintains production at two submarines per
year and continues to stabilize the industrial base.”
In total, Newport News and Electric Boat have built and
delivered 19 Virginia-class submarines. Construction on the 10th
submarine of the Block V is expected to begin in early 2024.
Huntington Ingalls Industries is America’s largest military
shipbuilding company and a provider of professional services to
partners in government and industry. For more than a century, HII’s
Newport News and Ingalls shipbuilding divisions in Virginia and
Mississippi have built more ships in more ship classes than any
other U.S. naval shipbuilder. HII’s Technical Solutions division
supports national security missions around the globe with unmanned
systems, defense and federal solutions, and nuclear and
environmental services. Headquartered in Newport News, Virginia,
HII employs more than 42,000 people operating both domestically and
internationally. For more information, visit:
• HII on the web: www.huntingtoningalls.com• HII on
Facebook: www.facebook.com/HuntingtonIngallsIndustries• HII on
Twitter: www.twitter.com/hiindustries • HII on YouTube:
www.youtube.com/huntingtoningalls • HII on Instagram:
www.instagram.com/huntingtoningalls
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.
Forward-looking statements involve risks and uncertainties that
could cause our actual results to differ materially from those
expressed in these statements. Factors that may cause such
differences include: 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; 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.
Contact: Duane BourneDuane.A.Bourne@HII-co.com(757) 380-3581
Huntington Ingalls Indus... (NYSE:HII)
Historical Stock Chart
From Jun 2024 to Jul 2024
Huntington Ingalls Indus... (NYSE:HII)
Historical Stock Chart
From Jul 2023 to Jul 2024