Summary by Moomoo AI
Air Industries Group reported Q2 2024 financial results, with net sales increasing 2.8% year-over-year to $13.57 million. The company returned to profitability, posting net income of $298,000 compared to a net loss of $395,000 in Q2 2023. Gross profit rose 21.8% to $2.64 million, with gross margin expanding to 19.5% from 16.4% last year.Operating expenses decreased 9.8% to $1.89 million, driven by reductions in stock compensation expense and allowance for credit losses. The company's backlog grew to $100.7 million as of June 30, 2024, up from $98.1 million at the end of 2023. Air Industries maintained compliance with its credit facility covenants as of Q2 2024.Management expressed confidence in boosting sales, attaining profitability and improving financial position for the remainder of 2024, citing strong backlog and expectations of additional orders. However, the company noted ongoing challenges, including the need to continually invest in equipment and processes to remain competitive in the aerospace manufacturing industry.
