AIRI - Air Industries down 3% on 2022 prelim numbers

April, 20 2023 02:30 AM Air Industries Group

2023-04-20 02:30:59 ET

Air Industries Group ( NYSE: AIRI ) stock dropped 2.8% during late hours on Wednesday as the company gave 2022 expectations, expects 2022 revenue to be $53.2M, a decrease of 9.7% vs. $58.9M achieved in 2021, matches 2022 consensus figure .
Gross profit expected to ~$7.5M or 14.1% of sales as compared to $10.2M or 17.3% of sales in fiscal 2021.
Total gross inventory of $35.5M as of December 31, 2022 is expected to be reported. Total gross inventory as of December 31, 2021 was $32.7M.
Total operating expenses in 2022 is expected to ~$7.7M, as compared to $7.8M or a reduction of ~$0.1M.
Net loss in 2022 is expected to be ~$1.1M as compared to a profit of $1.6M in 2021.
Adjusted EBITDA, a Non-GAAP financial measure, is expected to ~$3.3M in 2022 as compared to the $6.3M reported in 2021.
The company generated cash flows from operations in 2022 of $448K and invested $2.4M in new property, plant and equipment.
Total indebtedness was $25.2M. Loan Facility provides for up to a $20M revolving line of credit, a $5M Term Loan and a $2M Equipment Line of Credit.
Total 18-month firm backlog is $67.9M which compared to $75M for December 31, 2021.
SA gives a warning that the stock is at a high risk of performing badly due to declining growth and negative EPS revisions when compared to other industrials stocks.

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