Dear HII Teammates,
This morning we reported first quarter revenues of $2.7 billion and operating income of $161 million. New contract awards during the quarter were $2.1 billion. We made progress through the quarter on our 2025 operational initiatives, which include enhancing shipbuilding throughput, reducing costs, and securing new contract awards. For complete financial results, please read our news release.
These highlights from our business segments are a reflection of your hard work delivering quality products and services in support of national security:
During the quarter, Ingalls Shipbuilding launched guided missile destroyer Jeremiah Denton (DDG 129), christened amphibious transport dock Harrisburg (LPD 30), and started fabrication of Philadelphia (LPD 32).
Mission Technologies was selected to develop an open architecture high-energy laser counter-drone system for the U.S. Army’s Rapid Capabilities and Critical Technologies Office. The team delivered the first two Lionfish small uncrewed undersea vehicles to the U.S. Navy under a program that could scale to 200 vehicles. Mission Technologies also won a $147 million contract to expand shipboard and shore-based training support for the U.S. Navy and coalition forces, a $182 million pilot training contract to support the nation’s combat-ready force, a $70 million award from the U.S. Air Force to protect systems and software, and a $296 million task order to support global air and space operations.
Newport News Shipbuilding has already received its first aircraft carrier unit from the newly acquired NNS-Charleston Operations. The team in Charleston is also completing submarine work to help increase throughput at NNS. Aircraft carrier John F. Kennedy (CVN 79) continued catapult testing and the team has turned over 95% of the ship’s compartments to the Navy. In the Virginia-class program, we completed a major test event on the first boat of Block V, Oklahoma (SSN 802).
I am encouraged by our progress to date, and focused on the significant work ahead of us to execute for our customers, and create value for our shareholders. It will take each of us to ensure we are delivering the best products and services to the warfighters who need them.
Chris Kastner
