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 reports developments as an aerospace and defense manufacturer of precision assemblies and components for large prime contractors and as a prime contractor to the U.S. Department of Defense. Its recurring news covers operating results, contract awards, aftermarket maintenance, repair and overhaul demand, and components used in landing gear, flight controls, engine mounts, aircraft jet engines, ground turbines and other complex machines.
Company updates also address customer-order timing, subcontractor lead times, cost actions, financing and debt-related disclosures, governance changes, and required exchange notices tied to financial statements and going-concern language. Contract news has included fixed-wing landing gear components and rotorcraft components for combat helicopters.
Air Industries Group (AIRI) announced its financial results for the first quarter ending March 31, 2021. Consolidated net sales increased by 2.2% to $13.7 million, while gross profit declined by 18.1% to $1.8 million, resulting in a gross profit margin drop to 13.1%. Operating expenses decreased by 21.7% to $1.8 million, enabling a shift to operating income of $27,000 from a loss of $81,000 in 2020. Adjusted EBITDA stood at $1.234 million, with a strong backlog of $84.7 million. The CEO highlighted a $22 million increase in new business quotes, signaling positive growth potential.
Air Industries Group (AIRI) will release its financial results for the three months ending March 31, 2021, at 8:30 AM on May 11, 2021. An investor conference call is scheduled for the same day at 5:00 PM Eastern, with the toll-free number being 800-207-0293 and a passcode of 834 115. The company, an integrated manufacturer of precision aerospace and defense components, highlights its ongoing projects and future revenues, while acknowledging risks related to project timing and regulatory changes, adhering to the Private Securities Litigation Reform Act.
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.