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.
Related Articles
US Navy commissions the last San Antonio-class Flight I vessel
New Jersey becomes latest Virginia-class submarine commissioned
HII acquires new manufacturing capacity for AUKUS work
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.
Related Equipment in Defence Insight
More from Naval Warfare
-
![Will the US Navy surge production for OTH-WS missile?]()
Will the US Navy surge production for OTH-WS missile?
The USN is conducting a market search seeking additional sources capable of supplying 516 units of Over the Horizon – Weapons System Encanistered Missiles.
-
![How will SAFE shape naval procurement for Canada and its highest-receiving members?]()
How will SAFE shape naval procurement for Canada and its highest-receiving members?
Canada’s inclusion on the EU’s Security Action for Europe initiative is set to enhance the country’s defence procurement strategy with important implications for some of its naval programmes, while Poland and Romania have also secured significant SAFE funding.
-
![Thales wins DE&S contract for portable autonomous command centres]()
Thales wins DE&S contract for portable autonomous command centres
The agreement to provide portable autonomous command centres to the UK Royal Navy will enhance the service’s Mine Counter Measure operations and further integrate autonomous and uncrewed systems into its fleet.
-
![Maritime defence in the Mediterranean faces challenges from vulnerable land power]()
Maritime defence in the Mediterranean faces challenges from vulnerable land power
As an indispensable energy crossroads, the Mediterranean is at serious risk from grey zone disruption. As navies increasingly employ AI data centres, what happens when cutting-edge defence technologies rely on the very infrastructure most susceptible to hybrid tactics?
