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) generates a steady flow of news as a manufacturer of precision components and assemblies for large aerospace and defense prime contractors. Company press releases and SEC Form 8-K filings highlight its role in supplying landing gears, flight controls, engine mounts, and components for aircraft jet engines, ground turbines, and other complex machines used in mission-critical operations.
News about Air Industries often focuses on financial results and contract activity. The company regularly announces quarterly and annual financial performance, including net sales, gross profit, operating income or loss, net income or loss, and Adjusted EBITDA as a non-GAAP measure. These updates are typically accompanied by management commentary on margins, cost trends, backlog, and book-to-bill ratios, and are followed by scheduled investor conference calls.
Another key news theme is contract awards and aftermarket activity. Air Industries has reported contracts for landing and arresting gear components for the US Navy E-2D Advanced Hawkeye, landing gear steering collar components for the US Air Force B-52 aircraft, and orders for fixed wing landing gear components and rotorcraft components for combat helicopters. The company often notes whether these contracts support production of new aircraft, aftermarket Maintenance, Repair, and Overhaul (MRO), or both.
Visitors to the AIRI news page can review these announcements to understand how new bookings, backlog, and contract wins relate to the company’s financial performance and operational focus. The news flow also covers topics such as amendments to loan agreements, changes to authorized share capital, and the timing of earnings releases and conference calls, providing a consolidated view of the company’s recent developments.
Air Industries Group (NYSE AMEX: AIRI) reported results for Q4 and FY 2020, highlighting a 9.0% increase in Q4 net sales to $14.5 million and a 23.5% rise in gross profit to $2.1 million. Annual net sales fell to $50.1 million from $54.6 million in 2019. Operating income improved to $200,000, compared to an operating loss of $1.0 million the previous year. The company reported a net income of $1.3 million for the year, aided by $2.4 million in PPP loan forgiveness. CEO Lou Melluzzo expressed optimism for 2021, citing a strong backlog and expected sales growth.
Air Industries Group (AIRI) has reached a Settlement Agreement to resolve a working capital adjustment dispute with CPI Aerostructures, Inc. The resolution comes after CPI Aero filed a motion seeking approximately $4.1 million in a New York Supreme Court. Instead, both parties agreed to a settlement involving the payment of $1,381,000, which will be released from escrow to CPI Aero. This settlement marks a significant step towards resolution, allowing Air Industries to focus on its core operations in precision equipment manufacturing for aerospace and defense contractors.