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AIRI NYSE AM· Air Industries Group
Earnings report Q3 2023

AIRI Reports Decrease in Revenue for the Latest Quarter

Segments of revenue

In the latest quarter, AIRI reported net sales of $12.29 million, a decrease from $13.28 million in the same quarter last year. For the nine-month period, net sales amounted to $38.05 million, compared to $39.35 million in the prior year.

Strengths

Despite the decrease in revenue, AIRI's gross profit for the quarter was $1.23 million, indicating a gross profit margin of approximately 10%. This suggests that the company was able to maintain profitability despite the challenging market conditions. Management attributes the decline in revenue to lower demand in certain segments and increased competition. However, they remain optimistic about the company's long-term growth prospects.

Challenges

The decrease in revenue for the quarter highlights the challenges faced by AIRI. The company experienced a decline in demand in certain segments, which impacted its overall sales performance. Additionally, increased competition in the market has put pressure on pricing and market share. These challenges have contributed to a loss from operations of $796,000 for the quarter.

Noteworthy

It is worth noting that AIRI's operating expenses remained relatively stable at $2.02 million for the quarter, compared to $2.07 million in the same period last year. This indicates that the company has been able to effectively manage its costs despite the decline in revenue. Furthermore, AIRI reported a net income of $13,000 from other income sources, which includes non-operating activities.

Summary

AIRI faced a challenging quarter with a decrease in revenue compared to the same period last year. The decline in demand in certain segments and increased competition impacted the company's sales performance. However, AIRI was able to maintain profitability with a gross profit of $1.23 million and effectively manage its operating expenses. The company remains optimistic about its long-term growth prospects and is focused on addressing the challenges it faces in the market.

Source documents

Form 10-Q  filed on Dec 06, 2023
97 pages scanned

Reference data

Company financials Q3 revenue 13.5M
Analyst estimates Q3 EPS missed by NaN%
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