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Tag: AIRI stock

  • Air Industries (NYSE:AIRI) Secures Largest Contract, Shares Skyrocket

    Air Industries (NYSE:AIRI) Secures Largest Contract, Shares Skyrocket

    Since the announcement of the company’s largest contract to date, the stock value of Air Industries Group (NYSE: AIRI) has experienced an exceptional jump. Shares of AIRI have more than doubled and are now trading at $7.70, up an amazing 105.38% as of the most recent market check. Increased investor confidence in the company’s future prospects is reflected in this notable increase.

    $110 million contract accelerates the growth of Air Industries Path

    In order to manufacture thrust struts, a crucial component of the jet engine used in Geared Turbo-Fan (GTF) aircraft, Air Industries has secured a $110 million, seven-year contract. Air Industries has furthered its dominance in the aerospace and military industrial business by being the exclusive supplier of this essential component since 2015.

    This contract, which is slated to begin in January 2025 and last until 2031, will replace and build upon the present one, which was meant to end in December 2024. This new agreement marks a major turning point for Air Industries, particularly for its Thrust Struts product line, which has been the foundation of the business’s activities for almost a decade.

    The contract will significantly bolster the company’s backlog, pushing it beyond $280 million for the first time—a remarkable achievement that underscores the strategic importance of this agreement.

    Strategic Investments by AIRI and Its Market Impact

    Air Industries’ Long Island manufacturing facility is expected to dedicate approximately 40,000 hours annually to fulfill the demands of this contract. The production process relies on highly specialized machinery, which the company has strategically upgraded in anticipation of such large-scale projects.

    This foresight ensures that AIRI can meet the rigorous demands of the aerospace supply chain, where the Thrust Struts play a crucial role. The successful acquisition of this contract not only fortifies Air Industries’ relationship with a key customer but also delivers a substantial win for shareholders.

    Following the recent Farnborough Air Show, Air Industries (AIRI) remains focused on business development, strengthening existing relationships, and exploring new partnerships, positioning itself for continued growth in the aerospace sector.

  • Air Industries (AIRI) Shares Rebound In After-Hours Trading Following Big Order

    Air Industries (AIRI) Shares Rebound In After-Hours Trading Following Big Order

    Receiving a substantial order has led to a significant surge in Air Industries Group (NYSE: AIRI) stock price during the after-market session on Thursday. The stock spiked by 7.09%, reaching $5.74, partially offsetting the regular-session loss of 21.06% which concluded with a price of $5.36.

    Major Orders For Military Helicopter Components

    Air Industries (AIRI) announced that it had secured orders totaling $8.2 million from two customers for components used in UH-60 Black Hawk and H-92 Super Hawk helicopters. These contracts highlight the increasing demand for critical military aircraft parts and emphasize Air Industries’ significant role in supporting vital military aircraft programs.

    Even though AIRI’s product range has expanded to include H-92 components more recently, the business has a long history of supplying the Black Hawk with dependable flight-critical assemblies, demonstrating its commitment to this important program. It is anticipated that these components will begin to be delivered around 2025.

    Consistent Support For Military Aircraft Initiatives

    Air Industries supports the UH-60 Black Hawk helicopter platform by supplying essential flight-critical parts including the primary flight control unit and main transmission beam. The UH-60 Black Hawk, the principal helicopter of the U.S. Army, is widely utilized for transport, troop mobility, medical evacuation, and cargo lift tasks.

    Manufactured by Sikorsky, this versatile helicopter is used by various branches of the U.S. military and allied countries. The H-92 Super Hawk, a multi-mission military derivative of the S-92 commercial helicopter, serves as a larger alternative to the Black Hawk. It is notably utilized by Canada in its Maritime Helicopter Program, further broadening the scope of Air Industries’ contributions to international military operations.

    Positive Outlook For Fiscal 2024

    For Air Industries, fiscal 2024 has commenced on a positive note. The company continues to benefit from strong order and opportunity flows, as evidenced by the recent substantial bookings. In its latest financial report, Air Industries recorded bookings worth $12.95 million and saw its backlog increase to $99.3 million.

    The company remains focused on closing several large opportunities, ensuring continued growth and stability in its operations. This promising start to the fiscal year underlines Air Industries’ strategic importance and robust performance in the defense sector.

  • Air Industries Group (AIRI) Stock Steadily Moving Forward in the Aftermarket, Here’s the Reason.

    Air Industries Group (AIRI) Stock Steadily Moving Forward in the Aftermarket, Here’s the Reason.

    Air Industries Group (AIRI) is a leading developer, manufacturer, and supplier of structural components related to primary defense mechanisms. The company also develops and designs the mechanisms important for performance and safety of flights.

    The price of AIRI stock during the regular trading on January 31, 2022 with 2.35% incline was $0.84. At last check in the aftermarket, the stock was further up by 1.26%.

    AIRI: Events and Happenings

    On January 31, 2022, AIRI reported the receipt of award of a contract by its subsidiary for the production of landing gear parts for B1-B in US Air Force. The company is anticipated to earn $1.9 million from the contract by 2023.

    AIRI: CEO Comments

    Speaking at the occasion, CEO of AIRI Lou Melluzzo stated that the award of the order from a long-term customer for aircraft portfolio is a moment of pride for the company. He further added that the company is planning the expansion of its product line in 2022.

    On January 19, 2022, AIRI reported about the receipt of two contracts to develop flight-critical components of the Blackhawk helicopter. The contract was awarded to the company’s subsidiary and comes under the category of Long-Term Agreements. The company is anticipated to earn a hefty $18.2 million in five years.

    On January 6, 2022, AIRI reported about the receipt of contract by its subsidiary to manufacture and deliver the Turbine Exhaust Case parts for the PW-4000 jet engine. The contract comes under the category of Long-Term Agreement’s Life of the Program Extension. The company is expected to generate revenue of approximately $6 million over the period.

    On November 29, 2021, AIRI reported about the expansion of size and maturity of its Term Loan and Revolving Credit Facility by the Sterling National Bank. The RCF surged by $4 million or 25% from its recent limit.

    AIRI: Key Financials

    On November 3, 2021, AIRI reported its financial results for three months ended September 30, 2021. Some of the key updates are as follows.

    Net Sales

    Consolidated net sales in Q3 2021 were $14.4 million compared to $13.7 million in the same period of 2020.

    Operating Income/Loss

    Operating income in Q3 2021 was $0.17 million compared to operating loss of $0.24 million in the same period in 2020.

    Conclusion

    AIRI stock down performed 11% from the past month due to the economic restrictions put by the pandemic. The company’s stock was up in the recent aftermarket due to receipt of order from US Air Force. The analysts are optimistic that the company has preserved its reputation in the governmental offices. The current strategic collaboration will support the company’s stock in the coming days by attracting more investment options.

  • Two Long Term Agreements: Air Industries Group (AIRI) stock Flies After Hours

    Two Long Term Agreements: Air Industries Group (AIRI) stock Flies After Hours

    On January 19, Air Industries Group (AIRI) announced winning two long-term agreements with a combined value of $18.2 million. Consequently, the stock increased by 14.31% in the after-hours.

    During regular trading, the stock saw a high of $0.88 and a low of $0.86 at 4.17 million shares. AIRI stock closed the session with a mild loss of 0.90% at $0.86. Following the announcement, the stock reached up to $0.99 at an after-hours volume of 4.14 million.

    The aerospace and defense company, Air Industries Group was founded in 1979. Currently, it has a market capitalization of $27.95 million with 32,13 million shares outstanding.

    The Long Terms Agreements (LTAs)

    As per Wednesday’s announcement, AIRI’s Air Industries Machining Corp. has won two LTAs for manufacturing Blackhawk helicopter’s flight-critical assemblies. Moreover, the estimated combined value of the two LTAs is $18.2 million approx. Air Industries Machining Corp. is the company’s Long-Island-based subsidiary.

    The two five-year long-term agreements are: First, for manufacturing Blackhawk’s primary flight control assembly, which has an estimated life-of-the-contract value of $9.9 million; Second, for the production of a flight critical component of the same helicopter, with the estimated life-of-the-contract value of $8.3 million.

    According to the CEO of AIRI, Mr. Lou Melluzzo, the company has been manufacturing both critical products for over two decades and is proud to receive the contracts.

    Other Recent LTAs

    Previously, on January 06, the company announced the “Life of the Program Extension” of an LTA being awarded to its Sterling Engineering subsidiary. As per the agreement, Sterling Engineering is to deliver Turbine Exhaust Case (TEC) components for the PW-4000 jet engine. Furthermore, the PW-4000 jet engine is used on many Airbus and Boeing commercial aircraft like A-330 and Boeing 777. Hence, the contract extension is expected to result in excess revenue of $6 million over the remaining term.

    In addition, the company’s subsidiary, Sterling Engineering has experience of over a decade in the production of TEC components for the PW-4000 jet engine.

    AIRI’s Financial Report

    On November 03, the company disclosed its financial results for the third quarter of 2021, which ended on September 30.

    In the third quarter of 2021, the consolidated net sales were $14.4 million against $13.7 million in Q3 of 2020. This shows an increase of 5.1% year over year.

    Additionally, AIRI generated an operating income of $178,000 in the third quarter of 2021, against an operating loss of $243,000 in the year-ago quarter.

  • Why Air Industries Group (AIRI) Stocks Jumping Higher Today?

    Why Air Industries Group (AIRI) Stocks Jumping Higher Today?

    Shares of Air Industries Group (AMEX: AIRI) jumped 41.37% during the trading session of Friday after the company announced that it will discuss the earnings results of 2020 Third Quarter in the Earnings Call which is scheduled to be held on October 30, 2020, at 8:30 AM Eastern Time. The company has disclosed its financial results for the three and nine months ended September 30, 2020.

    Aerospace & Defense company has announced that the sales of its third-quarter reached $13.7 million, recording an increase of $ 5.2 million or 61% compared to the second quarter during the peak of the pandemic. Air Industries Group has reported a Gross Margin of 12.1%.

    The company has achieved a V-shaped recovery in its sales. It has reported the consolidated net sales for the three months ended September 2020 of $13.7 million. It has recorded a decline of 2% as compared to the sales for the three months ended in 2019.  On the other hand, AIRI recorded the consolidated net sales for the nine months ended September 2020 of $35.6 million.

    Its consolidated gross profit for three months and nine months was $1.7 million and $4.5 million, respectively. Air Industries has reported the Operating expenses for the three months and nine months ended September 2020 were $1.9 million and $6.1 million.

    Furthermore, Its operating loss for three months ended September 2020 was $240,000 and operating loss for the nine months completed September 2020 was $1.6 million. It has shared the interest and financing costs for the three months ended September 2020 of $359,000 and $1.2 million interest and financing costs for the nine months ended September 2020.

    Air Industries Group (AMEX: AIRI) shares were trading up 41.37% at $1.46 at the time of writing on Friday. Air Industries Group (AMEX: AIRI) share price went from a low point around $0.60 to briefly over $3.36 in the past 52 weeks. It has a trading volume of 5.58 million as compared to the average volume of 85.38K. AIRI market cap has remained high, hitting $31.31 million at the time of writing.