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 (AIRI) delivers essential news and updates for stakeholders in aerospace and defense manufacturing. This dedicated resource provides investors and industry professionals with timely access to corporate developments, strategic initiatives, and operational milestones.
Track official press releases covering flight-critical component production, government defense contracts, and commercial aviation partnerships. Our curated collection includes updates on landing gear systems, engine mount innovations, and structural assembly advancements that maintain AIRI's position in safety-focused aerospace manufacturing.
Key content categories include quarterly financial results, major contract announcements, manufacturing process enhancements, and leadership updates. All materials are sourced directly from company communications to ensure accuracy and compliance with financial disclosure standards.
Bookmark this page for streamlined access to AIRI's evolving role in military and commercial aircraft production. Regularly updated content supports informed decision-making for those monitoring the precision manufacturing sector.
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.
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