2023-07-11 09:00:58 ET
- Air Industries ( NYSE: AIRI ) has won two new contracts valued at a total of $5.2 million to produce components for the U.S. Navy E-2D aircraft and F-35 Joint Strike Fighter from a European manufacturer.
- The stock is up about 11% to $3.78 in premarket trade on Tuesday
- The initial order for E-2D arresting gear parts is worth $2.0 million. Deliveries under this new order are expected to begin in 2025.
- The second order is valued at $3.2 million for F-35 arresting gear components for the CV and CTOL versions of the aircraft, with deliveries expected to begin in the fourth quarter of 2023.
- “The new order for the F-35 aircraft is particularly gratifying as it is from a non-U.S. customer. This contract from a European manufacturer is a positive step in both regards," said Lou Melluzzo, CEO of Air Industries in a statement.
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Air Industries stock jumps after securing two new contracts valued at $5.2M