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Air Industries Group (NYSE American: AIRI) is a prominent aerospace and defense company that has been delivering high-quality, flight-critical components and assemblies for over four decades. As an integrated Tier 1 manufacturer, Air Industries specializes in producing precision parts essential for flight safety, including landing gear, arresting gear, engine mounts, flight controls, and throttle quadrants. The company also provides expert services in sheet metal fabrication, tube bending, and welding for aerostructures.
Air Industries supports some of the most advanced aircraft in the armed forces, including the Sikorsky Blackhawk Helicopter, Northrop Grumman E-2 Hawkeye, C-2A Greyhound, Boeing C-17 Globemaster, F-16 Fighting Falcon, F-18 Hornet, and the latest Lockheed F-35 Joint Strike Fighter.
Recent highlights from the company include receiving multiple contracts worth millions for components used in the UH-60 Black Hawk and H-92 Super Hawk helicopters. Additionally, Air Industries has secured a strategic follow-on contract for the U.S. Navy's E-2D Aircraft program, reinforcing its role as a key provider of mission-critical aerospace components.
In terms of financial performance, Air Industries reported a slight decline in net sales in recent quarters but remains optimistic about future growth. The company has been actively managing its financial health by securing amendments to its credit facilities and focusing on strategic investments to enhance production efficiencies.
For investors, Air Industries represents a stable entity in the aerospace and defense sector with a long history of supporting military aircraft. The company's commitment to quality and safety continues to position it as a trusted partner for defense contractors and the U.S. Department of Defense.
Air Industries Group (AIRI) reported preliminary sales growth of 6.6% for fiscal 2024, marking significant achievements across its operations. The Complex Machining Sector (CMS) secured a record $110 million commercial contract, while Sterling Engineering Company (SEC) saw a 33% year-over-year sales increase.
The company achieved notable improvements in key metrics: total bookings increased by 15% compared to 2023, with a book-to-bill ratio improving to 1.30x from 1.20x. The total backlog reached over $270 million, representing a 41% increase ($79 million) from 2023. The fully-funded backlog grew by 20% to over $117 million.
To support growth, the company invested $2.1 million in new machinery at its Connecticut facility. Management expressed confidence in sustained growth, citing expanded customer base and strengthened backlog as key drivers for future performance.
Air Industries Group (NYSE American: AIRI) has secured a $5.9 million contract for flight control assemblies (actuators) for the US Air Force F-5/T-38 aircraft. This marks the company's return to manufacturing for this long-established aircraft platform after several years.
The contract aligns with Air Industries' strategic initiative to expand its actuation business, supported by their new actuation assembly and testing cell in Bay Shore, NY. The company leverages its landing gear manufacturing expertise in actuator production, as retractable gear systems incorporate actuation technology.
This award strengthens Air Industries' relationship with a major defense prime contractor while advancing three strategic objectives: expanding their active aircraft platform portfolio, increasing aftermarket business, and boosting their actuation backlog.
Air Industries Group (NYSE American: AIRI) has secured a new $2.6 million contract for main landing gear assemblies for the US Navy E-2D Advanced Hawkeye aircraft. This contract focuses on aftermarket maintenance, repair, and overhaul of existing aircraft, following a previous $11 million award announced on December 9th for new aircraft production.
The E-2D Advanced Hawkeye is important for the US Navy's operations, responsible for threat identification, aircraft movement coordination, and airspace management around Aircraft Carrier Battle Groups. The aircraft is expected to remain in service until the 2040s.
CEO Lou Melluzzo highlighted that the company's 2023 business development initiatives are showing results, with bookings exceeding billings in calendar 2024. In December 2024 alone, AIRI announced three contracts totaling over $45 million.
Air Industries Group (NYSE American: AIRI) has secured a $33 million seven-year contract to manufacture complex components for the CH-53K King Stallion helicopter program. The agreement reinforces Air Industries' role in supporting a key U.S. Department of Defense procurement initiative. The CH-53K helicopter, important for troop deployment in coastal environments, represents one of the DOD's highest-priority programs.
CEO Lou Melluzzo highlighted that the contract will enable rapid production scaling, with expected increases in revenue and profitability through enhanced manufacturing hours and overhead cost absorption. The company plans to invest in new equipment to handle increased production volumes while maintaining capacity for organic growth.
Air Industries Group (NYSE American: AIRI) has secured a follow-on contract worth over $11.0 million for landing gear assemblies for the U.S. Navy E-2D Advanced Hawkeye aircraft. The company has been a key supplier to the E-2 family of aircraft for decades.
Production is scheduled to begin in the second half of 2025, with delivery starting in the first quarter of 2026. The contract's scope expanded during negotiations due to increasing demand from both the U.S. Navy and foreign military customers. The E-2D Advanced Hawkeye plays a important role in managing airspace around Carrier Battle Groups, identifying threats, and coordinating aircraft movements.
Air Industries Group (NYSE American: AIRI) has secured a follow-on contract worth $4.0 million for manufacturing arresting gear components for the F-35 Lightning II fighter aircraft. The contract, originating from a European F-35 program partner nation, follows an initial agreement from 2023.
Production is scheduled to begin in the first half of 2025 with completion expected by year-end 2025. The company, which specializes in manufacturing precision components for aerospace and defense prime contractors, views this contract as validation of their established relationship with the customer and alignment with their strategic goal of expanding international sales and supporting the F-35 program.
Air Industries Group (AIRI) reported Q3 2024 financial results showing revenue growth of 2.1% to $12.56 million and improved gross margin of 15.5%, up from 10.0% in Q3 2023. The company significantly reduced its net loss to $404,000, a 69% improvement from Q3 2023. For the nine months ended September 30, 2024, revenue grew 5.6% to $40.19 million with operating profit reaching $560,000, compared to a loss in 2023. The company's backlog exceeded $105 million, up 22% since January 2023, with a book-to-bill ratio of 1.40x. AIRI reaffirmed its target of achieving at least $50.0 million in net sales for fiscal 2024.
Air Industries Group (NYSE: AIRI), a manufacturer of precision components for aerospace and defense contractors, has announced it will release its financial results for Q3 and the first nine months of 2024 on Thursday, November 14th before market open at 7:00 AM ET. The company will host an earnings conference call the same day at 4:30 PM ET, with the conference call-in number set at 877-524-8416.
Air Industries Group (NYSE:AIRI), a manufacturer of precision assemblies for aerospace and defense applications, announced its participation in the MicroCap Rodeo Fall Conference on October 16th, 2024, in New York City. CEO Luciano Melluzzo will present at 2:00pm ET, discussing:
- Recent new contract wins
- Improvement in funded backlog
- Improving financial results
The presentation will be webcast live, and management will be available for one-on-one meetings with approved investors. Air Industries Group is a Tier 1 supplier to OEMs and a Prime Contractor to the U.S. Department of Defense. The company operates facilities in Long Island, NY, and Hartford, CT, totaling over 200,000 square feet and employing approximately 185 skilled technicians.
Air Industries Group (NYSE American: AIRI) has announced a partnership with All-System Aerospace International to expand access in the rapidly growing Foreign Military Sales (FMS) market. The agreement covers sales to 17 countries across Europe, the Middle East, Asia, and the Pacific, aligning with Air Industries' strategic goal of broadening manufacturing and distribution to allied militaries.
This collaboration allows Air Industries to leverage All-System Aerospace's established international network, enabling swift expansion of product distribution. The partnership aims to simplify supply chain management and reduce lead times for military platforms including the Blackhawk, CH-53 Heavy Lift, and CH-47 Chinook. Notably, FMS sales have surged from $34.8 billion in fiscal year 2021 to $66.2 billion in fiscal year 2023, a nearly 90% increase.
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