Air Industries stock slides 14% on preliminary earnings data
Hauppauge-based Air Industries Group’s stock dropped 14 percent Tuesday, following the company’s Monday release of partial, preliminary first-quarter results.
Air Industries said it released the preliminary results because its auditor was still reviewing the data. The maker of aircraft structural parts cautioned that the numbers were subject to change, depending on the results of the review.
Its stock closed Tuesday at $4.82, down 79 cents, or 14.08 percent, in New York Stock Exchange trading.
The company’s sales in the quarter that ended March 31 fell to $15.2 million, down 9.7 percent from the year before. The loss from operations was $1.49 million, compared with income from operations of $466,000 in the 2015 first quarter.
The earnings report cited shipment delays in the first quarter because of additional government inspections required at its “outsourced special processing companies.” Air Industries said it was confident the delayed shipments would be made in the second quarter.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
