NEWPORT NEWS, Va. - Defense contractor HII (NYSE:HII), a $11 billion market cap company that has seen its stock surge over 54% year-to-date, announced Thursday the promotion of Roger Kelly to vice president of contracts and pricing at its Newport News Shipbuilding division.
Kelly, who began his career with the company in 1999 as a nuclear engineer supporting the Virginia-class submarine program, succeeds Matt Mulherin Jr., who has been appointed vice president of supply chain and strategic sourcing at the same division. According to InvestingPro data, HII maintains strong financial health with moderate debt levels and has consistently raised its dividend for 13 consecutive years.
In his new role, Kelly will oversee contracts, pricing, and export/import licensing and compliance for Newport News Shipbuilding. He will report to Don Godwin, the division's vice president of business management and chief financial officer.
"I am confident Roger has the leadership, business and technical expertise required to lead impactful contract negotiations on behalf of our team," Godwin said in the press release.
Kelly most recently served as director of contracts and pricing, overseeing all new construction contracts at the shipyard. He holds a bachelor's degree in civil engineering and an MBA from Old Dominion University.
HII, headquartered in Virginia, describes itself as a global defense provider with a workforce of 44,000. The company has a more than 135-year history and is the nation's largest military shipbuilder, according to the statement. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers this and over 1,400 other top US stocks.
In other recent news, Huntington Ingalls Inc. has secured a $276 million contract modification for the overhaul of the USS Harry S. Truman aircraft carrier. This contract will support additional advance planning and procurement of long-lead-time materials necessary for the Refueling Complex Overhaul. Additionally, Huntington Ingalls has been awarded a $98.5 million contract modification for work on the USS John C. Stennis, which includes supplemental work and special incentives for improved facilities at the Newport News Shipyard.
In another development, HII announced a capital investment in a new facility to support the U.S. Army's Enduring-High Energy Laser program. This facility will enhance HII's laser capabilities, allowing for the assembly and testing of high-energy laser prototypes. Furthermore, HII's Mission Technologies division has been selected for a U.S. Navy contract to provide training products and services, with a contract ceiling of $267 million.
Meanwhile, BofA Securities raised its price target on Huntington Ingalls to $260 from $180, citing stronger shipbuilding volumes and increased investor interest in Navy ship demand, although the firm maintained an Underperform rating on the stock.
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