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BAY SHORE, N.Y. - Air Industries Group (NYSE American: AIRI), a manufacturer of precision aerospace and defense components, has secured two contracts totaling approximately $1.5 million. These contracts are for the provision of landing gear components to the US Air Force for their B1-B Lancer bomber and F-16 Fighting Falcon aircraft. According to InvestingPro data, the company currently generates annual revenue of $53.66 million, with these new contracts representing about 2.8% of their trailing twelve-month revenue.
The announcement was made earlier today, highlighting the company’s focus on the maintenance, repair, and overhaul (MRO) market for military aircraft. This sector is notably large, as underscored by the Congressional Research Service, which reports that the US Military’s Operations & Maintenance budget is nearly double that of its Procurement budget.
Lou Melluzzo, CEO of Air Industries, remarked on the significance of these contracts as a testament to the company’s growing success in targeting the expansive MRO market. The Pentagon’s fiscal year 2025 budget request includes a 3.5% increase for Operations & Maintenance, in contrast to a 2.2% decrease in Procurement.
Air Industries Group, known for its manufacturing of high-quality, reliable components such as landing gears, flight controls, and engine mounts, serves large aerospace and defense contractors. Their products are integral to mission-critical operations that ensure the safety of military personnel and civilians alike. Financial data from InvestingPro shows the company operates with moderate debt levels and maintains an EBITDA of $3.23 million for the last twelve months.
The company also addressed the forward-looking nature of these statements, acknowledging the inherent risks and uncertainties that could affect the actual results of their market trends, future revenues, and projected backlogs. These statements fall under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
In addition to financial projections, Air Industries uses Adjusted EBITDA, a non-GAAP financial measure, to evaluate profitability by excluding non-cash and nonrecurring expenses. However, they caution that this measure may differ from other companies’ methods and is not intended to be a substitute for GAAP financial measures.
These contracts are part of the company’s broader strategy to capitalize on the robust MRO market and are based on a press release statement from Air Industries Group.
In other recent news, Air Industries Group reported a 6.6% increase in sales for fiscal 2024, with its Complex Machining Sector achieving record bookings, including a notable $110 million commercial contract. The company’s Sterling Engineering Company saw a 33% rise in sales, driven by a $33 million contract for CH-53K helicopter components. Air Industries ended the year with its highest backlog levels, with total backlog reaching over $270 million, marking a 41% increase from 2023. The company also secured a $5.9 million contract to produce flight control assemblies for the U.S. Air Force’s F-5/T-38 aircraft, enhancing its actuation business. Additionally, Air Industries won a $2.6 million contract to provide main landing gear assemblies for the U.S. Navy’s E-2D Advanced Hawkeye aircraft, part of its ongoing support for the Navy’s fleet. Another significant development is a follow-on contract worth approximately $4 million for F-35 Lightning II fighter aircraft components, reinforcing the company’s role in global defense efforts. These developments highlight Air Industries’ strategic focus on expanding its product portfolio and securing long-term agreements.
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