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This news article is based on a press release statement from Air Industries Group, which serves as a trusted partner in the aerospace and defense industry, supporting U.S. military programs and global defense initiatives. The company's forward-looking statements are subject to risks and uncertainties and are made as of the date of the press release. For a comprehensive analysis of AIRI's financial health, valuation, and growth prospects, investors can access the detailed Pro Research Report available on InvestingPro, which provides expert insights and actionable intelligence for over 1,400 US stocks. For a comprehensive analysis of AIRI's financial health, valuation, and growth prospects, investors can access the detailed Pro Research Report available on InvestingPro, which provides expert insights and actionable intelligence for over 1,400 US stocks. The company's Complex Machining Sector (CMS) achieved record bookings, including a $110 million commercial contract, which is the largest to date for the group.
The company's Sterling Engineering Company (SEC) also saw a significant sales increase of 33% over the previous year, following a 20% increase from 2022. To support an expected increase in production hours from a $33 million contract for CH-53K helicopter components, SEC invested $2.1 million in two new machines in December.
Total (EPA:TTEF) bookings for Air Industries in 2024 grew by 15% compared to 2023, which had already seen a 55% increase from 2022. The company's book-to-bill ratio improved to 1.30x at the end of 2024, indicating a strong pipeline of new orders. Despite this operational progress, InvestingPro analysis shows the company has yet to achieve profitability in the last twelve months, with earnings per share at -$0.19.
The company ended the year with its highest backlog levels in history, with total backlog growing by $79 million, or 41%, from 2023, reaching over $270 million. The fully-funded backlog increased by $19.6 million, or 20%, from the end of 2023 to over $117 million.
Lou Melluzzo, CEO of Air Industries Group, expressed confidence in the company's positioning for 2025, citing the record bookings and sales growth as foundations for future opportunities within defense programs. Melluzzo highlighted the company's focus on winning long-term agreements that drive sustainable and profitable growth, as well as the dedication of employees who have positioned Air Industries for accelerated growth in the future.
This news article is based on a press release statement from Air Industries Group, which serves as a trusted partner in the aerospace and defense industry, supporting U.S. military programs and global defense initiatives. The company's forward-looking statements are subject to risks and uncertainties and are made as of the date of the press release.
In other recent news, Air Industries Group secured several contracts, including a $5.9 million deal with the U.S. Air Force, a $2.6 million contract with the Navy, and a $4 million contract for F-35 components. The company also reported a 3.31% growth in revenue over the last year, reaching $53.66 million. These recent developments indicate a significant expansion of the company's current product portfolio and a deepened relationship with major defense prime contractors.
Air Industries Group's recent earnings report showed a surge in gross profit of 58%, resulting in a gross margin of 15.5%. The company's operating income also improved from a loss to a gain of $67,000. According to analysts at InvestingPro, the company's Adjusted EBITDA was $3.23 million.
The company also reported a 4% growth in its backlog, exceeding $104 million, indicating potential for future revenue. Air Industries Group reaffirmed its fiscal 2024 guidance, expecting at least $50 million in net sales and improved adjusted EBITDA.
In terms of strategic developments, Air Industries Group secured a significant agreement to service NATO countries. The company is also exploring new markets, specifically commercial aviation and eVTOL vehicles. These recent developments demonstrate the company's proactive approach to navigate the current business environment while seeking growth opportunities.
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