Air Industries Group Reports Three and Six Months 2024 Financial Results and Reaffirms Fiscal 2024 Business Outlook
Air Industries Group (NYSE American: AIRI) reported strong Q2 2024 results, with revenues increasing 2.8% year-over-year to $13.57 million. Gross profit surged 22% to $2.64 million, while net income reached $298,000 ($0.09 per share), a significant improvement from a loss in Q2 2023. Adjusted EBITDA grew 47% to $1.41 million.
For H1 2024, revenues rose 7.3% to $27.63 million, with gross profit up 12.3%. The company reaffirmed its 2024 outlook, targeting net sales of at least $50 million and improved Adjusted EBITDA. The backlog increased to over $100 million as of June 30, 2024, with a book-to-bill ratio exceeding 1.20 for the trailing twelve months.
Air Industries Group (NYSE American: AIRI) ha riportato ottimi risultati per il Q2 2024, con ricavi in aumento del 2,8% rispetto all'anno precedente, raggiungendo i 13,57 milioni di dollari. Il profitto lordo è salito del 22% a 2,64 milioni di dollari, mentre il reddito netto ha raggiunto i 298.000 dollari ($0,09 per azione), un miglioramento significativo rispetto a una perdita nel Q2 2023. L'Adjusted EBITDA è cresciuto del 47% a 1,41 milioni di dollari.
Per il primo semestre del 2024, i ricavi sono aumentati del 7,3% a 27,63 milioni di dollari, con un profitto lordo in crescita del 12,3%. L'azienda ha confermato le previsioni per il 2024, puntando a vendite nette di almeno 50 milioni di dollari e a un miglioramento dell'Adjusted EBITDA. Il portafoglio ordini è aumentato a oltre 100 milioni di dollari al 30 giugno 2024, con un rapporto book-to-bill superiore a 1,20 negli ultimi dodici mesi.
Air Industries Group (NYSE American: AIRI) reportó resultados sólidos para el Q2 2024, con ingresos que aumentaron un 2.8% interanual, alcanzando los 13.57 millones de dólares. La ganancia bruta se disparó un 22% a 2.64 millones de dólares, mientras que la utilidad neta alcanzó los 298,000 dólares ($0.09 por acción), una mejora significativa respecto a la pérdida en Q2 2023. El EBITDA ajustado creció un 47% a 1.41 millones de dólares.
Para el primer semestre de 2024, los ingresos aumentaron un 7.3% a 27.63 millones de dólares, con una ganancia bruta en aumento del 12.3%. La compañía reafirmó sus perspectivas para 2024, apuntando a ventas netas de al menos 50 millones de dólares y a un EBITDA ajustado mejorado. El portafolio de pedidos aumentó a más de 100 millones de dólares a partir del 30 de junio de 2024, con una relación book-to-bill superior a 1.20 en los últimos doce meses.
에어 인더스트리 그룹(AIR Industries Group, NYSE American: AIRI)은 2024년 2분기 강력한 실적을 보고했으며, 매출은 전년 대비 2.8% 증가하여 1,357만 달러에 달했습니다. 총 이익은 22% 급증해 264만 달러에 도달했으며, 순이익은 298,000달러($0.09 per share)로, 2023년 2분기의 손실에 비해 크게 개선되었습니다. 조정된 EBITDA는 47% 증가하여 141만 달러를 기록했습니다.
2024년 상반기 동안 매출은 7.3% 증가하여 2,763만 달러에 이르렀고, 총 이익은 12.3% 증가했습니다. 회사는 2024년 전망을 재확인했습니다, 순 매출을 최소 5천만 달러로 설정하고 조정된 EBITDA의 개선을 목표로 하고 있습니다. 수주 잔고는 2024년 6월 30일 기준으로 1억 달러 이상으로 증가했습니다, 지난 12개월 간의 수주 대 매출 비율은 1.20을 초과했습니다.
Le groupe Air Industries (NYSE American: AIRI) a annoncé de bons résultats pour le T2 2024, avec des revenus en hausse de 2,8 % par rapport à l'année précédente, atteignant 13,57 millions de dollars. Le bénéfice brut a bondi de 22 % pour atteindre 2,64 millions de dollars, tandis que le bénéfice net a atteint 298 000 dollars (0,09 $ par action), une amélioration significative par rapport à une perte au T2 2023. Le EBITDA ajusté a augmenté de 47 % pour atteindre 1,41 million de dollars.
Pour le premier semestre 2024, les revenus ont augmenté de 7,3 % pour s'établir à 27,63 millions de dollars, le bénéfice brut ayant progressé de 12,3 %. L'entreprise a réaffirmé ses prévisions pour 2024, visant un chiffre d'affaires net d'au moins 50 millions de dollars et une amélioration de l'EBITDA ajusté. Le carnet de commandes a augmenté à plus de 100 millions de dollars au 30 juin 2024, avec un ratio commandes/factures dépassant 1,20 au cours des douze derniers mois.
Die Air Industries Group (NYSE American: AIRI) berichtete über starke Ergebnisse im Q2 2024, mit einem Umsatzanstieg von 2,8 % im Jahresvergleich auf 13,57 Millionen Dollar. Der Bruttogewinn stieg um 22 % auf 2,64 Millionen Dollar, während der Nettogewinn 298.000 Dollar ($0,09 pro Aktie) erreichte, was eine signifikante Verbesserung im Vergleich zu einem Verlust im Q2 2023 darstellt. Das angepasste EBITDA wuchs um 47 % auf 1,41 Millionen Dollar.
Im ersten Halbjahr 2024 stiegen die Einnahmen um 7,3 % auf 27,63 Millionen Dollar, während der Bruttogewinn um 12,3 % zunahm. Das Unternehmen bestätigte seine Prognose für 2024 und strebt einen Nettoumsatz von mindestens 50 Millionen Dollar sowie eine Verbesserung des angepassten EBITDA an. Der Auftragsbestand erhöhte sich bis zum 30. Juni 2024 auf über 100 Millionen Dollar, mit einem Verhältnis von Aufträgen zu Rechnungen von über 1,20 in den letzten zwölf Monaten.
- Q2 2024 revenues increased by 2.8% year-over-year to $13.57 million
- Q2 2024 gross profit surged 22% to $2.64 million
- Q2 2024 net income reached $298,000 ($0.09 per share), up from a loss in Q2 2023
- Q2 2024 Adjusted EBITDA grew 47% to $1.41 million
- H1 2024 revenues rose 7.3% to $27.63 million
- Backlog increased to over $100 million as of June 30, 2024
- Book-to-bill ratio exceeded 1.20 for the trailing twelve months
- Total indebtedness increased by $1.63 million (7.0%) to $24.94 million as of June 30, 2024
- H1 2024 net loss of $408,000, despite improvement from 2023
Insights
Air Industries Group's Q2 2024 results show promising improvement. Net sales increased by
The company's bottom line saw a remarkable turnaround, with net income reaching
With a growing backlog of over
Air Industries' investment in production efficiency and expanded manufacturing capabilities is a strategic move. The completion of rebuilding and modernizing three major equipment pieces at
The addition of solar panels at Sterling Engineering and a new Coordinate Measuring Machine (CMM) indicates a focus on both sustainability and precision manufacturing. These investments, coupled with the strong book-to-bill ratio, suggest the company is preparing for increased demand and higher production volumes.
However, the challenge lies in managing potential supply chain disruptions and raw material availability, as noted in their cautious outlook regarding order timing and delivery schedules. The company's ability to navigate these challenges will be important for capitalizing on its growing backlog.
“Our second quarter reflected strength across our business,” said Lou Melluzzo, CEO of Air Industries Group. “For the three months, revenues increased by
“Net income for the second quarter was
“Adjusted EBITDA (as defined below) for the three months was
Second Quarter 2024 Financial Results
Second Quarter June (Unaudited) |
|||||
2024 |
2023 |
||||
| Net Sales | $ |
13,572,000 |
$ |
13,205,000 |
|
| Cost of Sales |
|
10,928,000 |
|
11,035,000 |
|
| Gross Profit |
|
2,644,000 |
|
2,170,000 |
|
| Gross Margin |
|
|
|
|
|
| Operating Expense |
|
1,892,000 |
|
2,098,000 |
|
| Operating Income |
|
752,000 |
|
72,000 |
|
| Interest Expense |
|
(474,000) |
|
(500,000) |
|
| Other Income (net) |
|
20,000 |
|
13,000 |
|
| Income (Loss) before Income Taxes |
|
298,000 |
|
(395,000) |
|
| Income Taxes |
|
- |
|
- |
|
| Net Income (Loss) | $ |
298,000 |
$ |
(395,000) |
|
| Net Income (Loss) per Share | $ |
0.09 |
$ |
(0.12) |
|
| Reconciliation of EBITDA To GAAP | |||||
| Net Income (Loss) | $ |
298,000 |
$ |
(395,000) |
|
| Interest Expense |
|
474,000 |
|
500,000 |
|
| Depreciation |
|
574,000 |
|
615,000 |
|
| Amortization |
|
17,000 |
|
- |
|
| Stock Compensation |
|
50,000 |
|
241,000 |
|
| Adjusted EBITDA | $ |
1,413,000 |
$ |
961,000 |
|
| All Amounts are Unaudited. | |||||
Six Months 2024 Financial Results
Lou Melluzzo, CEO of Air Industries Group continued, “For the six months, revenues increased by
“Operating Income for the six months was
“Net loss for the first half of 2024 was (
“Adjusted EBITDA (as defined below) for the six months was
Six Months June (Unaudited) |
|||||
2024 |
2023 |
||||
| Net Sales | $ |
27,633,000 |
$ |
25,754,000 |
|
| Cost of Sales |
|
23,083,000 |
|
21,704,000 |
|
| Gross Profit |
|
4,550,000 |
|
4,050,000 |
|
| Gross Margin |
|
|
|
|
|
| Operating Expense |
|
4,057,000 |
|
4,136,000 |
|
| Operating Income |
|
493,000 |
|
(86,000) |
|
| Interest Expense |
|
(936,000) |
|
(956,000) |
|
| Other Income (net) |
|
35,000 |
|
29,000 |
|
| Income (Loss) before Income Taxes |
|
(408,000) |
|
(1,013,000) |
|
| Income Taxes |
|
- |
|
- |
|
| Net Income (Loss) | $ |
(408,000) |
$ |
(1,013,000) |
|
| Loss per Share | $ |
(0.12) |
$ |
(0.31) |
|
| Reconciliation of EBITDA To GAAP | |||||
| Net Income (Loss) | $ |
(408,000) |
$ |
(1,013,000) |
|
| Interest Expense |
|
936,000 |
|
956,000 |
|
| Depreciation |
|
1,101,000 |
|
1,239,000 |
|
| Amortization |
|
34,000 |
|
17,000 |
|
| Stock Compensation |
|
112,000 |
|
340,000 |
|
| Adjusted EBITDA | $ |
1,775,000 |
$ |
1,539,000 |
|
| (All Amounts are Unaudited. | |||||
2024 Business Outlook and Items of Note:
-
Although it remains difficult to predict the timing of orders, raw materials, and delivery times for finished products, the Company reaffirms a target of net sales for fiscal 2024 to be at least
$50.0 million
-
Backlog, which represents the value of all undelivered funded orders received, increased from March 31, 2024 to just over
$100 million
- The book-to-bill ratio, which is bookings divided by net sales was greater than 1.20 to 1.00 for the trailing twelve months ended June 30, 2024.
-
We continue to invest to increase production efficiency, and to expand our manufacturing capabilities. To this end, we have completed the rebuild and modernization of three major pieces of equipment at a cost of approximately
$1,000,000
-
As of June 30, 2024, total indebtedness was
$24,939,000 $1,629,000 7.0% from December 31, 2023. The increase resulted from:
-
An increase of
$507,000 -
Total increases of
$898,000 -
A new capital lease for
$225,000
-
An increase of
Air Industries is in compliance with all Webster Bank covenants as of June 30, 2024 and expects to remain in compliance for the balance of the year.
Conference Call Information
As previously announced, the Company will host a conference call to discuss financial results as well as its 2024 business outlook. The call is scheduled for today, August 14, 2024, at 4:30PM Eastern Time.
The conference call number is 877-524-8416 and will be made available for replay at www.airindustriesgroup.com.
ABOUT AIR INDUSTRIES GROUP
Air Industries Group is a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors. Its products include landing gears, flight controls, engine mounts and components for aircraft jet engines, ground turbines and other complex machines. Whether it is a small individual component or complete assembly, its high quality and extremely reliable products are used in mission critical operations that are essential for the safety of military personnel and civilians.
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 purposes 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 has not quantitatively reconciled its 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814467902/en/
Air Industries Group
Chief Financial Officer
631-328-7039
Anyone wishing to contact us or send a message can also do so by visiting: www.airindustriesgroup.com/contact-us/
Source: Air Industries Group
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