Air Industries Group (NYSE: AIRI), an aerospace and defense company, designs and manufactures structural parts and assemblies that focus on flight safety. Shares jumped 35% on Tuesday, November 27, 2018. Over the past three months, Air Industries has seen an average daily volume of 22,630 shares. However, on Tuesday, 720,614 shares were exchanged, equating to $936,700 in dollar volume.
Shares rallied Tuesday after Air Industries Group announced they have received a major award for landing gear components for the F-15 and F-35 aircraft. The award is valued at $22 million, with deliveries beginning in the first quarter of 2019 and continuing for 3 years. Air Industries has already received $15.5 million in fully-funded purchase orders against this award. The US fleet currently includes over 600 F-15 aircraft and they are looking to raise the number of active squadrons from 312 to 386, which is a 24% increase. The F-35 Joint Strike Fighter will be the primary fighter of the US and allied air forces in the future, with over 2,600 aircraft projected to be produced.
Air Industries Group Press Release:
HAUPPAUGE, N.Y., Nov. 27, 2018 (GLOBE NEWSWIRE) — Air Industries Group (NYSE: AIRI)
Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, is pleased to announce that it has received a major award for landing gear components for the F-35 and F-15 aircraft.
The value of the award is estimated at $22 million (at the mid-point of projected aircraft production). Deliveries are to begin in the first quarter of 2019 and continue for 3-years. Air Industries has already received fully funded purchase orders against this award totaling $15.5 million.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “This significant award from a leading prime contractor with whom we have a long relationship is a strong reaffirmation of our customers’ confidence in the capabilities of Air Industries. The F-15 is a major component of the US fleet with over 600 aircraft in service and additional planes in allied air forces. The USAF is seeking to expand the number of active squadrons from 312 to 386 – nearly a 24% increase – the F-15 will be flying for years to come.
The F-35 Joint Strike Fighter is the newest fighter aircraft and will be the primary fighter aircraft of the US and allied air forces in future years. Over 2,600 aircraft are projected to be produced for the USAF. We are honored to play a part in building this important weapon system.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of complex machined products including landing gear, flight control, and jet turbine components for leading aerospace and defense prime contractors.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Article By: Andrew Rego