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General Dynamics Corporation (GD) - free report >>
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Huntington Ingalls (HII) Unit Wins $110M U.S. Navy Contract
Huntington Ingalls Industries, Inc. (HII - Free Report) has clinched a modification contract from the U.S. Navy to exercise options for nuclear submarines. The contract is valued at $109.9 million. Contracting activity is the Naval Sea Systems Command, Washington, DC.
Per the latest modification, Huntington Ingalls will provide engineering, technical, and design services, and manage configuration and database. The company will also offer support services for integrated logistics, research and development; and modernization.
Moreover, the contract covers support to special mission submersible interfaces and submarine support facilities.
Work is scheduled to be complete by Sep 2018 and will be performed in Newport News, VA. The contract will use fiscal 2016 other procurement (Navy); and fiscal 2014 shipbuilding and conversion (Navy) funds.
HUNTINGTON INGL Price
HUNTINGTON INGL Price | HUNTINGTON INGL Quote
Huntington a Key Defense Operator
Huntington Ingalls is the prime industrial employer in Virginia. Through its Newport News segment, the company operates as the nation's sole designer, builder and refueler of nuclear-powered aircraft carriers. It is also one of only two companies designing and building nuclear-powered submarines for the Navy. Over 70% of the active Navy fleet consists of Huntington Ingalls ships. Moreover, the shipbuilding business outlook remains strong given the enacted fiscal 2016 budget and fiscal 2017 proposal.
Zacks Rank & Key Picks
Huntington Ingalls currently has a Zacks Rank #3 (Hold). A few better-ranked stocks in the aerospace and defense space include Engility Holdings, Inc. , General Dynamics Corporation (GD - Free Report) and Leidos Holdings, Inc. (LDOS - Free Report) . While Engility Holdings sports a Zacks Rank #1 (Strong Buy), both General Dynamics and Leidos carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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