Mission Statement, Vision, & Core Values (2024) of Huntington Ingalls Industries, Inc. (HII).

An Overview of Huntington Ingalls Industries, Inc. (HII)

General Summary of Huntington Ingalls Industries, Inc. (HII)

Huntington Ingalls Industries, Inc. (HII) is a leading U.S. defense contractor and the largest military shipbuilding company in the United States. Established in 2011 through the merger of Northrop Grumman's Shipbuilding sector and the former Litton Industries, HII operates primarily in two segments: Shipbuilding and Mission Technologies. The company specializes in designing, building, and maintaining ships for the U.S. Navy, Coast Guard, and other government entities. Key products include aircraft carriers, submarines, and surface combatants, alongside various defense and nuclear technologies.

As of 2024, HII reported total sales of approximately $8.53 billion for the nine months ended September 30, 2024, representing a 3% increase compared to $8.28 billion for the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

HII's financial performance for the nine months ending September 30, 2024, highlights a record-breaking revenue trajectory driven primarily by its Shipbuilding segment. The company reported:

• Total sales and service revenues: $8.53 billion, an increase of $254 million or 3% compared to the same period in 2023.
• Net earnings: $427 million, up from $407 million year-over-year.
• Earnings per share (EPS): Basic EPS of $10.81 and diluted EPS of $10.81 for the nine months ended September 30, 2024.

The company's backlog stood at $49.4 billion as of September 30, 2024, an increase from $48.1 billion at the end of 2023, showcasing robust demand for its services. The breakdown of sales and service revenues by segment for the nine months ended September 30, 2024, is as follows:

Introduction to Company as a Leader in the Industry

HII continues to solidify its position as a leader in the defense and shipbuilding industry, leveraging advanced technologies and a strong workforce to meet the evolving needs of military and government clients. The company focuses on innovation, efficiency, and operational excellence, which are critical in maintaining its competitive edge. HII's commitment to quality and customer satisfaction is evident in its robust pipeline of contracts and consistent financial performance.

As of 2024, HII is well-positioned to capitalize on the increasing defense budgets and strategic initiatives from the U.S. government, ensuring its prominent role in national security and defense capabilities. Investors and stakeholders are encouraged to explore further details about HII's operations and strategies to understand the factors contributing to its ongoing success in the industry.

Mission Statement of Huntington Ingalls Industries, Inc. (HII)

Mission Statement of Huntington Ingalls Industries, Inc. (HII)

The mission statement of Huntington Ingalls Industries, Inc. (HII) articulates the company's commitment to being a global, all-domain defense partner, responsible for building and delivering the world's most capable and survivable naval ships and technologies. This mission is essential as it guides the company's strategic direction and long-term goals, ensuring alignment across its diverse operations and workforce.

Core Components of the Mission Statement

1. Commitment to Quality and Excellence

HII's mission emphasizes a strong commitment to quality and excellence in its products and services. The company aims to deliver superior naval ships and technologies that meet the rigorous demands of defense operations. In 2023, HII reported sales and service revenues of approximately $8.53 billion, reflecting its capability to deliver high-quality products to the U.S. Government and allied nations.

To support this commitment, HII maintains stringent quality control processes and invests in advanced technologies. For instance, the Ingalls Shipbuilding segment had a backlog of $16.39 billion as of September 30, 2024, which includes contracts for advanced surface combatants and amphibious assault ships, demonstrating the trust placed in HII's capabilities by its clients.

2. Innovation in Defense Technologies

Innovation is a cornerstone of HII's mission, as the company continuously seeks to develop cutting-edge technologies that enhance naval capabilities. The Mission Technologies segment of HII focuses on integrated technology solutions, including command, control, communications, cyber, and intelligence systems. For the nine months ended September 30, 2024, this segment generated service revenues of $2.22 billion, which is a 14% increase compared to the previous year.

The investment in research and development is crucial for HII's innovation strategy. For instance, in 2024, HII's effective income tax rate benefited from research and development tax credits, which underscores the company's focus on advancing its technological capabilities.

3. Partnership with the U.S. Government

HII's mission statement reflects its dedication to partnering with the U.S. Government, primarily the Department of Defense. This partnership is critical, as HII conducts most of its business with federal contracts. As of September 30, 2024, HII's total backlog was $49.4 billion, with U.S. Government orders comprising the majority of this amount.

HII's ability to secure new contract awards further demonstrates its strong relationship with the government. In the nine months ended September 30, 2024, HII received contract awards valued at $9.8 billion, including significant contracts for naval maintenance and construction.

Vision Statement of Huntington Ingalls Industries, Inc. (HII)

Vision Statement Overview

The vision statement of Huntington Ingalls Industries, Inc. (HII) reflects its commitment to being a global leader in defense and maritime solutions. The company aims to build and deliver the most powerful, survivable naval ships and technologies to safeguard America’s interests across multiple domains, including sea, air, land, space, and cyber.

Commitment to Excellence

As part of its vision, HII emphasizes a strong commitment to excellence in its operations. The company has consistently focused on quality and innovation, which is evident in its sustained backlog and contract awards. As of September 30, 2024, HII reported a total backlog of $49.4 billion, an increase from $48.1 billion at the end of 2023.

Innovation and Technology Leadership

HII’s vision includes being at the forefront of innovation and technological advancement. The company has invested significantly in R&D, which is reflected in its diverse range of products and services. For the nine months ended September 30, 2024, HII reported an increase in sales and service revenues to $8.531 billion, up from $8.277 billion in the previous year.

Workforce and Community Engagement

Central to HII's vision is its workforce. The company employs over 44,000 people and focuses on creating a safe, inclusive, and engaging workplace. The commitment to the community is also evident through various initiatives aimed at supporting local economies and enhancing workforce skills.

Strategic Partnerships and Collaborations

HII aims to foster strategic partnerships with government and industry leaders to enhance its capabilities. In 2024, the company secured new contract awards valued at $9.8 billion, showcasing its ability to collaborate effectively with various stakeholders.

Financial Performance and Growth

Financially, HII continues to demonstrate robust growth. The net earnings for the nine months ended September 30, 2024, were reported at $427 million, compared to $407 million in the same period of 2023. This financial stability supports HII’s vision of long-term growth and sustainability.

Global Defense and Security Focus

Aligned with national security priorities, HII’s vision encompasses a commitment to enhancing global defense capabilities. The company primarily serves the U.S. Government, focusing on high-priority defense programs that safeguard national interests.

Core Values of Huntington Ingalls Industries, Inc. (HII)

Integrity

Integrity is a foundational core value at Huntington Ingalls Industries, Inc. (HII). It emphasizes the importance of honesty, accountability, and ethical behavior in all business dealings.

HII demonstrates its commitment to integrity through various initiatives, including rigorous compliance programs and employee training sessions focused on ethical decision-making. In 2024, HII implemented a new ethics training program that reached over 44,000 employees, ensuring that all staff are aware of the company's ethical standards and compliance requirements.

Safety

Safety is a critical core value at HII, reflecting the company’s commitment to protecting its employees and stakeholders. This value ensures that a safe working environment is prioritized across all operations.

In 2024, HII achieved a Total Recordable Incident Rate (TRIR) of 1.2, a significant improvement from the previous year's rate of 1.5. This achievement is attributed to enhanced safety protocols and ongoing training programs that promote safe work practices.

Innovation

Innovation is a vital core value that drives HII to develop advanced technologies and solutions for its customers. This commitment to innovation ensures that HII remains a leader in the defense industry.

In 2024, HII invested approximately $500 million in research and development, focusing on cutting-edge technologies such as artificial intelligence and autonomous systems. This investment has led to several advancements, including the development of enhanced cybersecurity measures and improved naval systems.

Commitment to Community

HII is dedicated to making a positive impact in the communities where it operates. This core value underscores the company's responsibility to support local initiatives and contribute to societal well-being.

In 2024, HII contributed over $10 million to various community programs, including educational scholarships, veterans' assistance programs, and environmental conservation efforts. The company also organized over 1,000 volunteer hours from employees participating in community service projects.

Diversity and Inclusion

Diversity and inclusion are integral to HII's culture, ensuring that all employees feel valued and respected. This core value fosters a workplace that embraces different perspectives and backgrounds.

In 2024, HII achieved a workforce diversity rate of 35%, up from 32% in 2023. The company launched several initiatives to promote diversity, including mentorship programs aimed at underrepresented groups and partnerships with organizations that advocate for diversity in STEM fields.

Article updated on 8 Nov 2024

Resources:

• Huntington Ingalls Industries, Inc. (HII) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Huntington Ingalls Industries, Inc. (HII)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Huntington Ingalls Industries, Inc. (HII)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.