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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 (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
Air Industries Group (AIRI) announced an expansion of its credit facilities with Sterling National Bank, increasing the revolving credit facility limit by 25%, now totaling $20 million. The maturity dates for both the revolving credit and term loan have been extended to December 31, 2025. Additionally, the bank will permit partial amortization of subordinated debt, reducing interest expenses and boosting net income. CEO Lou Melluzzo highlighted this as a strong vote of confidence in the company’s growth prospects, ensuring adequate liquidity for anticipated revenue increases.
Air Industries Group (AIRI) reported improved financial results for Q3 and the nine months ending September 30, 2021. Q3 net sales rose by
Air Industries Group (AIRI) will release its financial results for the three and nine months ending September 30, 2021, on November 3, 2021, at 8:30 AM. Following the release, a conference call for investors is scheduled for the same day at 4:30 PM ET. The company specializes in manufacturing complex machined products for aerospace and defense contractors. This press release includes forward-looking statements regarding market trends, future revenues, and potential risks.
Air Industries Group (AIRI) has secured a Long-Term Agreement (LTA) worth over $5.2 million for its Sterling Engineering subsidiary to supply Chaff Pods for the CH-53K helicopter. This contract enhances their backlog for the CH-53 platform by over 70% to approximately $12.5 million. The CH-53K, a heavy-lift aircraft for the US Marine Corps, is expected to enter Full-Rate Production, increasing from four units in 2022 to 15 by 2026. The company aims to transition its business model towards more complete product offerings under long-term agreements.
Air Industries Group (AIRI) reported Q2 2021 results showing significant growth. Consolidated net sales rose 82.4% to $15.5 million, while gross profit surged 333.3% to $2.6 million. The company received a $7.4 million order for thrust struts, contributing to a fully funded backlog of $91.5 million. Six-month sales increased 33.3% to $29.2 million, and adjusted EBITDA grew nearly 225% to $2.6 million. CEO Lou Melluzzo highlighted strong operational improvements and plans for continued investments in capabilities.
Air Industries Group (AIRI) is set to release its financial results for Q2 2021 on August 4, 2021, at 8:30 AM ET. The company will also host an investor conference call on the same day at 4:30 PM ET. Air Industries specializes in manufacturing complex machined products for the aerospace and defense sectors, including landing gear and jet turbine components. The press release includes forward-looking statements regarding marketplace trends and potential future revenues, which are subject to various risks and uncertainties that may affect actual results.