Micro-cap Air Industries soars after securing large contract

Air Industries

22/08/2024 19:48

** Air Industries Group  AIRI.N  shares more than double on
Thurs after aircraft components maker says landed largest
contract in its history
    ** AIRI shares last up 130% at $8.63 after soaring as high
as $9.44 earlier, highest levels since Mar 2022
    ** Bay Shore, NY-based firm early Thurs said received
seven-year, $110 mln contract for production of thrust struts
used in Pratt & Whitney's Geared Turbofan (GTF) jet engine
    ** Co said it has been sole supplier of this component since
2015, and that the order increases backlog to $280 mln
    ** New contract commences in Jan, expanding an existing
contract set to expire in Dec, it said
    ** Pratt & Whitney is a subsidiary of RTX Corp  RTX.N ,
formerly Raytheon Technologies
    ** Northrop Grumman  NOC.N  accounted for 30.5% of AIRI's
net sales of $13.6 mln for three months ended in Jun, while
Lockheed Martin and RTX accounted for 25.4% and 22.4%,
respectively, per most recent 10-Q filing
    ** With 3.34 mln shares outstanding, AIRI now has nearly $30
mln market cap
    ** Over 64 mln shares have traded on the session vs stock's
10-DMA volume of ~41K, per LSEG
    ** AIRI is the #2 trending ticker on retail investor forum
and social media platform Stocktwits on Thurs

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))