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.
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Conclusion
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.