HII Authorizes a $600 Million Increase in its Share Repurchase Program to $3.8 Billion

NEWPORT NEWS, Va., Jan. 31, 2024 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced today that its Board of Directors has authorized an increase in the company’s share repurchase program from $3.2 billion to $3.8 billion and extended the term of the program from Oct. 31, 2024 to Dec. 31, 2028.

“This action demonstrates continued confidence in HII’s free cash flow generation and supports our commitment to return free cash flow to our shareholders,” said Chris Kastner, HII’s president and CEO.

Purchases under the share repurchase program may be made from time to time at the discretion of management in the open market, through privately negotiated transactions or through other means, are subject to prevailing market conditions and other factors, and may be suspended or discontinued at any time.

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

• HII on the web: https://www.HII.com/
• HII on Facebook: https://www.facebook.com/TeamHII
• HII on X: https://www.twitter.com/WeAreHII
• HII on Instagram: https://www.instagram.com/WeAreHII

Contact:

Brooke Hart (Media)
brooke.hart@hii-co.com
202-264-7108

Christie Thomas (Investors)
christie.thomas@hii-co.com
757-380-2104