Air Industries shares lower after it reports a wider loss

Shares of Air Industries Group moved lower Wednesday after the defense contractor posted a wider loss for the first quarter. 

The Hauppauge company reported earnings after Tuesday's market close. Shares fell 2.2 percent to close Wednesday at $1.61. The stock was trading at $2.32 12 months ago.

For the period ended March 31, the company had net sales of $12.2 million, down from $12.7 million in the previous year's quarter.

Net loss widened to $1.5 million, or 5 cents per diluted share, from $1.2 million, or 15 cents per diluted share in the 2017 period, which includes a loss of 9 cents per share from discontinued operations.

Since Jan. 1, 2016, Air Industries has sold more than $31 million in debt and equity securities to fund its operations, the company said in a government filing.

 At the end of the quarter, the maker of landing gear for military jets, had cash and cash equivalents of $1.4 million, up from $630,000 on Dec. 31.