The following is a summary of the Air Industries Group (AIRI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Air Industries Group reported a Q1 2024 consolidated net sales of $14 million, higher than Q1 2023's $12.5 million and Q4 2023's $13.5 million.
Gross profit as a percentage of sales was 13.6%, a decrease from previous quarters due to new product impacts and issues in the Connecticut manufacturing facility.
The operating loss was $259,000, largely due to the lower gross profit, an increase from Q1 2023's loss of $158,000.
The company reported a net loss of $706,000 for the quarter, compared to Q1 2023's loss of $618,000.
Adjusted EBITDA was $362,000 in 2024, showing a drop from $578,000 in 2023.
Business Progress:
The company achieved bookings of $12.95 million and increased its backlog to $99.3 million, with a quarterly book-to-bill ratio of 0.92 to 1.
By the end of March 2024, they reported total contracts awarded at $179.1 million.
Initial production on several new programs for new customers was initiated in Q1 2024.
The firm announced an $8.2 million order for Black Hawk and H-92 components, with plans to refine operations and accelerate products in the coming year.
The company targets net sales for fiscal 2024 to be at least $50 million, expecting an improved adjusted EBITDA compared to 2023.
More details: Air Industries Group IR
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