This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ingalls Shipbuilding Awarded Modernization Contract For CG 47-Class Ships

PASCAGOULA, Miss., Sept. 17, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Ingalls Shipbuilding division has been awarded an $83.3 million cost-plus-award-fee contract from the U.S. Navy for continued life-cycle engineering, modernization and support services on the U.S. Navy's fleet of USS Ticonderoga-class (CG 47) Aegis guided missile cruisers. The contract is the first of five options which, if exercised, would place the total value of the contract at $468.2 million.

"This award builds on the U.S. Navy's confidence in the versatility we have as a shipbuilding company in not only building quality warships, but also in providing life-cycle and modernization support," said Bob Merchent, Ingalls' vice president, surface combatants and U.S. Coast Guard programs. "This contract validates Ingalls Shipbuilding's long-standing reputation for excellence in fleet sustainment and in building CG 47-class ships. Obviously it takes the efficiency and skill of our shipbuilders to accomplish these efforts, and I'm confident they will demonstrate quality performance on this important project for these surface combatants."

Ingalls, as lead shipbuilder for the Aegis cruiser program, delivered 19 of the 27 Ticonderoga-class ships between 1982 and 1994. The CG 47-class cruisers represent a significant portion of the Navy's surface combatants, and the modernization effort will increase their service life and war-fighting capability for another 20 years. Ingalls will perform the work in Pascagoula and provide waterfront support in U.S. Navy ports in Norfolk, Va.; Mayport, Fla.; San Diego; Pearl Harbor, Hawaii, and Yokosuka, Japan.

Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, visit:

The Huntington Ingalls Industries, Inc. logo is available at

Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our costs and perform effectively; risks related to our spin-off from Northrop Grumman (including our increased costs and leverage); our ability to realize the expected benefits from consolidation of our Gulf Coast facilities; natural disasters; adverse economic conditions in the United States and globally; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements.
CONTACT: Bill Glenn
         (228) 327-1671

company logo

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,821.22 +31.03 0.18%
S&P 500 1,980.36 +0.44 0.02%
NASDAQ 4,742.5220 -5.8390 -0.12%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs