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Air Industries Group (NYSE: AIRI) Reports Revenue Increase and Strong Order Flow in Q1 2024
May 20, 2024 6:56 AM - Parth Sanghvi
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Air Industries Group (NYSE: AIRI) Reports Revenue Increase and Strong Order Flow in Q1 2024
Air Industries Group (NYSE: AIRI), the aerospace and defense contractor, has announced promising results for the first quarter of 2024, showcasing revenue growth and a robust order pipeline.
Financial Highlights
- Revenue Growth: AIRI reported a revenue increase in Q1 2024 compared to both Q1 2023 and Q4 2023, indicating positive sales momentum.
- Order Flow: The company disclosed bookings of $12.95 million and a backlog increase to $99.3 million, demonstrating strong demand for its products and services.
- Book-to-Bill Ratio: Despite a slightly lower book-to-bill ratio of 0.92 to 1 for the quarter, AIRI aims to exceed industry standards and achieve a ratio above 1.2 to 1 for fiscal 2024.
- Key Order Announcement: An order worth $8.2 million for Black Hawk and H-92 components was announced after the market closed, further solidifying AIRI's position in the market.
Financial Performance
- Net Loss: Despite the positive sales outlook, AIRI reported a net loss of $706,000 for Q1 2024, highlighting challenges in cost management and profitability.
- Gross Profit Percentage: The gross profit percentage decreased compared to the previous year, standing at 13.6%.
Outlook and Targets
- Sales Target: AIRI is targeting net sales of at least $50 million for fiscal 2024, aiming to capitalize on the strong order flow and drive revenue growth.
Conclusion
Air Industries Group's revenue increase and strong order flow in Q1 2024 underscore its resilience and market competitiveness. With a solid backlog and promising sales outlook, the company is well-positioned to navigate challenges and capitalize on opportunities in the aerospace and defense sector.
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