Air Industries Group, Inc. (AIRI) Research Update Released
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New York, NY - August 22, 2014 (www.investorideas.com newswire) Taglich Brothers released an updated research report on Air Industries Group, Inc. (AIRI), reiterating a Speculative Buy rating with a 12-month price target of $13.00 per share. The report noted the following key investment considerations:
With its strategic acquisitions and a growing commercial business, we believe the company is poised for strong growth.
Acquisitions made in the first half of 2014 should contribute approximately $7.7 million in annual revenue. The company’s strategic acquisitions have resulted in a compound annual growth rate for sales of 10% over the past five years while defense spending has declined by 3% over the same time frame.
We raised our FY14 revenue projection to $67.8 million from $67.1 million and our EPS projection to $0.40 from $0.30 per share to reflect 2Q14 results. We raised our FY15 revenue projection to $78.4 million from $77.4 million and our EPS projection to $0.53 from $0.48 to reflect the acquisition of Electronic Connection Corporation (estimated annual revenue of approximately $1 million).
2Q14 total revenue decreased 9% to $13.4 million due to primarily due to continuing reductions in defense spending and a delay in receiving expected US Navy orders for landing gear. EPS rose to $0.09 from $0.04 as a $0.7 million or $0.11 per share tax benefit was realized in 2Q14. We projected 2Q14 sales of $12.7 million and EPS of $0.00 per share.
Air Industries Group, Inc., headquartered in Bay Shore, New York, operates primarily in the aerospace and defense industry. The company designs and manufactures structural parts and assemblies, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants and other components. Air Industries also provides sheet metal fabrication of aerostructures, tube bending and welding services.
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