U.S. Navy Exercises Option for HII's Lionfish SUUV Production, Program Valued Over $347M
HII sits 19% above its 52-week low of $246.34 on light trading volume (0.3× avg).
Summary
HII has secured an option year contract, providing an extra year under its U.S. Navy contract for the production of Lionfish small unmanned undersea vehicles (SUUVs), also referred to as autonomous submarines. This award continues a five-year program that has the potential to scale up to 200 vehicles, with the total contract value exceeding $347 million. The contract reinforces the Navy's confidence in HII's autonomous systems and contributes to the company's robust backlog. It follows other recent wins, such as a $418 million IDIQ contract in June, and is expected to provide steady revenue visibility for HII's Mission Technologies division.
At the time of this announcement, HII was trading at $294.06 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $11.6B. The 52-week trading range was $246.34 to $460.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.