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
-
![UK Royal Navy shifts focus from warships to system-led warfare]()
UK Royal Navy shifts focus from warships to system-led warfare
With a revised Defence Investment Plan on the way ahead of the upcoming NATO Summit on 7-8 July, the UK government has begun to reveal more details of how its future naval fleet could look.
-
![Funding for the future US Navy Trump-class battleship sparks controversy in Congress]()
Funding for the future US Navy Trump-class battleship sparks controversy in Congress
Lawmakers question the US Navy’s proposed $2 billion investment in the Trump-class battleship as concerns over cost, technology maturity and operational relevance fuel growing bipartisan scrutiny on Capitol Hill.
-
![Germany sinks F126 frigate programme in favour of cheaper MEKO A-200]()
Germany sinks F126 frigate programme in favour of cheaper MEKO A-200
On 24 June 2026, the German Ministry of Defence announced it was cancelling the F126 frigate programme in favour of procuring eight MEKO A-200 DEU frigates.
