Welcome to our dedicated page for Air Industries news (Ticker: AIRI), a resource for investors and traders seeking the latest updates and insights on Air Industries stock.
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 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.
Air Industries Group (NYSE American: AIRI) has secured a $110 million, 7-year contract for the production of Thrust Struts used in Geared Turbo-Fan (GTF) aircraft jet engines. This contract, the largest in the company's history, will run from January 2025 through 2031, replacing and expanding an existing contract. The new deal has increased Air Industries' backlog to over $280 million, marking a significant milestone. CEO Lou Melluzzo highlighted that this project will require approximately 40,000 hours of annual production at their Long Island facility. The company's strategic investment in specialized machinery and equipment upgrades will support this order. Thrust Struts are critical components in the aerospace supply chain, with every GTF engine requiring a pair.
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), a manufacturer of precision components for aerospace and defense contractors, has announced its upcoming financial results release. The company will disclose its financial results for Q2 and H1 2024 on Wednesday, August 14th, pre-market at 8:30am ET. Following this, Air Industries will host an Earnings Conference call at 4:30 ET to discuss the results. Interested parties can join the call by dialing 877-524-8416. An audio replay of the call will be made available on the company's investor relations website shortly after the call concludes.
Air Industries Group (NYSE American: AIRI) has announced an amendment to its loan agreement with Webster Bank, its primary lender. The revised Credit Facility includes a waiver for not meeting the fixed charge coverage ratio for Q1 2024, and reduced financial covenant metrics for the rest of 2024 and Q1 2025. Additionally, there's a $1 million advance under the term loan for capital expenditures and a reduction in annual principal amortization by $135,000. However, these changes are partly balanced by a modification in the revolving credit line availability formula. CEO Lou Melluzzo expressed confidence that the new terms will provide the necessary flexibility and liquidity to support the company's strategic growth plans. The amendment will be filed with the SEC.
Air Industries Group (NYSE: AIRI), a top manufacturer of precision assemblies for aerospace and defense, secured a $2.4 million order for spare landing gear assemblies for the E-2C Hawkeye. CEO Lou Melluzzo highlighted the company's capabilities in aftermarket support and maintaining strong customer relationships. The E-2C/D Hawkeye, a tactical aircraft used for battlefield management, is one of Air's key product lines. Deliveries for this order are slated between 2026 and 2027, continuing the momentum generated in 2023 into 2024.
Air Industries Group (NYSE American: AIRI), a key producer of precision assemblies for aerospace and defense, has secured $8.2 million in orders from two clients. These orders are for components used in UH-60 Black Hawk and H-92 Super Hawk helicopters. Deliveries are set to commence in 2025. CEO Lou Melluzzo highlights the rising demand for military aircraft parts and the company's long-term role in supporting the Black Hawk program. The UH-60, the main helicopter for the U.S. Army, performs diverse roles such as transport and medical evacuation. The H-92, a military variant of the S-92, is notably used in Canada's Maritime Helicopter Program.
FAQ
What is the current stock price of Air Industries (AIRI)?
What is the market cap of Air Industries (AIRI)?
What does Air Industries Group do?
On which stock exchange is Air Industries Group listed?
Which aircraft does Air Industries support?
What recent contracts has Air Industries secured?
How is Air Industries managing its financial health?
What services does Air Industries provide?
Who are Air Industries' primary clients?
What are the financial highlights of Air Industries?
How long has Air Industries been in operation?
Where can I find more information about Air Industries Group?
