huntington ingalls industrie (HII) Key Developments
Huntington Ingalls Industries, Inc. and Ingalls Shipbuilding, Inc. Announces Executive Changes
Dec 13 13
Huntington Ingalls Industries announced that Irwin F. Edenzon will retire on Dec. 1, 2014. Edenzon is currently corporate vice president and president of Ingalls Shipbuilding, a division of Huntington Ingalls Industries. Although Edenzon will not officially retire until December 2014, he will step down as president on March 31, 2014, and the HII Board of Directors has elected Brian Cuccias to succeed Edenzon in the position of corporate vice president and president of Ingalls Shipbuilding, effective April 1, 2014. Edenzon was named as Ingalls Shipbuilding president in 2011 and is responsible for all programs and operations at Ingalls Shipbuilding. After Edenzon steps down as Ingalls Shipbuilding president, he will assist with the transition and continue to report to Petters until his retirement. Brian Cuccias, who will report to Petters effective April 1, 2014, currently serves as the vice president, amphibious ship programs, for Ingalls Shipbuilding and will become vice president, program management, effective Jan. 6, 2014, until he assumes the president role in April. In this role, he will have responsibility for all program and financial aspects, including solicitations, program execution and financial performance of all Ingalls Shipbuilding programs, to include large-deck amphibious ships (LHA 6, LHA 7 and capture of LHA 8) as well as LPD and LPD variant ships production, surface combatants and U.S. Coast Guard ship programs. Cuccias' shipbuilding career began in 1979 when he joined Litton Data Systems as a financial analyst on several Navy programs. Most recently and prior to his current position, he was the vice president, large-deck amphibious ships (LHA 6, LHA 7 and capture of LHA 8).
Huntington Ingalls Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 7 13
Huntington Ingalls Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total sales and service revenues of USD 1,637 million compared to USD 1,596 million a year ago. Operating income was USD 127 million compared to USD 66 million a year ago. Earnings before income taxes were USD 99 million compared to USD 37 million a year ago. Net earnings were USD 69 million compared to USD 13 million a year ago. Diluted earnings per share were USD 1.36 compared to USD 0.26 a year ago. Adjusted total operating income was USD 98 million compared to USD 90 million a year ago. Adjusted net earnings were USD 59 million compared to USD 49 million a year ago. Adjusted diluted EPS was USD 1.17 compared to USD 0.98 a year ago. Cash provided by operating activities in the third quarter was USD 281 million, up USD 144 million from the same period last year.
For the nine months, the company reported total sales and service revenues of USD 4,882 million compared to USD 4,885 million a year ago. Operating income was USD 338 million compared to USD 252 million a year ago. Earnings before income taxes were USD 251 million compared to USD 164 million a year ago. Net earnings were USD 170 million compared to USD 96 million a year ago. Diluted earnings per share were USD 3.37 compared to USD 1.92 a year ago. Net cash used in operating activities were USD 56 million compared to USD 41 million a year ago. Additions to property, plant, and equipment were USD 85 million compared to USD 92 million a year ago.
Huntington Ingalls Industries Declares Quarterly Cash Dividend, Payable on December 13, 2013
Oct 31 13
Huntington Ingalls Industries announced that its board of directors has declared a quarterly cash dividend of $0.20 per share, an increase of $0.10 or 100% over the $0.10 per share dividend paid in each of the four prior quarters. The $0.20 per share dividend will be payable on December 13, 2013, to shareholders of record on November 29, 2013.
Huntington Ingalls Industries Announces Ingalls Shipbuilding Delivers Amphibious Transport Dock Somerset
Oct 18 13
Huntington Ingalls Industries announced that its Ingalls Shipbuilding division has delivered the amphibious transport dock Somerset (LPD 25) to the U.S. Navy. The DD 250 document officially signifying custody transfer of the ship was signed by officials on the ship at the company's Avondale facility. Somerset is the ninth ship in the San Antonio (LPD 17) class of ships Ingalls has delivered to the Navy. The ship successfully completed builder's trials in August and U.S. Navy acceptance trials in September. Ingalls has two more under construction at its Pascagoula, Miss., shipyard. John P. Murtha (LPD 26) is slated for completion in 2016, and Portland (LPD 27) will complete in 2017.
Huntington Ingalls Industries, Inc. Presents at Credit Suisse Global Industrials Conference, Dec-03-2013 09:45 AM
Oct 17 13
Huntington Ingalls Industries, Inc. Presents at Credit Suisse Global Industrials Conference, Dec-03-2013 09:45 AM. Venue: One Madison Avenue, New York, New York, United States. Speakers: Barbara A. Niland, Chief Financial Officer and Corporate Vice President of Business Management, C. Michael Petters, Chief Executive Officer, President and Director, Dwayne B. Blake, Corporate Vice President of Investor Relations.