24/7 Market News Snapshot 22 August, 2024 – Air Industries Group (NYSE:AIRI)

August 22, 2024

DENVER, Colo., 22 August, 2024 (247marketnews.com) – (NYSE:AIRI) are discussed in this article.
Air Industries Group (AIRI) is experiencing heightened investor interest, as indicated by a significant increase in trading volume, which has reached 2.05 million shares in the pre-market session, maintaining a stable price of $5.389. Although the stock exhibited no change from the last close of $3.750, technical analysis suggests that AIRI is in a bearish trend, with resistance levels potentially limiting upward momentum. Support levels are identified around $5.00, warranting caution among investors who should closely monitor volume trends and overall market conditions to inform their strategies.

In a significant development for the company, Air Industries Group announced the signing of a $110 million, seven-year contract for the production of Thrust Struts for the Geared Turbo-Fan (GTF) jet engine. This contract reinforces the company’s role as the sole supplier of these components since 2015 and is set to commence in January 2025, continuing through 2031. The new agreement replaces an existing contract expiring in December 2024 and expands the operational scope, which is expected to drive annual sales growth upon the commencement of production.

CEO Lou Melluzzo highlighted the importance of this milestone, stating that it underscores the Thrust Struts product line’s significance within Air Industries’ portfolio. The new contract pushes the company’s backlog to over $280 million, marking a pivotal growth phase. Melluzzo emphasized the contract’s anticipated impact on both revenues and profitability, which is projected to require around 40,000 hours of production annually, supported by specialized machinery essential for this output.

Furthermore, Chairman Peter Rettaliata commended the team for strengthening customer relationships, certainty benefitting shareholders. Following a successful participation at the Farnborough Air Show, Air Industries remains dedicated to enhancing business development initiatives and sustaining its growth trajectory in the aerospace sector while delivering high-quality safety-critical components.

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