Air Industries Group (AIRI) shares surged 17.31% in after-hours on Thursday, October 14, 2021, and closed the daily trading at $1.22 per share. In the regular trading session, AIRI’s stock gained 0.97%. AIRI shares have fallen 7.14% over the last 12 months, and they have moved up 1.96% in the past week. Over the past three months, the stock has lost 16.80%, while over the past six months, it has declined 14.05%.
Let’s have a brief discussion about its recent news.
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AIRI new agreement for heavy-lift helicopter
On October 14, 2021, Sterling Engineering, which is a subsidiary of Air Industries Group (AIRI), was awarded a new Long-Term Agreement (LTA) to deliver “Chaff Pods” for the new CH-53K heavy-lift helicopter. The contract value is approximately $5.2 million.
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The CH-53K is a sea-based, long-range, heavy-lift helicopter providing three times the lift capability of its predecessor and exceeding all other DOD rotary-wing platforms.
AIRI recent financial results
On August 04, 2021, Air Industries Group (AIRI) announced its financial results for the three and six-month periods ended June 30, 2021.
Q2 2021 financial highlights
- AIRI reported net sales of $15.5 million in Q2 2021 compared with $8.5 million in Q2 2020.
- Gross profit was $2.6 million in Q2 2021 compared to $600,000 in Q2 2020.
- Operating income was $400,000 in Q2 2021 compared with an operating loss of $1.3 million in Q2 2020.
- Adjusted EBITDA was $1.4 million in Q2 2021 compared with an EBITDA loss of $100,000 in Q2 2020.
First Six-Month 2021 Highlights
- Net sales were $29.2 million in the first six months of 2021 compared with $21.9 million in the first six months of 2020.
- Gross profit was 4.4 million in the first half of 2021 compared with $2.8 million in the first half of 2020.
- In the first half of 2021, operating income was $500,000 compared with an operating loss of $1.4 million in the first half of 2020.
- Adjusted EBITDA was $2.6 million in the first six months of 2021 compared with an EBITDA of $800,000 in the same period of 2020.
AIRI agreement for F-35 Landing Gear Components
On July 06, 2021, Air Industries Group (AIRI) received a follow-on Long-Term Agreement (LTA) to produce landing gear components for the F-35 Joint Strike Fighter Aircraft.
The LTA from our customer estimates purchases of between $12 and $18 million over the three years beginning in 2022 through 2024. Air Industries produces many landing gear components used on all three variants of the Aircraft.
The Air Industries Group stock surged in the after-hours after it announced a new agreement for heavy-lift helicopters. We can expect it to continue its positive momentum in the coming trading sessions as well.