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 is currently navigating a period of market volatility, as evidenced by its pre-market trading at $5.803, which reflects a notable recovery from the previous close of $3.750. This trading session has seen a robust volume of 4.49 million shares, indicating an active market with potential investor uncertainty. Observers are advised to monitor technical indicators, as breaches of key support levels may suggest further downward movement, while resistance around the $6.00 mark could signal the potential for trend reversal.

In a promising development, Air Industries has secured a significant $110 million contract for the production of Thrust Struts, essential components for the Geared Turbo-Fan (GTF) aircraft engine. Set to commence in January 2025 and extend through 2031, this contract is a crucial replacement and enhancement of an existing agreement that concludes in December 2024, signifying the company’s ongoing growth trajectory and robust operational capabilities.

This contract represents a watershed moment for Air Industries, with its backlog now exceeding $280 million—a first in the company’s history. CEO Lou Melluzzo remarked on the importance of the Thrust Struts product line, which has sustained the company for nearly a decade. As production expectations rise, the anticipated increase in annual sales volume is projected to significantly bolster both revenue and profit margins.

Melluzzo noted the specialized manufacturing process requires substantial investments in upgraded machinery, further underscoring the company’s integral role in the aerospace supply chain, as no GTF engine can be integrated into an airframe without Thrust Struts. The recent participation at the Farnborough Air Show has reinvigorated Air Industries’ commitment to business development, fostering long-term partnerships while pursuing new opportunities for growth.

Chairman Peter Rettaliata applauded the contract award, recognizing the collective effort of the team and the strategic relationships established, which will undoubtedly propel the company toward future success.

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