Air Industries Stock Price, News & Analysis

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.

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 $692,000 (5.1%) to $14.4 million. Gross profit increased $358,000 (21.6%) to $2.0 million, with margins at 14.0%. Year-to-date net sales grew $7.9 million (22.2%) to $43.5 million, and gross profit surged $2.0 million (44.1%). Operating income improved by $2.3 million to $646,000. Long-term debt dropped by over $3 million since year-end.

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.