Newport News Shipbuilding

Newport News Shipbuilding

Newport News Shipbuilding , originally Newport News Shipbuilding and Drydock Company , was the largest privately owned shipyard in the United States prior to being purchased by Northrop Grumman in 2001. Formerly known as Northrop Grumman Newport News , and later Northrop Grumman Shipbuilding Newport News , the company is located in Newport News, Virginia, and often participates in projects with the Norfolk Naval Shipyard in Portsmouth, Virginia, also located adjacent to Hampton Roads. In March 2011 Newport News Shipbuilding, along with the shipbuilding sector of Northrop Grumman spun off to form a new company called Huntington Ingalls Industries.The shipyard is a major employer not only for the lower Virginia Peninsula, but also portions of Hampton Roads south of the James River and the harbor, portions of the Middle Peninsula region, and even some northeastern counties of North Carolina.As of December 2014, the shipyard was building the aircraft carriers USS Gerald R. Ford and the USS John F. Kennedy . Wikipedia.

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NEWPORT NEWS, Va., April 29, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division today celebrated the christening of Indiana (SSN 789), the 16th Virginia-class submarine. With a single swing, ship’s sponsor Diane Donald performed the traditional honor of breaking a bottle of American sparkling wine across the submarine's hull. Donald is the wife of Adm. Kirkland Donald (U.S. Navy, Ret.), former director, Naval Nuclear Propulsion. “It’s the honor of a lifetime to be here today,” said Donald. “While the size of the submarine alone is stunning, the complexity inside sets it apart from any other machine ever built. These ships are second to none, made in America by truly remarkable Americans.” Vice President Mike Pence, former governor of Indiana, served as the ceremony’s keynote speaker. Today is the 100th day since he and President Donald Trump assumed office. “He sent me here today on this historic occasion as a sign of his deep commitment to the Armed Forces of the United States of America, and to his commitment to make the strongest fighting force in the world even stronger still,” Pence said of Trump. Speaking to the shipbuilders, he acknowledged their dedication and skill. “You have the gratitude of the commander in chief for your unwavering commitment to your country, your patriotism, your craftsmanship, and rest assured, President Trump will honor your commitment with historic investments in our national defense.” A video and photos accompanying this release are available at:  http://newsroom.huntingtoningalls.com/releases/submarine-indiana-ssn-789-christened Other ceremony participants included Rep. Bobby Scott, D-Va.; Sen. Joe Donnelly, D-Ind.; Sec. Sean Stackley, acting secretary of the Navy; Vice Adm. Joseph Tofalo, commander, Submarine Forces; Adm. Tom Fargo (U.S. Navy, Ret.), chairman of the board, Huntington Ingalls Industries; Mike Petters, president and CEO, Huntington Ingalls Industries; Matt Mulherin, president, Newport News Shipbuilding; and Jeffrey Geiger, president, General Dynamics Electric Boat. Stackley spoke of the U.S. Navy’s important presence around the world. “More than a hundred U.S. Navy ships are underway, providing assurance to our allies, maintaining persistent surveillance in regions of interest, conducting special operations undetected, safeguarding the choke points of the world, standing poised to assure access to strike if necessary, and providing humanitarian relief if needed. And all the while, [Navy ships are] serving as the enduring, reliable deterrent that underpins our nation’s security.” Speaking on behalf of the state of Indiana, Donnelly thanked the shipbuilders for their service to the U.S. Navy and the Indiana crew. “This crew is going to be at the very tip of the spear,” he said, “and you have given them the tools, the equipment, the ability to accomplish everything.” About 4,000 Newport News shipbuilders have participated in Indiana’s construction in partnership with General Dynamics Electric Boat. Construction began in September 2012 and is about 90 percent complete. The submarine is on track to deliver to the Navy this year. “It’s hard to describe what it’s like to build one of the most complex machines in the world,” said Newport News Shipbuilding President Matt Mulherin. “For our shipbuilders who do this every day – they can even lose perspective of the contributions they are making to our Navy and to our nation. For them, it’s all part of a day’s work—a long, hard, honest day’s work. However, as you look upon this magnificent vessel, I think you’ll agree, it’s no ordinary job. In fact, it’s pretty extraordinary. Our shipbuilders define what ‘Made in America’ means.” Virginia-class submarines, a class of nuclear-powered fast attack submarines, are designed for a broad spectrum of open-ocean and littoral missions to replace the Navy’s Los Angeles-class submarines as they are retired. Virginia-class submarines incorporate dozens of new technologies and innovations that increase firepower, maneuverability and stealth, and significantly enhance their warfighting capabilities. These submarines are capable of supporting multiple mission packages and can operate at submerged speeds of more than 25 knots for months at a time. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


NEWPORT NEWS, Va., April 29, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division today celebrated the christening of Indiana (SSN 789), the 16th Virginia-class submarine. With a single swing, ship’s sponsor Diane Donald performed the traditional honor of breaking a bottle of American sparkling wine across the submarine's hull. Donald is the wife of Adm. Kirkland Donald (U.S. Navy, Ret.), former director, Naval Nuclear Propulsion. “It’s the honor of a lifetime to be here today,” said Donald. “While the size of the submarine alone is stunning, the complexity inside sets it apart from any other machine ever built. These ships are second to none, made in America by truly remarkable Americans.” Vice President Mike Pence, former governor of Indiana, served as the ceremony’s keynote speaker. Today is the 100th day since he and President Donald Trump assumed office. “He sent me here today on this historic occasion as a sign of his deep commitment to the Armed Forces of the United States of America, and to his commitment to make the strongest fighting force in the world even stronger still,” Pence said of Trump. Speaking to the shipbuilders, he acknowledged their dedication and skill. “You have the gratitude of the commander in chief for your unwavering commitment to your country, your patriotism, your craftsmanship, and rest assured, President Trump will honor your commitment with historic investments in our national defense.” A video and photos accompanying this release are available at:  http://newsroom.huntingtoningalls.com/releases/submarine-indiana-ssn-789-christened Other ceremony participants included Rep. Bobby Scott, D-Va.; Sen. Joe Donnelly, D-Ind.; Sec. Sean Stackley, acting secretary of the Navy; Vice Adm. Joseph Tofalo, commander, Submarine Forces; Adm. Tom Fargo (U.S. Navy, Ret.), chairman of the board, Huntington Ingalls Industries; Mike Petters, president and CEO, Huntington Ingalls Industries; Matt Mulherin, president, Newport News Shipbuilding; and Jeffrey Geiger, president, General Dynamics Electric Boat. Stackley spoke of the U.S. Navy’s important presence around the world. “More than a hundred U.S. Navy ships are underway, providing assurance to our allies, maintaining persistent surveillance in regions of interest, conducting special operations undetected, safeguarding the choke points of the world, standing poised to assure access to strike if necessary, and providing humanitarian relief if needed. And all the while, [Navy ships are] serving as the enduring, reliable deterrent that underpins our nation’s security.” Speaking on behalf of the state of Indiana, Donnelly thanked the shipbuilders for their service to the U.S. Navy and the Indiana crew. “This crew is going to be at the very tip of the spear,” he said, “and you have given them the tools, the equipment, the ability to accomplish everything.” About 4,000 Newport News shipbuilders have participated in Indiana’s construction in partnership with General Dynamics Electric Boat. Construction began in September 2012 and is about 90 percent complete. The submarine is on track to deliver to the Navy this year. “It’s hard to describe what it’s like to build one of the most complex machines in the world,” said Newport News Shipbuilding President Matt Mulherin. “For our shipbuilders who do this every day – they can even lose perspective of the contributions they are making to our Navy and to our nation. For them, it’s all part of a day’s work—a long, hard, honest day’s work. However, as you look upon this magnificent vessel, I think you’ll agree, it’s no ordinary job. In fact, it’s pretty extraordinary. Our shipbuilders define what ‘Made in America’ means.” Virginia-class submarines, a class of nuclear-powered fast attack submarines, are designed for a broad spectrum of open-ocean and littoral missions to replace the Navy’s Los Angeles-class submarines as they are retired. Virginia-class submarines incorporate dozens of new technologies and innovations that increase firepower, maneuverability and stealth, and significantly enhance their warfighting capabilities. These submarines are capable of supporting multiple mission packages and can operate at submerged speeds of more than 25 knots for months at a time. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


NEWPORT NEWS, Va., April 29, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division today celebrated the christening of Indiana (SSN 789), the 16th Virginia-class submarine. With a single swing, ship’s sponsor Diane Donald performed the traditional honor of breaking a bottle of American sparkling wine across the submarine's hull. Donald is the wife of Adm. Kirkland Donald (U.S. Navy, Ret.), former director, Naval Nuclear Propulsion. “It’s the honor of a lifetime to be here today,” said Donald. “While the size of the submarine alone is stunning, the complexity inside sets it apart from any other machine ever built. These ships are second to none, made in America by truly remarkable Americans.” Vice President Mike Pence, former governor of Indiana, served as the ceremony’s keynote speaker. Today is the 100th day since he and President Donald Trump assumed office. “He sent me here today on this historic occasion as a sign of his deep commitment to the Armed Forces of the United States of America, and to his commitment to make the strongest fighting force in the world even stronger still,” Pence said of Trump. Speaking to the shipbuilders, he acknowledged their dedication and skill. “You have the gratitude of the commander in chief for your unwavering commitment to your country, your patriotism, your craftsmanship, and rest assured, President Trump will honor your commitment with historic investments in our national defense.” A video and photos accompanying this release are available at:  http://newsroom.huntingtoningalls.com/releases/submarine-indiana-ssn-789-christened Other ceremony participants included Rep. Bobby Scott, D-Va.; Sen. Joe Donnelly, D-Ind.; Sec. Sean Stackley, acting secretary of the Navy; Vice Adm. Joseph Tofalo, commander, Submarine Forces; Adm. Tom Fargo (U.S. Navy, Ret.), chairman of the board, Huntington Ingalls Industries; Mike Petters, president and CEO, Huntington Ingalls Industries; Matt Mulherin, president, Newport News Shipbuilding; and Jeffrey Geiger, president, General Dynamics Electric Boat. Stackley spoke of the U.S. Navy’s important presence around the world. “More than a hundred U.S. Navy ships are underway, providing assurance to our allies, maintaining persistent surveillance in regions of interest, conducting special operations undetected, safeguarding the choke points of the world, standing poised to assure access to strike if necessary, and providing humanitarian relief if needed. And all the while, [Navy ships are] serving as the enduring, reliable deterrent that underpins our nation’s security.” Speaking on behalf of the state of Indiana, Donnelly thanked the shipbuilders for their service to the U.S. Navy and the Indiana crew. “This crew is going to be at the very tip of the spear,” he said, “and you have given them the tools, the equipment, the ability to accomplish everything.” About 4,000 Newport News shipbuilders have participated in Indiana’s construction in partnership with General Dynamics Electric Boat. Construction began in September 2012 and is about 90 percent complete. The submarine is on track to deliver to the Navy this year. “It’s hard to describe what it’s like to build one of the most complex machines in the world,” said Newport News Shipbuilding President Matt Mulherin. “For our shipbuilders who do this every day – they can even lose perspective of the contributions they are making to our Navy and to our nation. For them, it’s all part of a day’s work—a long, hard, honest day’s work. However, as you look upon this magnificent vessel, I think you’ll agree, it’s no ordinary job. In fact, it’s pretty extraordinary. Our shipbuilders define what ‘Made in America’ means.” Virginia-class submarines, a class of nuclear-powered fast attack submarines, are designed for a broad spectrum of open-ocean and littoral missions to replace the Navy’s Los Angeles-class submarines as they are retired. Virginia-class submarines incorporate dozens of new technologies and innovations that increase firepower, maneuverability and stealth, and significantly enhance their warfighting capabilities. These submarines are capable of supporting multiple mission packages and can operate at submerged speeds of more than 25 knots for months at a time. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


NEWPORT NEWS, Va., April 14, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Newport News Shipbuilding division has successfully completed builder’s sea trials of the aircraft carrier Gerald R. Ford (CVN 78). The first-of-class carrier left Newport News on Saturday and returned to Naval Station Norfolk today. Builder’s sea trials test the ship’s systems, components and compartments at sea for the first time. The trials also include high-speed runs and demonstrate many of the carrier’s other capabilities. “In my 36 years with Newport News Shipbuilding, I’ve ridden many sea trials,” said Newport News Shipbuilding President Matt Mulherin. “While they have all been great experiences, this one was especially rewarding. I’ve been with this ship since 2001, when she was still just a design concept. To see her come to life and perform as she was designed and built to do is awe-inspiring and a testament to her shipbuilders and Navy crew.” A video and photo accompanying this release are available at: http://newsroom.huntingtoningalls.com/releases/hii-completes-successful-builders-sea-trials-of-gerald-r-ford-cvn-78. Newport News shipbuilders partnered with Gerald R. Ford sailors and personnel from Naval Sea Systems Command to perform the sea trials tests. Among the sea trial participants were Adm. James Caldwell, director, Naval Nuclear Propulsion Program, and Rear Adm. Brian K. Antonio, program executive officer, aircraft carriers. “Everybody has to work together to really exercise the ship and take it through its final paces,” said Rolf Bartschi, Newport News Shipbuilding’s vice president, Gerald R. Ford (CVN 78) carrier construction. “We work to test the systems and actually operate the ship out here at sea. It’s fantastic to be out and really see this ship come to life.” Susan Ford Bales, ship’s sponsor and President Gerald R. Ford’s daughter, was unable to participate in sea trials but shared in the excitement. “Completion of builder’s sea trials for Dad’s namesake aircraft carrier is the magnificent culmination of years of hard work,” she said. “I’m ecstatic and could not be prouder of the ship’s successful performance. CVN 78 is the mightiest ship ever built, and you can draw a straight line—a very straight line—as to why that is so: The ship is built by the greatest shipbuilders in the world, my fellow Newport News shipbuilders. I’m thrilled to add my congratulations and heartfelt thanks—as Dad most certainly would—to the entire Newport News Shipbuilding team, and to the remarkable crew of the Ford, for their patriotic commitment to excellence and for a job well done—very well done. As the ship’s sponsor, I look forward with great excitement to commissioning the USS Gerald R. Ford into the fleet very soon.” Prior to delivery, the ship will undergo acceptance trials, conducted by U.S. Navy Board of Inspection and Survey representatives, to do a final test and evaluation of the ship’s systems and performance. Gerald R. Ford is the first in a class of next-generation aircraft carriers designed to replace Nimitz-class aircraft carriers. The Ford class features a new nuclear power plant, a redesigned island, electromagnetic catapults, improved weapons movement, an enhanced flight deck capable of increased aircraft sortie rates, and growth margin for future technologies. Each Ford-class ship will operate with a smaller crew than a Nimitz-class carrier and provide a $4 billion total ownership cost savings for the Navy. Aircraft carriers provide sovereign, mobile U.S. territory and are a visible symbol of U.S. power. They are the centerpiece of our nation’s security strategy and support and protect the global economy through the protection of sea lanes around the world. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


NEWPORT NEWS, Va., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) hosted commencement exercises on Saturday for 184 graduates of the company’s Apprentice School located at Newport News Shipbuilding. The ceremony was held at Liberty Baptist Church Worship Center in Hampton. Rear Adm. Mat Winter, the U.S. Navy’s deputy program executive officer for the F-35 Lightning II, reminded the company’s newest shipbuilders during his commencement address that everything they have achieved and will continue to achieve makes a difference. “Newport News Shipbuilding is a leader—a leader on the global stage in providing war-fighting capability to our Navy,” Winter said. “You just have to look around and see our submarine fleet and our surface fleet and those great American aircraft carriers that are here and around the world doing the diplomacy and the engagement and the power projection that keeps our nation safe and allows us to do what we need to do every day. The fact is that those sailors and Marines are out on the pointy end, and they are there because of you, and because of what you’ve done and what you are going to do.” Photos accompanying this release are available at: http://newsroom.huntingtoningalls.com/releases/nns-apprentice-graduation-2017. Eighty-eight apprentices completed an optional, advanced program, which includes coursework in subjects such as marine design, production planning, modeling and simulation, and marine engineering—culminating with an associate’s or bachelor’s degree. Seventy-nine apprentices earned honors, which combines academic and craft grades to determine overall performance. Fifteen graduates completed the program with a perfect 4.0 grade point average in the required academic curriculum. Nineteen graduates were recognized as Gold Athletic Award recipients for outstanding achievement in four consecutive years of Apprentice School collegiate athletics. Of the 184 graduates, 13 are military veterans or are currently serving in the Armed Services as reservists and guardsmen. Newport News Shipbuilding President Matt Mulherin addressed the graduates as the shipyard’s newest leaders. “Leadership is not a title or a position,” he said. “A leader produces results and sets examples. You, indeed, are all leaders, and I commend you and I applaud you on this defining moment in your shipbuilding careers and in your lives.” Evan George Danz received the Homer L. Ferguson Award for earning the highest grade point average for required academic and craft grades combined. Danz is a naval architect who began his shipbuilding career in 2013 as an outside machinist apprentice. “There is truth in the old saying: ‘Blame the carpenter and not the tool,’” Danz said. “A drill is only as effective as the person who holds it. Our tasks may have been difficult and some have been repetitive, but we were always improving our technique, speed, efficiency and critical thinking. We are more valuable to our shipbuilding community than any tool, drill, saw or crane could ever be.” The Apprentice School accepts about 225 apprentices per year. The school offers four- to eight-year, tuition-free apprenticeships in 19 trades and eight optional advanced programs. Apprentices work a 40-hour week and are paid for all work, including time spent in academic classes. Through partnerships with Thomas Nelson Community College, Tidewater Community College and Old Dominion University, The Apprentice School’s academic program provides the opportunity to earn associate degrees in business administration, engineering and engineering technology and bachelor’s degrees in mechanical or electrical engineering. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


News Article | February 16, 2017
Site: globenewswire.com

NEWPORT NEWS, Va., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) reported fourth quarter 2016 revenues of $1.9 billion, up 0.9 percent from the fourth quarter of 2015. Operating income in the quarter was $268 million and operating margin was 13.9 percent, compared to $144 million and 7.6 percent, respectively, in the fourth quarter of 2015. Diluted earnings per share in the quarter was $4.20, compared to $1.06 in the same period of 2015. For the full year, revenues of $7.1 billion increased 0.7 percent over 2015. Operating income in 2016 was $858 million and operating margin was 12.1 percent, compared to $769 million and 11.0 percent, respectively, in 2015. Diluted earnings per share for the full year was $12.14, compared to $8.36 in 2015. Cash from operations in 2016 was $822 million and free cash flow1 was $537 million, compared to $861 million and $673 million, respectively, in 2015. New contract awards for 2016 were approximately $5.2 billion, bringing total backlog to $21.0 billion as of Dec. 31, 2016. Major contract awards in 2016 included the detail design and construction contract for the amphibious transport dock Fort Lauderdale (LPD 28); a fixed-price incentive contract to build a ninth Legend-class National Security Cutter (unnamed); the planning, advanced engineering and procurement of long-lead material contract for the amphibious assault ship Bougainville (LHA 8); and the continued advance planning contract for the refueling and complex overhaul (“RCOH”) of the aircraft carrier USS George Washington (CVN 73). “Huntington Ingalls Industries’ operational performance in 2016 was solid,” said Mike Petters, HII’s president and CEO. “Exceptional execution on mature programs at Ingalls lessened the impact of the ongoing transition between programs at Newport News and drove the strong financial results for the year.” Petters continued, “Our 2016 performance, the acquisition of Camber Corporation and the formation of our Technical Solutions division established a great foundation to achieve our Path to 2020 strategic commitments.” 1Free cash flow is a non-GAAP measure. See exhibit B for definition and reconciliation. Fourth Quarter 2016 Significant Event On December 1, 2016, the Company closed on its previously announced acquisition of Camber Corporation and simultaneously formed a new reporting segment, Technical Solutions. Technical Solutions is comprised of AMSEC, Camber Corporation, Continental Maritime of San Diego, Newport News Industrial, SN3, Undersea Solutions Corporation and UniversalPegasus International. The segment provides agile software development and network engineering, training systems, logistics support, information technology, fleet maintenance and modernization, unmanned undersea systems, nuclear engineering and fabrication, and oil and gas engineering to a wide variety of government and commercial customers worldwide. Ingalls Shipbuilding revenues for the fourth quarter were $641 million, an increase of $61 million, or 10.5 percent, from the same period in 2015, due to higher revenues in surface combatants and the Legend-class National Security Cutter (“NSC”) program, partially offset by lower revenues in amphibious assault ships. Higher surface combatant revenues were primarily due to increased volumes on Lenah H. Sutcliffe Higbee (DDG 123) and Frank E. Petersen Jr. (DDG 121), partially offset by decreased volume on Delbert D. Black (DDG 119) and the delivery of John Finn (DDG 113) in the quarter. Higher NSC program revenues were primarily due to increased volume on Midgett (NSC 8), partially offset by the delivery of USCGC Munro (NSC 6) in the quarter. Lower amphibious assault ships revenues were due to the delivery of USS John P. Murtha (LPD 26) in the second quarter of 2016 and decreased volume on Portland (LPD 27), partially offset by increased volumes on Fort Lauderdale and Bougainville. Ingalls Shipbuilding segment operating income for the fourth quarter was $85 million, an increase of $26 million from the same period last year. Segment operating margin in the quarter was 13.3 percent, compared to 10.2 percent in the same period last year. These increases were primarily due to higher risk retirement and improved performance on the LPD, DDG and NSC programs. For the full year, Ingalls Shipbuilding revenues were $2.4 billion, an increase of $201 million, or 9.2 percent, from 2015, due to higher revenues in surface combatants and amphibious assault ships, partially offset by lower revenues on the NSC program. Higher surface combatants revenues were primarily due to increased volumes on Frank E. Petersen Jr., Lenah H. Sutcliffe Higbee, and planning yard services, partially offset by the delivery of John Finn. Higher amphibious assault ships revenues were primarily due to increased volumes on Fort Lauderdale, Tripoli (LHA 7) and Bougainville, partially offset by lower volume on Portland and the delivery of USS John P. Murtha. Lower NSC program revenues were due to the delivery of USCGC James (NSC 5) in 2015 and the delivery of Munro in 2016, partially offset by higher volume on Midgett. For the full year, Ingalls Shipbuilding segment operating income was $321 million, compared to $379 million in 2015. Segment operating margin was 13.4 percent for 2016, compared to 17.3 percent in 2015. Segment operating income and margin in 2015 included a $136 million favorable impact from an insurance litigation settlement. Adjusting for the insurance litigation settlement, segment operating income in 2016 increased $78 million over 2015, and segment operating margin increased 240 basis points. These increases were primarily due to higher risk retirement on the LPD and DDG programs, partially offset by lower risk retirement on the America class (LHA 6) program. Newport News Shipbuilding revenues for the fourth quarter were $1.1 billion, a decrease of $75 million, or 6.3 percent, from the same period in 2015, due to lower revenues in aircraft carriers and submarines. Lower aircraft carriers revenues were primarily due to decreased volumes on the construction contract for Gerald R. Ford (CVN 78) and the execution contract for the RCOH of USS Abraham Lincoln (CVN 72), partially offset by increased volumes on the advance planning contracts for the RCOH of USS George Washington and the construction preparation contract for Enterprise (CVN 80). Lower submarines revenues related to the Virginia class (SSN 774) submarine (“VCS”) program were due to decreased volumes on Block III boats, partially offset by increased volumes on Block IV boats. Newport News Shipbuilding segment operating income for the fourth quarter was $139 million, an increase of $23 million from the same period last year. Segment operating margin was 12.4 percent for the quarter, compared to 9.7 percent in the same period last year. These increases were primarily due to favorable changes in overhead costs and the receipt of a $15 million local government incentive grant, partially offset by lower risk retirement on the VCS program. For the full year, Newport News Shipbuilding revenues were $4.1 billion, a decrease of $209 million, or 4.9 percent, from 2015, due to lower revenues in aircraft carriers. Lower aircraft carrier revenues were primarily due to decreased volumes on the construction contract for Gerald R. Ford and the execution contract for the RCOH of USS Abraham Lincoln, partially offset by increased volumes on the construction contract for John F. Kennedy (CVN 79) and the advance planning contract for the RCOH of USS George Washington. Submarines revenues related to the VCS program were relatively flat in 2016 compared to 2015. Increased volumes on Block IV boats and USS John Warner (SSN 785) post-shakedown availability services were offset by decreased volumes on Block III boats. For the full year, Newport News Shipbuilding segment operating income was $386 million, a decrease of $15 million from 2015. The decrease was primarily due to lower risk retirement on the VCS program, lower volume and lower risk retirement on the execution contract for the RCOH of USS Abraham Lincoln and lower volume on Gerald R. Ford, partially offset by higher volumes on John F. Kennedy (CVN 79) and the RCOH of USS George Washington (CVN 73), favorable changes in overhead costs, and the receipt of a $15 million local government incentive grant. Segment operating margin for 2016 was 9.4 percent, compared to 9.3 percent in 2015. Technical Solutions revenues for the fourth quarter were $186 million, an increase of $32 million, or 20.8 percent, from the same period in 2015, primarily due to the acquisition of Camber and higher revenues in oil and gas and nuclear and environmental services, partially offset by lower revenues in fleet support. Higher oil and gas revenues were primarily due to increased volume in field services, partially offset by decreased volume in engineering services. Higher nuclear and environmental revenues were primarily due to increased volumes in commercial fabrication services, partially offset by decreased volumes in environmental remediation programs. Technical Solutions segment operating income for the fourth quarter was $1 million, compared to segment operating loss of $51 million in fourth quarter 2015. Segment operating loss in the fourth quarter of 2015 included a $27 million intangible asset impairment charge and a $16 million goodwill impairment charge. Adjusting for these items, segment operating income in the fourth quarter of 2016 increased $9 million from the same period in 2015. The increase was primarily due to improved performance in oil and gas and fleet support. For the full year, Technical Solutions revenues were $691 million, an increase of $75 million, or 12.2 percent, from 2015, primarily due to increased volumes in nuclear and environmental and fleet support as well as the acquisition of Camber, partially offset by lower volume in oil and gas. For the full year, Technical Solutions segment operating income was $8 million, compared to a segment operating loss of $113 million in 2015. Segment operating loss in 2015 included $75 million of goodwill impairment charges and a $27 million intangible asset impairment charge. Adjusting for these items, segment operating income in 2016 increased $19 million over 2015. The increase was primarily due to improved performance in oil and gas, fleet support and nuclear and environmental. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear and Environmental, and Oil and Gas operations. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com. Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. ET today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.huntingtoningalls.com. A telephone replay of the conference call will be available from 12 noon today through Thursday, Feb. 23 by calling toll-free (855) 859-2056 or (404) 537-3406 and using conference ID 53546409. 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; adverse economic conditions in the United States and globally; 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. We make reference to “segment operating income (loss),” “segment operating margin,” “adjusted sales and service revenues,” “adjusted segment operating income (loss),” “adjusted segment operating margin,” “adjusted operating income,” “adjusted operating margin,” “adjusted net earnings,” “adjusted diluted earnings per share,” and “free cash flow.” We internally manage our operations by reference to “segment operating income (loss)” and “segment operating margin,” which are not recognized measures under GAAP. When analyzing our operating performance, investors should use segment operating income (loss) and segment operating margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. They are measures that we use to evaluate our core operating performance. We believe that segment operating income (loss) and segment operating margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of segment operating income (loss) and segment operating margin may not be comparable to similarly titled measures of other companies. Adjusted sales and service revenues, adjusted operating income, adjusted operating margin, adjusted segment operating income (loss), adjusted segment operating margin, adjusted net earnings and adjusted diluted earnings per share are not measures recognized under GAAP. They should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. We believe these measures are useful to investors because they exclude items that do not reflect our core operating performance. They may not be comparable to similarly titled measures of other companies. Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies. Segment operating income (loss) is defined as operating income (loss) for the relevant segment(s) before the FAS/CAS Adjustment and non-current state income taxes. Segment operating margin is defined as segment operating income (loss) as a percentage of sales and service revenues. Adjusted sales and service revenues is defined as sales and service revenues adjusted for the impact of the insurance litigation settlement in the Ingalls segment in second quarter 2015. Adjusted segment operating income (loss) is defined as segment operating income (loss) adjusted for the impacts, as applicable to the relevant segment, of: the insurance litigation settlement in the Ingalls segment in second quarter 2015, the goodwill impairment charges in the Technical Solutions segment in the second and fourth quarters of 2015 and the intangible asset impairment charge in the Technical Solutions segment in fourth quarter 2015. Adjusted segment operating margin is defined as adjusted segment operating income (loss) as applicable to each segment, as a percentage of adjusted sales and service revenues as applicable to each segment. Adjusted operating income is defined as operating income adjusted for the impacts of: the insurance litigation settlement in second quarter 2015, the goodwill impairment charges in the second and fourth quarters of 2015 and the intangible asset impairment charge in fourth quarter 2015. Adjusted operating margin is defined as adjusted operating income as a percentage of adjusted sales and service revenues. Adjusted net earnings is defined as net earnings adjusted for the after-tax impacts of: the insurance litigation settlement in the second quarter 2015, the goodwill impairment charges in the second and fourth quarters of 2015, the intangible asset impairment charge in fourth quarter 2015, the loss on early extinguishment of debt in third quarter 2015 and the FAS/CAS Adjustment. Adjusted diluted earnings per share is defined as adjusted net earnings divided by the weighted-average diluted common shares outstanding. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. FAS/CAS Adjustment is defined as the difference between our pension and postretirement plan expense under GAAP Financial Accounting Standards and the same expense under U.S. Cost Accounting Standards (CAS). Our pension and postretirement plan expense is charged to our contracts under CAS. Non-current state income taxes are defined as deferred state income taxes, which reflect the change in deferred state tax assets and liabilities, and the tax expense or benefit associated with changes in state uncertain tax positions in the relevant period. These amounts are recorded within operating income. Current period state income tax expense is charged to contract costs and included in cost of sales and service revenues in segment operating income. We present financial measures adjusted for the FAS/CAS Adjustment and non-current state income tax to reflect the company’s performance based upon the pension costs and state tax expense charged to our contracts under CAS. We use these adjusted measures as internal measures of operating performance and for performance-based compensation decisions.


News Article | March 3, 2017
Site: news.yahoo.com

President Donald Trump speaks while aboard the nuclear aircraft carrier Gerald R. Ford, Thursday, March 2, 2017, at Newport News Shipbuilding in Newport, Va. Trump traveled to Virginia to meet with sailors and shipbuilders on aircraft carrier which is scheduled to be commissioned this year after cost overruns and delays. (AP Photo/Pablo Martinez Monsivais) WASHINGTON (AP) — President Donald Trump painted an overly bleak picture of the condition of the armed forces Thursday as he made his case for military expansion. A look at some of his statements from the Gerald R. Ford, a $12.9 billion aircraft carrier being built in Newport News, Virginia: TRUMP: "We are going to have very soon the finest equipment in the world." THE FACTS: Pentagon leaders have said for years that the U.S. already has the world's best weaponry and military equipment. They sometimes claim the U.S. is in danger of losing its advantage unless the Congress continues to spend heavily to develop and build new generations of weapons. The Navy's top officer, Adm. John Richardson, has said repeatedly that the Navy is the world's finest. He also has said the Navy must adapt to a world of changing security threats. Richardson's main focus has been on sharpening and changing the way sailors think about the nature of war, rather than relying on bigger budgets. "We will not be able to 'buy' our way out of the challenges that we face," he wrote in a January 2016 plan for maintaining U.S. naval superiority. TRUMP: "This great aircraft carrier provides essential capabilities to keep us safe from terrorism and take the fight to the enemy for many years in the future." THE FACTS: Aircraft carriers are not the crucial element in the defense against terrorism. They do provide a flexible means of bringing warplanes and intelligence-gathering aircraft to areas where terrorists are being hunted, like off the coast of Libya or in the Persian Gulf, but their main function is to deter bigger wars with state powers like China, Russia and North Korea. The Pentagon's counterterrorism campaigns rely more on special operations forces, Air Force fighters and surveillance drones, military trainers and advisers and the intelligence agencies. TRUMP: "I am calling for one of the largest defense spending increases in history." THE FACTS: Three times in recent years, Congress raised military spending by larger amounts, in percentage terms, than the $54 billion, or 10 percent, increase that Trump proposes. The base defense budget grew by $41 billion, or 14.3 percent, in 2002; by $37 billion, or 11.3 percent, in 2003, and by $47 billion, or 10.9 percent, in 2008, according to Defense Department figures. The proposed expansion pales in comparison with skyrocketing increases in earlier times. Military spending consumed 43 percent of the economy in 1944, during World War II, and 15 percent in 1952, during the Korean War. It was 3.3 percent in 2015, says the World Bank. TRUMP: "Our Navy is now the smallest it's been since, believe or not, World War I. Don't worry. It's going to soon be the largest it's been." THE FACTS: No, the fleet is not growing to the largest it's been, or anything close. The fleet indeed shrank to its smallest size since the decade after World War I — bottoming out at 271 in 2015 before rising to 274 this year, compared with 139 in 1930. But that number alone is not that meaningful. The nature of warfare has changed since the naval battles of the world wars — the rise of air power being just one significant factor. As well, for the last few decades the Navy has dramatically increased the warfighting effectiveness of its ships, meaning it can do more with far fewer vessels than it could during the Cold War, for example. The fleet stood at a record high of 6,768 fighting ships during World War II, declined gradually in the 1950s and '60s and shrank significantly after the Vietnam War. During the 1990s the number fell from the high 500s to the mid-300s as the Navy decommissioned many older ships and the U.S. reaped a "peace dividend" from the end of the Cold War. The count includes aircraft carriers, cruisers, destroyers, submarines, amphibious assault ships and other large combat ships. The fleet may grow more than planned if Trump's military expansion is approved by Congress. But no one is talking about matching — much less exceeding — the enormous armada of another age. The number of Navy personnel has also fallen over time, from more than 725,000 in 1954 to about 323,000 now. It's unlikely to grow anywhere near that higher level. Associated Press writers Jim Drinkard and Cal Woodward contributed to this report. EDITOR'S NOTE _ A look at the veracity of claims by political figures


News Article | March 3, 2017
Site: news.yahoo.com

NEWPORT NEWS, Va. (AP) — President Donald Trump pledged to boost defense spending as he basked in the nation's military might aboard a next-generation Naval aircraft carrier on Thursday. Wearing an olive green military jacket and blue ball cap, Trump vowed to mount "one of the largest" defense spending increases in history. "Hopefully it's power we don't have to use, but if we do, they're in big, big trouble," Trump said. Trump spoke from the Gerald R. Ford, a $12.9 billion warship that is expected to be commissioned this year after cost overruns and delays. He touted his spending plans, saying he would provide "the finest equipment in the world" and give the military the "tools you need to prevent war." The president also toured the carrier and met with sailors and military leaders. He saluted the sailors as he arrived on the carrier. Before his remarks, Trump was asked about the revelation that Attorney General Jeff Sessions twice talked with Moscow's U.S. envoy during the campaign, contact that seems to contradict Sessions' sworn statements to Congress during his confirmation hearings. While there were mounting calls for Sessions to resign or recuse himself, Trump stood by Sessions on Thursday, saying he had "total" confidence in his attorney general. Asked if Sessions should recuse himself, Trump said: "I don't think so." Trump also said he "wasn't aware" that Sessions had spoken to Russia and said that he "probably did" speak truthfully to the Senate. During his trip to Newport News, Trump was joined aboard Air Force One by Defense Secretary Jim Mattis. A draft budget plan released earlier this week by the White House would add $54 billion to the Pentagon's projected budget, a 10 percent increase. The U.S. currently spends more than half trillion dollars on defense, more than the next seven countries combined. "To keep America safe, we must provide the men and women of the United States military with the tools they need to prevent war," Trump said in his address to Congress on Tuesday night. Trump, in his 2016 campaign, repeatedly pledged to rebuild what he called the nation's "depleted" military and told supporters at Regent University in Virginia Beach in October that the region's naval installations would be "right at the center of the action with the building of new ships." He often argued that the U.S. military is too small to accomplish its missions and pledged to put the Navy on track to increase its active-duty fleet to 350 ships, compared to the current Navy plan of growing from 272 ships to 308 sometime after 2020. The PCU Gerald R. Ford CVN 78, located at Newport News Shipbuilding, will be the first of the Navy's next generation of aircraft carriers and is expected to accommodate some 2,600 sailors. Trump's speech to a joint session of Congress, his first as president, included his past calls for repealing the "defense sequester," or across-the-board budget cuts instituted by Congress. He will need the repeal to achieve the kinds of increased defense spending that he is seeking.


NEWPORT NEWS, Va., March 02, 2017 (GLOBE NEWSWIRE) -- President Donald J. Trump spoke today aboard the aircraft carrier Gerald R. Ford (CVN 78), currently preparing for sea trials and delivery at Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division. “Our carriers are the centerpiece of American military might overseas,” Trump said. “We are standing today on 4.5 acres of combat power and sovereign U.S. territory, the likes of which there is nothing to compete. There is no competition to this ship. It is a monument to American might that will provide the strength necessary to ensure peace. This ship will carry 4,500 personnel and 70 aircraft and will be a vital component of our defense. This carrier and the new ships in the Ford class will expand the ability of our nation to carry out vital missions on the oceans to project American power in distant lands.” A photo accompanying this release is available at: http://newsroom.huntingtoningalls.com/file?fid=58b8a36fa138355a13974a1f. 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:


NEWPORT NEWS, Va., Feb. 24, 2017 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) hosted Rep. Kay Granger, R-Texas, on Thursday for a tour of the company’s Newport News Shipbuilding division. Newport News Shipbuilding President Matt Mulherin accompanied the congresswoman on the shipyard tour, which included progress updates on the aircraft carriers Gerald R. Ford (CVN 78) and John F. Kennedy (CVN 79), as well as the USS Abraham Lincoln (CVN 72) refueling complex overhaul and the Enterprise (CVN 65) inactivation. Granger also learned about Newport News’ role in the Virginia- and Columbia-class submarine programs. “The exceptional shipbuilders at Newport News are vital to building our Navy’s future fleet,” Granger said. “It is their skill and expertise that ensures our nation’s nuclear shipbuilding enterprise delivers what is needed to support our national defense. In addition, I am pleased by the shipyard’s efforts to control costs on these complex warships because we must increase the size of our Navy in these dangerous times. This shipyard and other advanced American manufacturers across the country are absolutely critical to keeping us safe.” A photo accompanying this release is available at: http://newsroom.huntingtoningalls.com/file?fid=58b05493a1383536ba5162ec. Granger serves as chairwoman of the House Appropriations Committee’s Defense Subcommittee, which provides funding for all of the Navy’s shipbuilding, ship maintenance, and research and development programs each year. On appropriations, she is also a member of the State & Foreign Operations and Energy & Water subcommittees. Granger has received numerous awards for her support of national defense issues and is the first and only Republican woman to represent Texas in the U.S. House of Representatives. “Congressional visits are invaluable,” Mulherin said. “They provide our nation’s decision-makers with the opportunity to see and experience the complexities of our ships, our business and more importantly, they provide us an opportunity to recognize the many shipbuilders and suppliers from across the country who contribute toward their construction. Congresswoman Granger’s commitment to the readiness of our military is clear, and we appreciate her support and her hard work toward stabilizing the defense budget.” 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 provides a wide range of professional services through its Fleet Support, Integrated Missions Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs nearly 37,000 people operating both domestically and internationally. For more information, visit:

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