The following is a summary of the Air Industries Group (AIRI) Q4 2023 Earnings Call Transcript:
Financial Performance:
Air Industries Group reported Q4 net sales of $13.5 million, reaching full year sales just over $51.5 million.
Gross profit for Q4 was 16% of sales, increasing to 14.4% for the full year, slightly up from 14% in 2022.
The company reported a Q4 operating income of $587,000, with a net income for Q4 standing at $181,000, marking the first quarter of net income across the last eight quarters.
Business Progress:
In fiscal 2023, the company booked orders worth $62.3 million, a 55% increase from 2022, and secured an initial $700,000 order from a large, foreign-based aerospace company.
The company's backlog at the end of 2023 stood at $98.3 million, marking a $14.7 million increase from 2022.
For fiscal 2024, the company expects net sales to be at least at par with 2023 levels, if not slightly higher, and adjusted EBITDA is expected to be significantly better.
More details: Air Industries Group IR
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