Air Industries Group - AIRI STOCK NEWS

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.

Air Industries Group (NYSE American: AIRI) reported its financial results for Q1 2024, announcing net sales of $14.06 million, a 12% increase from Q1 2023. However, the company posted a net loss of $706,000, higher than the $618,000 loss in the previous year. Gross profit slightly improved to $1.91 million, with a decreased gross margin of 13.6% compared to 15% in Q1 2023. Operating expenses rose to $2.17 million, resulting in an increased operating loss.

The company’s backlog increased to $99.3 million, and it began initial production on new programs with expected improved margins over time. Cash flow used in operations was $232,000, and total indebtedness stood at $23.94 million. The company aims for net sales of at least $50 million and improved adjusted EBITDA for fiscal 2024. A conference call to discuss these results is scheduled for May 16, 2024, at 4:15 PM ET.

Air Industries Group (AIRI) reports strong Q4 2023 earnings with record net sales and operating income, along with a positive 2024 business outlook.

Air Industries Group (AIRI) to release Q4 fiscal and full-year 2023 results on April 1, 2024, followed by a conference call to discuss 2024 Business Outlook.

Air Industries Group (AIRI) has announced the reception of two strategically important contracts from new customers. The first contract is for structural engine nacelle components for the new CH-53K Heavy Lift Helicopter, with an initial order of just under $1 million and an anticipated 5-year order expected to be in excess of $12 million. The second contract is for actuator subassemblies on a developmental aircraft, with an initial order of approximately $1 million. CEO Lou Melluzzo expressed satisfaction with the awards, highlighting the company's increased investment and efforts in business development. These contracts are significant steps toward increasing Air Industries' workshare on the Sikorsky CH-53K and establishing relationships with large OEMs for future growth.