NEWPORT NEWS, Va. - Huntington Ingalls Industries (NYSE:HII) has completed the construction and delivery of the Virginia-class fast-attack submarine New Jersey (SSN 796) to the U.S. Navy, marking the 23rd submarine of its class to be built as part of a teaming agreement with General Dynamics (NYSE:GD) Electric Boat. The delivery took place today, underscoring the ongoing efforts to enhance the Navy's underwater capabilities.
The New Jersey is the 11th Virginia-class submarine delivered by HII's Newport News Shipbuilding division (NNS). This latest addition to the fleet was constructed with the participation of over 10,000 shipbuilders from NNS and Electric Boat, as well as contributions from thousands of suppliers nationwide, including more than 100 from the state of New Jersey.
This submarine is notably the first Virginia-class vessel designed and built to accommodate crew gender integration. The New Jersey was christened in November 2021 by Susan DiMarco, a New Jersey resident and wife of former Secretary of Homeland Security Jeh Johnson. The commissioning of the submarine is scheduled for later this year.
Jason Ward, NNS vice president of Virginia-class submarine construction, expressed pride in the team's ability to deliver a high-quality vessel while upholding the highest safety and quality standards. The delivery of the New Jersey is seen as a critical step in ensuring the U.S. Navy's readiness for its future missions.
HII, recognized as the nation's largest military shipbuilder, has a workforce of 44,000 and a history spanning more than 135 years in advancing U.S. national security. The company is known for providing a range of defense solutions, from shipbuilding to unmanned systems and cybersecurity.
The information for this article is based on a press release statement.
InvestingPro Insights
As Huntington Ingalls Industries (NYSE:HII) celebrates the delivery of the New Jersey, its financial health and investor metrics provide additional context for stakeholders. Notably, HII boasts a perfect Piotroski Score of 9, indicating a strong financial position. This score is a testament to the company's operational efficiency and profitability, which may interest investors looking for stable investments in the defense sector.
In addition to its operational achievements, HII has demonstrated a commitment to rewarding its shareholders. The company has raised its dividend for 12 consecutive years, reflecting a reliable return on investment. This track record of consistent dividend growth is particularly appealing for income-focused investors, who value predictable cash flows.
InvestingPro Data metrics further highlight HII's financial situation. With a market capitalization of $10.85 billion and a P/E ratio of 16.05, the company is positioned as a sizable player in the industry with a valuation that suggests it's trading at a reasonable price relative to its earnings. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at 19.32, which when paired with a PEG ratio of 0.88, may indicate a favorable growth trajectory relative to its earnings.
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