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.
