Air Industries Group Closes Fiscal 2024 with Record Bookings, Backlog - Preliminary Sales up Approximately 6.6%
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 (AIRI) ha riportato una crescita preliminare delle vendite del 6,6% per l'esercizio fiscale 2024, segnando risultati significativi in tutte le sue operazioni. Il Settore di Lavorazione Complessa (CMS) ha ottenuto un contratto commerciale record di 110 milioni di dollari, mentre la Sterling Engineering Company (SEC) ha registrato un aumento delle vendite del 33% rispetto all'anno precedente.
L'azienda ha ottenuto miglioramenti notevoli in metriche chiave: il totale degli ordini è aumentato del 15% rispetto al 2023, con un rapporto book-to-bill che è migliorato a 1,30x rispetto all'1,20x. Il totale degli ordini arretrati ha raggiunto oltre 270 milioni di dollari, rappresentando un incremento del 41% (79 milioni di dollari) rispetto al 2023. Gli ordini arretrati completamente finanziati sono cresciuti del 20%, superando i 117 milioni di dollari.
Per supportare la crescita, l'azienda ha investito 2,1 milioni di dollari in nuove macchine presso il suo stabilimento nel Connecticut. La direzione ha espresso fiducia in una crescita sostenuta, citando un ampliamento della base clienti e un arretrato rafforzato come motori chiave per le future performance.
Air Industries Group (AIRI) informó un crecimiento preliminar de ventas del 6.6% para el año fiscal 2024, marcando logros significativos en todas sus operaciones. El Sector de Maquinado Complejo (CMS) aseguró un contrato comercial récord de 110 millones de dólares, mientras que Sterling Engineering Company (SEC) vio un aumento del 33% en ventas interanuales.
La compañía logró mejoras notables en métricas clave: las reservas totales aumentaron un 15% en comparación con 2023, con un ratio de libro a facturación que mejoró a 1.30x desde 1.20x. El total de reservas pendientes alcanzó más de 270 millones de dólares, representando un aumento del 41% (79 millones de dólares) desde 2023. El backlog completamente financiado creció un 20% a más de 117 millones de dólares.
Para apoyar el crecimiento, la empresa invirtió 2.1 millones de dólares en nueva maquinaria en su instalación de Connecticut. La gerencia expresó confianza en un crecimiento sostenido, citando la expansión de la base de clientes y un backlog fortalecido como motores clave para el rendimiento futuro.
Air Industries Group (AIRI)는 2024 회계 연도의 예비 매출 성장률이 6.6%에 달했다고 보고하며, 모든 운영 부문에서 상당한 성과를 기록했습니다. 복합 가공 부문(CMS)은 1억 1천만 달러의 기록적인 상업 계약을 체결했으며, 스털링 엔지니어링 컴퍼니(SEC)는 전년 대비 33%의 매출 증가를 보였습니다.
회사는 핵심 지표에서 주목할 만한 개선을 이뤘습니다: 총 예약 건수가 2023년에 비해 15% 증가했습니다, 청구서 대비 예약 비율이 1.30배로 개선되었습니다(이전 1.20배). 총 미결제 주문량이 2억 7천만 달러 이상에 달했습니다, 이는 2023년에 비해 41% 증가한 수치입니다(7천9백만 달러). 완전 자금 지원된 미결제 주문량은 20% 증가하여 1억 1천7백만 달러를 초과했습니다.
성장을 지원하기 위해, 회사는 코네티컷 시설에 210만 달러를 신규 기계에 투자했습니다. 경영진은 고객 기반 확대와 강화된 대기 주문이 향후 성장을 위한 주요 동력이라며 지속적인 성장에 대한 자신감을 표명했습니다.
Air Industries Group (AIRI) a rapporté une croissance préliminaire des ventes de 6,6% pour l'exercice fiscal 2024, marquant des réalisations significatives dans toutes ses opérations. Le Secteur de Machining Complexe (CMS) a sécurisé un contrat commercial record de 110 millions de dollars, tandis que la Sterling Engineering Company (SEC) a enregistré une augmentation des ventes de 33% par rapport à l'année précédente.
L'entreprise a réalisé des améliorations notables dans des indicateurs clés : les réservations totales ont augmenté de 15% par rapport à 2023, le ratio réservations/Facturation s'est amélioré à 1,30x contre 1,20x. Le total des commandes en attente a atteint plus de 270 millions de dollars, représentant une augmentation de 41% (79 millions de dollars) par rapport à 2023. Le carnet de commandes entièrement financé a crû de 20% pour atteindre plus de 117 millions de dollars.
Pour soutenir cette croissance, l'entreprise a investi 2,1 millions de dollars dans de nouvelles machines dans son établissement du Connecticut. La direction a exprimé sa confiance en une croissance soutenue, citant l'élargissement de la clientèle et le renforcement du carnet de commandes comme moteurs clés de la performance future.
Air Industries Group (AIRI) meldete ein vorläufiges Umsatzwachstum von 6,6% für das Geschäftsjahr 2024 und erzielte damit bedeutende Erfolge in allen Betriebsbereichen. Der Bereich komplexe Bearbeitung (CMS) sicherte sich einen Rekordauftrag über 110 Millionen Dollar, während die Sterling Engineering Company (SEC) einen Anstieg des Umsatzes um 33% im Vergleich zum Vorjahr verzeichnete.
Das Unternehmen erzielte bemerkenswerte Verbesserungen in wichtigen Kennzahlen: die Gesamtaufträge stiegen um 15% im Vergleich zu 2023, wobei sich das Verhältnis von Buchaufträgen zu Rechnungen auf 1,30x von zuvor 1,20x verbesserte. Der Gesamtrückstand überstieg 270 Millionen Dollar, was einem Anstieg von 41% (79 Millionen Dollar) im Vergleich zu 2023 entspricht. Der vollständig finanzierte Rückstand wuchs um 20% auf über 117 Millionen Dollar.
Um das Wachstum zu unterstützen, investierte das Unternehmen 2,1 Millionen Dollar in neue Maschinen an seinem Standort in Connecticut. Das Management äußerte Vertrauen in ein anhaltendes Wachstum und nannte eine erweiterte Kundenbasis sowie einen gestärkten Rückstand als Schlüsselparameter für die zukünftige Leistung.
- Preliminary sales increased by 6.6% year-over-year
- Record $110 million commercial contract awarded to CMS
- Sterling Engineering sales grew 33% year-over-year
- Total backlog increased 41% to $270 million
- Fully-funded backlog up 20% to $117 million
- Book-to-bill ratio improved to 1.30x from 1.20x
- Total bookings increased by 15% compared to 2023
- None.
Insights
Air Industries Group's fiscal 2024 performance reveals compelling operational momentum. The 6.6% year-over-year sales growth coupled with a substantial 41% increase in total backlog to $270 million signals robust demand fundamentals. The improved book-to-bill ratio of 1.30x (up from 1.20x in 2023) indicates strong future revenue potential.
Sterling Engineering's 33% sales growth demonstrates exceptional execution, building on previous year's 20% growth. The
The fully-funded backlog increase of 20% to $117 million provides a solid foundation for near-term revenue recognition. The company's focus on defense contracts and MRO markets diversifies revenue streams while maintaining high barriers to entry.
The operational improvements across both facilities demonstrate effective capacity utilization and production efficiency. The investment in state-of-the-art machinery at the Connecticut facility is particularly strategic, enabling concurrent execution of new contracts without disrupting existing operations. This approach to capital allocation shows mature operational planning.
The record bookings at the Complex Machining Sector, combined with increased penetration in the MRO market, suggest successful diversification of revenue streams. The focus on high-precision aerospace and defense components maintains high entry barriers while the expanded customer base reduces concentration risk. The improved book-to-bill ratio indicates strong operational execution and effective order fulfillment.
The significant contract wins in both commercial and military sectors, particularly the CH-53K helicopter components, position AIRI well within the defense supply chain. The company's ability to secure long-term agreements with major defense contractors demonstrates its technical capabilities and reliability as a supplier. The expansion into MRO markets is strategically sound, as it provides recurring revenue opportunities and reduced cyclicality.
The record backlog levels and improved book-to-bill ratio suggest strong defense spending environment and AIRI's competitive positioning. With a
2024: A Year of Growth and Momentum
Sales Growth Across the Company
Fiscal 2024 marked a year of solid growth for Air Industries, with preliminary sales increasing by approximately
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Complex Machining Sector (CMS):
CMS, based inBay Shore, NY , consisting of Air Industries Machining Corporation and Nassau Tool Works, achieved record bookings. This is a testament to the revitalized focus on expanding opportunities with existing customers, success with new strategic customers and increased penetration in the Maintenance, Repair, and Overhaul (MRO) markets. In the third quarter of 2024 we announced the award of a$110 million Long Island facility continues to serve as a cornerstone of Air Industries’ business, providing complex machined components that meet the highest aerospace and defense standards. -
Sterling Engineering Company (SEC):
Sterling Engineering, based inBarkhamsted, CT , delivered another year of exceptional performance. Preliminary year-end sales increased by33% over 2023. This follows a20% year-over-year increase from 2022, showcasing consistent growth. SEC’s recently announced$33 million $2.1 million Connecticut facility.
Bookings and Backlog: A Record-Breaking Year and Reaching New Heights
Air Industries secured unprecedented levels of new business in 2024, further strengthening its position in the aerospace and defense supply chain:
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Total bookings increased by
15% compared to 2023, building on a55% increase in 2023 compared to 2022. - The book-to-bill ratio improved to 1.30x as of December 31, 2024, up from 1.20x at the close of 2023 and 0.75x in 2022, reflecting a robust pipeline of new orders.
Air Industries closed 2024 with its highest backlog levels in company history:
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Total Backlog (Funded and Unfunded):
Total Backlog grew by$79 million 41% , from 2023, reaching over$270 54% higher than at the close of 2022. -
Fully-Funded Backlog:
Fully-Funded Backlog increased by$19.6 million 20% , from December 31, 2023, to over$117 million 37% higher than at the close of 2022.
A Vision for the Future:
Lou Melluzzo, Chief Executive Officer of Air Industries Group, commented: “Fiscal 2024 was a year of progress and opportunity. We successfully grew sales, expanded our customer base, and significantly strengthened our backlog, providing a clear runway for sustained growth. We continue to reshape and refocus our efforts to best align with the ever-changing requirements of the industry and our clients. Our
Melluzzo added: “Our strategic focus remains clear: to compete for and win long-term agreements that drive sustainable and profitable growth. We are committed to meeting the needs of our defense customers with the highest quality, reliable products that ensure mission success.
“I am very proud of the dedication and hard work of our employees. They have faced and overcome the challenges of recent years, and positioned Air Industries Group for accelerated growth in the future. Progress may not be in a straight line. There may be set backs, but I have never been more confident about the future. With our increasing backlog and impeccable reputation as a trusted partner, we are well-positioned for 2025 and beyond.”
About Air Industries Group
Air Industries Group is a trusted partner to the aerospace and defense industry, delivering high-quality, precision-engineered components and assemblies for mission-critical applications. With decades of experience, the company is dedicated to supporting
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
NON-GAAP FINANCIAL MEASURES
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the SEC, as a supplemental profitability measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock-based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies and may be different than the EBITDA calculation used by our lenders for the purpose of determining compliance with our financial covenants. This Non-GAAP measure may have limitations when understanding performance as it excludes the financial impact of transactions such as interest expense necessary to conduct the Company’s business and therefore are not intended to be an alternative to financial measure prepared in accordance with GAAP. The Company does not quantitatively reconcile forward looking Adjusted EBITDA target to the most directly comparable GAAP measure because items such as amortization of stock-based compensation and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation is not possible as it requires inputs such as future grants and stock prices which are not currently ascertainable.
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Air Industries Group
Chief Financial Officer
631-328-7039
Source: Air Industries Group
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