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) 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.
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.
Air Industries Group (AIRI) announced a follow-on Long-Term Agreement (LTA) to produce landing gear components for the F-35 Joint Strike Fighter, estimating purchases between $12 million and $18 million from 2022 to 2024. This agreement underscores Air Industries' ongoing involvement in a critical defense program, supporting production as it approaches full-rate. The company has provided these components since F-35 production began, strengthening its position within the aerospace and defense sector.
Air Industries Group (AIRI) has secured a $7.4 Million order for Thrust Struts, a key component of the Geared Turbofan Jet Engine. This order stems from a Long-Term Agreement and highlights the company's significant role in military aviation and its largest commercial aviation product. CEO Lou Melluzzo noted a rebound in commercial aviation demand, previously impacted by the pandemic. The Thrust Strut is utilized in popular aircraft, including the Airbus A-220.
Air Industries Group (AIRI) will host an investor conference call on May 12, 2021, at 4:30 PM Eastern Time. Investors can join the call using the toll-free number 888-207-0293 and the passcode 488912. The company specializes in manufacturing complex machined products for the aerospace and defense sectors, producing components such as landing gear and jet turbine parts for major contractors. The press release also contains forward-looking statements regarding potential trends, revenues, and risks impacting future performance.