Air Industries Group - AIRI STOCK NEWS

Air Industries Group (AIRI) announced its financial results for the year ended December 31, 2021, reporting a significant improvement in performance. Consolidated net sales rose 17.7% to $58.9 million, with operating income increasing to $2.5 million from a loss of $1.4 million in 2020. Gross profit also surged to $10.3 million, up $3.8 million year-over-year. Despite rising inflation and labor shortages, the CEO expressed optimism about future growth and profitability. The company has reduced its debt and improved its balance sheet.

Air Industries Group (AIRI), a Tier 1 manufacturer for aerospace and defense applications, will release its financial results for the year ended December 31, 2021, on March 7, 2022, at 8:30 am ET. A conference call for investors is scheduled the same day at 4:30 pm ET. Interested parties can join by dialing 888.378.4398 and using passcode 467 576. The company emphasizes its role as a prime contractor to the U.S. Department of Defense and warns of various risks affecting future results, including economic conditions and regulatory changes.

Air Industries Group (NYSE American: AIRI) has been invited to present at the Winter Wonderland Best Ideas Virtual Investor Conference from February 8-11, 2022. The management will present on February 9 at 5:00 p.m. Eastern Time, with one-on-one meetings throughout the event. This conference showcases various public companies to global investors. Air Industries, a Tier 1 manufacturer for aerospace and defense, is recognized for its vital contributions to flight safety and performance.

Air Industries Group (NYSE American: AIRI) has secured a contract valued at approximately $12.4 million to produce Main and Nose landing gear for the US Navy's E-2D Advanced Hawkeye. Deliveries are set to commence next year, with completion expected in 2024. The E-2D is crucial for the Navy's airborne early warning and command capabilities. AIRI CEO Lou Melluzzo emphasized the importance of the E-2D platform, which accounted for around 15% of the company's total sales in 2021. This contract marks a progression from Tier 2 to Tier 1 supplier status for AIRI.

Air Industries Group (NYSE American: AIRI) has secured a Long-Term Agreement (LTA) valued at $2.4 million to manufacture flight-critical products for the Blackhawk helicopter. This agreement adds to two previously announced LTAs for Blackhawk products, bringing the total estimated value of contracted work to over $20 million. CEO Lou Melluzzo highlighted the company's two-decade commitment to ensuring flight safety for the Blackhawk helicopter, underscoring the strategic importance of these contracts.

Air Industries Group (NYSE American: AIRI) has secured a $1.9 million contract for producing landing gear components for the U.S. Air Force’s B1-B, to be delivered in 2023. This order represents a significant achievement for the company as it taps into a platform not previously part of its portfolio. CEO Lou Melluzzo highlighted this win as part of the company's strategy to expand its product line, with over $25 million in new orders announced in January 2022 alone.

Air Industries Group (NYSE American: AIRI) announced the award of two Long-Term Agreements (LTAs) valued at approximately $18.2 million over five years for manufacturing flight-critical assemblies for the Blackhawk helicopter. The first LTA covers the primary flight control assembly, valued at $9.9 million, while the second pertains to a critical component worth $8.3 million. Both components have over 20 years of production history at Air Industries, highlighting their expertise in aerospace manufacturing.

Air Industries Group (AIRI) has announced a significant achievement with its subsidiary, Sterling Engineering, securing a 'Life of the Program Extension' for a Long-Term Agreement to supply Turbine Exhaust Case (TEC) components for the PW-4000 jet engine. This extension is expected to generate over $6 million in revenue. Sterling Engineering has a decade of experience with these components, underscoring its reliability and competitiveness in the aerospace sector. CEO Lou Melluzzo emphasized the importance of transitioning to long-term agreements, reflecting customer confidence and strategic growth.