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 currently experiencing fluctuations in its stock performance, with pre-market trading at $5.686, maintaining its previous day’s close of $3.750 after a remarkable rally. Trading volume has surged to 4.44 million shares, signaling increased investor interest; however, the lack of sustained upward momentum raises questions regarding the durability of this price surge. Traders are advised to monitor key support levels to anticipate potential reversals or declines, as market sentiment continues to evolve based on new developments.

In exciting news, Air Industries recently secured a significant $110 million contract for the supply of Thrust Struts, a vital component for the Geared Turbo-Fan (GTF) aircraft jet engine. This contract spans from January 2025 to 2031 and not only extends an existing agreement but also cements Air Industries’ role as the sole supplier of these critical components since 2015. CEO Lou Melluzzo emphasized the importance of this contract, noting it enhances the company’s backlog to over $280 million for the first time, marking a pivotal point in its growth.

As the project is set to generate substantial annual sales, the firm anticipates approximately 40,000 production hours at its manufacturing facility. Melluzzo attributed this achievement to strategic investments in advanced machinery, enabling the company to fulfill demanding standards for its GTF engine parts. He further declared that Thrust Struts are essential to pairing GTF engines with airframes, highlighting Air Industries’ significant position in the aerospace supply chain.

Chairman Peter Rettaliata commended the team’s hard work, which has strengthened customer ties and positively impacted shareholders. As Air Industries Group moves forward, it remains committed to enhancing collaborations and pursuing new partnerships, reinforcing its leadership in aerospace and defense manufacturing.

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