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POCASSET, Mass. - A joint team from HII (NYSE:HII), a $10.4 billion defense technology provider with $11.5 billion in annual revenue, Woods Hole Oceanographic Institution (WHOI), and the U.S. Navy’s Naval Undersea Warfare Center Division Newport (NUWCDIVNPT) has completed compatibility testing of the REMUS 620 uncrewed underwater vehicle with submarine torpedo tube systems, according to a press release issued Wednesday.
The test confirmed the compatibility of the REMUS 620 with the SAFECAP, Virginia-class submarine weapons handling and torpedo tube systems. This milestone prepares the way for in-water launch and recovery testing scheduled for later this summer at a Navy test facility.
The medium uncrewed underwater vehicle (MUUV), fitted with WHOI’s Yellow Moray docking technology, successfully completed a full end-to-end dry checkout of the Autonomous Underwater Vehicle/Shock and Fire Enclosure Capsule "All-Up Round" in the Virginia-class Cradle Payload Integration Facility and its Mk71 torpedo tube.
This achievement follows USS Delaware’s (SSN 791) earlier successful forward-deployed launch and recovery of a REMUS 600 UUV via submarine torpedo tube.
The REMUS family of underwater vehicles features an open-architecture design allowing for mission-specific configurations. According to the company, HII has sold more than 700 REMUS vehicles to over 30 countries, including 14 NATO members, with over 90% of units delivered in the past 23 years reportedly still in service. The company’s strong market position is reflected in its recent performance, with the stock gaining over 26% in the past six months. InvestingPro data shows HII maintains strong financial stability with a Fair overall health score.
HII, formerly known as Huntington Ingalls Industries, describes itself as a global defense provider with a workforce of 44,000 employees. The company has maintained dividend payments for 14 consecutive years, demonstrating consistent shareholder returns. For deeper insights into HII’s financial health and growth prospects, including 8 additional exclusive ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Huntington Ingalls has seen significant developments across various aspects of its operations. TD Cowen upgraded the company’s stock rating from Hold to Buy, citing potential margin recovery as a key factor. The firm set a price target of $300.00, noting that management is optimistic about achieving 9-10% ship margins as post-COVID challenges diminish. Additionally, Huntington Ingalls launched the Virginia-class submarine Arkansas into the James River, marking a significant milestone in its shipbuilding efforts.
The company also secured a substantial order from Hitachi for over a dozen REMUS 300 underwater vehicles, highlighting its ongoing contributions to undersea technology. Furthermore, a strategic partnership with C3.ai aims to enhance digital technologies and AI applications within Huntington Ingalls’ shipbuilding operations, potentially boosting production efficiency. Lastly, the company was awarded a $60 million contract modification for work on the USS Nimitz, further solidifying its position in the defense sector. These developments underscore Huntington Ingalls’ active role in advancing its shipbuilding and defense capabilities.
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