BAY SHORE, N.Y. - Air Industries Group (NYSE American: AIRI), a prominent aerospace and defense contractor, has secured a $2.4 million contract to supply spare landing gear assemblies for the E-2C Hawkeye aircraft. The company announced that deliveries are slated for 2026 to 2027.
The E-2C Hawkeye, known for its role in battlefield management and command and control operations, is a twin-engine tactical aircraft integral to aircraft carrier strike groups. Air Industries provides essential components for this aircraft, including the main and nose landing gear, as well as arresting gear.
Lou Melluzzo, CEO of Air Industries, stated that this order highlights the company's strength in providing aftermarket support and the continued high demand for their products and services. He emphasized the importance of the E-2C/D Hawkeye program to the company's product lines, which are critical to mission operations.
Air Industries Group, recognized for manufacturing precision components and assemblies, serves large aerospace and defense prime contractors. Its product range spans landing gear, flight controls, engine mounts, and components for various complex machines. The company prides itself on delivering high-quality and reliable products that ensure the safety of military personnel and civilians.
The company's financial details and additional information can be found in its filings with the Securities and Exchange Commission. This announcement is based on a press release statement.
InvestingPro Insights
Air Industries Group (NYSE American: AIRI), while celebrating the win of a new contract for the E-2C Hawkeye aircraft's landing gear, presents a mixed financial picture according to the latest metrics from InvestingPro.
With a recent price to book ratio of 1.07, the company's stock reflects a valuation that suggests its assets are priced relatively close to their accounting value as of the last twelve months ending Q1 2024. This could indicate that the market is pricing the company's stock in a way that is neither deeply undervalued nor significantly overvalued.
Still, the company's revenue has shown a slight decline of 1.3% over the last twelve months as of Q1 2024. On a more positive note, quarterly revenue growth presents a more optimistic scenario with a growth of 12.05% in Q1 2024. This could signal a turnaround or a positive trend in the company's operations, which may align with the recent contract win. Furthermore, AIRI's gross profit margin stands at 14.06%, which, while not particularly strong, demonstrates the company's ability to maintain profitability on a gross level.
InvestingPro Tips suggest that AIRI's stock has experienced significant price volatility and has not been profitable over the last twelve months. Moreover, the company does not pay a dividend, which could be a consideration for income-focused investors.
For those interested in a deeper dive into Air Industries Group's financial health and stock performance, more InvestingPro Tips are available. There are a total of 11 additional tips to explore on their platform, which could provide valuable insights for both current and potential investors.
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