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.

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