Air Industries Receives $110 Million Contract for Jet Engine Parts -- Shares up Pre-Bell

07:54 AM EDT, 08/22/2024 (MT Newswires) -- Air Industries Group (AIRI) said Thursday it has received a $110 million, 7-year contract for the production of thrust struts used in the geared turbo-fan aircraft jet engine.

The contract will begin in January and continue until 2031, extending and expanding an existing contract that expires in December, the company said.

Chief Executive Lou Melluzo said the contract increases its backlog to over $280 million and requires 40,000 hours of production a year.

Shares of the company were up more than 38% in Thursday's premarket activity.

Price: 5.2300, Change: +1.48, Percent Change: +39.47