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) has recently captured the market’s attention with a remarkable surge in its stock price, trading at an impressive $8.365, representing a staggering 122.13% increase from its previous close of $3.75. The trading volume has surged to 32.79 million shares, reflecting strong investor interest and a significant bullish sentiment towards the company. This momentum emphasizes AIRI’s dynamic presence within the aerospace and defense sectors.

Further solidifying AIRI’s market position, the company has secured a substantial $110 million contract for its Thrust Struts, critical components used in Geared Turbo-Fan (GTF) aircraft jet engines. This new contract, which spans seven years from January 2025 to December 2031, expands an existing agreement and heralds a pivotal advancement in the company’s growth trajectory. With this development, Air Industries has posted a backlog exceeding $280 million, marking a significant milestone that underscores its robust operational foundation.

CEO Lou Melluzzo welcomed the new contract, highlighting its significance to AIRI’s product line and production capabilities. He affirmed that the contract will necessitate approximately 40,000 hours of annual production at their manufacturing facility, positioning them to efficiently meet demand due to previous investments in specialized machinery. The Thrust Struts play an essential role in the aerospace supply chain, reinforcing the company’s commitment to quality and innovation.

Chairman Peter Rettaliata commended Melluzzo and his team for their efforts in securing this contract, emphasizing its importance not only for the company’s growth but also as a testament to their dedication. As Air Industries Group continues to leverage its strategic advantages and foster robust customer relationships, it is poised for sustained growth and success in the evolving aerospace and defense market.

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