Air Industries (AIRI) Q1 Sales Lag Estimates, Increase Y/Y
Air Industries Group AIRI reported first-quarter 2023 sales of $12.5 million, which lagged the Zacks Consensus Estimate of $13 million by 3.8%.
The top line, however, improved 4% from the year-ago figure of $12.1 million.
Air Industries Group Price, Consensus and EPS Surprise
Air Industries Group price-consensus-eps-surprise-chart | Air Industries Group Quote
Highlights of the Release
Total operating expenses in the quarter were $2.04 million, up 8.9% from the year-ago period.
Operating loss was $0.2 million during the first quarter, reflecting a deterioration from operating income of $0.2 million in first-quarter 2022.
Its gross profit margin was 15%, down 220 basis points year over year.
Financial Highlights
The company faced an increase in interest expenses because of higher loans and rise in the prime rate. Interest and financing expenses in the first quarter were $0.5 million compared with $0.3 million in the year-ago quarter.
Guidance
Air Industries earlier (as of December 2022) announced its expectation to recognize revenues of $22.5-$26.5 million from January 2023 to June 2023 on account of its remaining performance obligations.
Zacks Rank
Air Industries currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Lockheed Martin LMT recorded first-quarter 2023 adjusted earnings of $6.43 per share, outperforming the Zacks Consensus Estimate of $6.07 by 5.9%.The bottom line matched the year-ago quarter's figure.
The net sales were $15.13 billion, which surpassed the Zacks Consensus Estimate of $14.87 billion by 1.9%. Lockheed Martin's backlog as of Mar 26, 2023, was $145.09 billion compared with $150 billion at the end of 2022.
Textron TXT reported first-quarter 2023 adjusted earnings of $1.05 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 10.5%. The bottom line improved 8.2% from the year-ago quarter’s figure.
Total revenues came in at $3,024 million, which missed the Zacks Consensus Estimate of $3,078 million by 1.8%. However, the reported figure increased 0.8% from the year-ago quarter’s $3,001 million.
Hexcel Corporation HXL posted first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the quarter under review, the company posted GAAP earnings of 50 cents per share compared with the prior-year quarter’s 21 cents.
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Lockheed Martin Corporation (LMT) : Free Stock Analysis Report
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