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 navigating a complex market landscape, experiencing a bearish trend during pre-market trading with its shares currently at $5.443, reflecting no change from the previous close of $3.750. The notable trading volume of 4.82 million shares underscores increased investor interest and activity. Analysts suggest close monitoring of technical indicators that point to potential resistance at recent highs and emphasize the importance of support levels, as further declines could occur if bearish sentiment persists.

Amidst this backdrop, Air Industries has achieved a significant milestone by securing a landmark contract worth $110 million to produce Thrust Struts for the Geared Turbo-Fan (GTF) aircraft jet engine. This seven-year agreement renews and expands upon their role as the sole supplier since 2015, highlighting the critical importance of this component in the aerospace sector. Set to begin in January 2025, this contract is expected to drive a remarkable boost in annual sales, necessitating approximately 40,000 hours of production each year at the company’s advanced facility.

CEO Lou Melluzzo remarked on the contract’s significance, noting it underscores the essential nature of the Thrust Struts product line, which has been a cornerstone of their operations for nearly a decade. He also highlighted a historic increase in the company’s backlog, which now exceeds $280 million, showcasing the robustness of Air Industries’ market presence and the trust clients place in them.

Melluzzo’s sentiments were echoed by Chairman Peter Rettaliata, who commended the strategic efforts of the management team. The contract positions Air Industries for continued growth, reinforcing its status as a key player in the aerospace supply chain while opening avenues for further partnerships and innovations in the industry.

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