Dear HII Teammates,
This morning, we reported first quarter revenue of $2.8 billion, which is 4.9% higher than during the same period last year and a record first quarter result for HII. New contract awards during the quarter totaled $3.1 billion, reflecting strong demand from our customers. For complete financial results, please read our news release.
These highlights from our business segments are a reflection of your hard work delivering quality platforms, technologies and services in support of national security:
During the quarter, Ingalls Shipbuilding completed acceptance trials on amphibious assault ship Richard M. McCool Jr. (LPD 29), and then delivered the ship in April. Our teams continue to make great progress on every program at the shipyard.
Mission Technologies achieved record first quarter revenue, with sales of $750 million. This represents a 20% increase over the first quarter of 2023. In addition to very strong sales growth, Mission Technologies won strategic competitions in the quarter, including a $305 million contract to protect U.S. regional interests in the Republic of Korea, a $74 million contract to support vertical launch system development for the US Navy, and an order to build a REMUS 620 unmanned underwater vehicle for an international customer.
Newport News Shipbuilding delivered the first Columbia-class stern and floated off Massachusetts (SSN 798). Just last week, NNS delivered New Jersey (SSN 796) to our U.S. Navy customer. During the quarter, we were also awarded the advance planning contract for the refueling and complex overhaul of USS Harry S. Truman (CVN 75), and undocked USS John C. Stennis (CVN 74), as part of its RCOH.
This has been a solid start to 2024. We remain focused on meeting our commitments to our customers, and will continue to invest in our people and facilities to ensure we meet the increasing demand for our products and services. Thank you – each and every one of you – for the hard work you do every day in service of our customers and our nation.
Respectfully,
Chris Kastner
President and CEO
