HII revenues down in 2024, but Mission Technologies arm blooms
The USS Richard M McCool Jr, an HII highlight of 2024. (Photo: US Navy)
The shipbuilder has been dealing with a pre-Covid 19 backlog as well as winning new business.
Huntingdon Ingalls Industries (HII) has released its financial report for 2024, revealing US$11.5 billion in revenue across the course of the year, $3 billion of it in Q4.
The Q4 results were down on the $3.2 billion the company made in Q4 2023, which it attributed to “lower volume at all segments compared to the prior year”.
Among the shipbuilder’s highlights in 2024 were the delivery of the Virginia-class submarine New Jersey (SSN 796) and the amphibious transport dock Richard M. McCool Jr. (LPD 29), the last of the San Antonio Flight I vessels.
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The shipbuilder’s calendar, like many, was hit by the effect of Covid-19 pandemic, meaning it has both pre-Covid work to complete and new post-Covid contracts to fulfil.
In Q4, HII won a $3 billion contract to feed into the US Defence Department’s Logix programme, $9.6 billion in contracts to build three more San Antonio-class Landing Platform Dock amphibious ships and another America-class Landing Helicopter Assault amphibious ship.
HII president and CEO Chris Kastner said: “We continue to make progress on ships put under contract pre-Covid, and are working diligently with our customers to put more than $50 billion of new work under contract.”
He also drew attention to the work of the company’s Mission Technologies group, which secured $12 billion in total future contract value during 2024.
That performance by the company’s Mission Technologies group helped boost the company’s full-year revenues, but that factor was largely offset in its own analysis by lower volumes at the company’s Newport News Shipbuilding arm.
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