Aerospace Parts Manufacturer Air Industries Bags Its Largest Contract For $110M
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On Thursday, Air Industries Group (NYSE:AIRI) received a $110 million, seven-year contract to produce Thrust Struts for the Geared Turbo-Fan (GTF) aircraft jet engine.
Air Industries has been the sole supplier of this critical component since 2015.
The company manufactures precision components and assemblies for large aerospace and defense prime contractors.
The new contract will commence in January 2025 and extend through 2031, replacing and expanding an existing contract set to expire in December 2024.
Once production and deliveries begin, annual sales are expected to benefit significantly.
Lou Melluzzo, CEO of Air Industries, commented: “This contract is a milestone for our company, underscoring the significance of our Thrust Struts product line, which has been a cornerstone of our business for nearly a decade. With this single order, our backlog has surged to over $280 million, marking the first time our backlog has exceeded a quarter of a billion dollars.”
“This order will significantly impact our top and bottom lines, with this project alone expected to require approximately 40,000 hours of production annually at our Long Island manufacturing facility.”
The company reported sales of $13.6 million in the second quarter, up from $13.21 million a year ago.
Price Action: AIRI stock is up 103.6% at $7.63 at the last check on Thursday.
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