Air Industries stock jumps on climbing sales
Pete Rettaliata, chief executive of Air Industries, one of Long Island's oldest aircraft-parts companies, on Jan. 13, 2012. Air Industries Group Monday, May 5, 2014, posted an 8 percent increase in net sales to $15.5 million Credit: Joseph D. Sullivan
Air Industries Group Monday posted an 8 percent increase in net sales to $15.5 million and a 22 percent increase in net income to $341,000 for the first quarter versus the year-ago period.
The Bay Shore-based maker of landing gear, flight controls and other components for major aerospace and defense contractors reported diluted earnings per common share of 6 cents, an increase of one cent compared to the prior year's quarter.
Shares of Air Industries, which has been acquiring and integrating smaller aerospace shops on Long Island and elsewhere, climbed 8.3 percent to $10.45 in midafternoon trading.
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