In a recent SEC filing, Air Industries Group (NYSE American:AIRI), a manufacturer of aircraft parts and equipment, announced the outcomes of its 2024 Annual Meeting of Stockholders held on Monday. The company, based in Bay Shore, New York, reported that stockholders approved all proposed items, including the election of directors, an amendment to the Equity Incentive Plan, and the ratification of the company's independent auditor.
Stockholders re-elected six directors to the company's board, with votes for each director ranging from 1,414,161 to 1,417,946. The board members will serve for the following year or until their successors are elected. The directors' election saw a considerable number of broker non-votes, totaling 480,816.
Additionally, the stockholders voted in favor of amending the 2022 Equity Incentive Plan, which will increase the number of shares available for issuance from 350,000 to 650,000. The amendment received 1,373,534 votes for, with 134,741 against and 4,781 abstentions, accompanied by the same number of broker non-votes as the director elections.
The third proposal, concerning the ratification of Marcum LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was also passed with overwhelming support. This proposal garnered 1,903,501 votes for, 62,082 against, and 28,289 abstentions, with no broker non-votes.
In other recent news, Air Industries Group, a manufacturer of precision aerospace and defense components, has secured a seven-year contract valued at $110 million for the production of Thrust Struts for Geared Turbo-Fan jet engines.
This contract is set to boost the company's backlog to over $280 million and is expected to significantly increase annual sales. The company's CEO, Lou Melluzzo, has noted the critical role of the Thrust Struts product line in the aerospace supply chain.
In addition to this, Air Industries Group has reported a profitable second quarter in 2024, with gross profit up nearly 22% from the same quarter last year and revenue increasing by 2.8% compared to Q2 of 2023. The company's total funded backlog exceeded a significant milestone of $100 million. For the fiscal year 2024, the company reaffirms its net sales target of at least $50 million and projects a significant improvement in its adjusted EBITDA.
While Q3 is expected to show some softness, the company anticipates a stronger Q4. Despite challenges with the timing of orders, raw material flows, and delivery times for finished products, these recent developments indicate a positive trajectory for Air Industries Group.
InvestingPro Insights
As Air Industries Group (NYSE American:AIRI) navigates through its strategic direction with the support of its shareholders, recent data provided by InvestingPro offers a snapshot of the company's financial health and market performance. According to InvestingPro, Air Industries Group has demonstrated a revenue growth of 0.89% in the last twelve months as of Q2 2024, with a quarterly revenue growth of 2.78% in Q2 2024. This suggests a steady, albeit modest, increase in revenue.
The company's gross profit margin stands at 14.85% for the same period, which aligns with the InvestingPro Tip indicating weak gross profit margins. This could be a point of focus for the management team as they work towards improving profitability. Additionally, the company has not been profitable over the last twelve months, which is an important consideration for investors.
On the market performance front, Air Industries Group has experienced a significant price uptick, with a 94.86% return over the last three months, and an impressive year-to-date return of 86.46% as of the same date. These figures underscore the company's strong recent market performance, which may interest potential investors looking for growth opportunities.
For those seeking more in-depth analysis, InvestingPro offers additional insights and tips for Air Industries Group, which can be found at https://www.investing.com/pro/AIRI. With a total of 11 InvestingPro Tips available, investors can gain a more comprehensive understanding of the company's financial position and market performance.
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