Huntington Ingalls Industries Announces First Quarterly Dividend and $150 Million Share Repurchase Program

Huntington Ingalls Industries Announces First Quarterly Dividend and $150
Million Share Repurchase Program

NEWPORT NEWS, Va., Nov. 8, 2012 (GLOBE NEWSWIRE) -- Huntington Ingalls
Industries (NYSE:HII) announced today that its Board of Directors has declared
the company's first quarterly cash dividend. The $0.10 per share dividend will
be payable on December 14, 2012, to shareholders of record on November 30,
2012.

Additionally, the company's Board of Directors has authorized a program to
repurchase up to $150 million of the company's outstanding shares of common
stock over the next three years.

"Our steady progress toward our 2015 targets, coupled with our strong and
sustainable cash position, gives us the flexibility to enhance shareholder
returns through dividends and a share repurchase program," said Mike Petters,
HII's president and chief executive officer. "Distributing cash to
shareholders is a key component of our disciplined capital allocation
strategy, which also includes investment in organic and other growth
opportunities, pension funding and debt service."

Purchases under the stock repurchase program may be made from time to time in
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.

The Company

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, please visit www.huntingtoningalls.com.

The Huntington Ingalls Industries, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9418

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 Ingalls 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: Jerri Fuller Dickseski (Media)
         jerri.dickseski@hii-co.com
         757-380-2341
        
         Andy Green (Investors)
         andy.green@hii-co.com
         757-688-5572

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