Air Industries Group (AIRI) Q2 2023 Earnings Call Transcript

Air Industries Group (NYSE:AIRI) Q2 2023 Earnings Conference Call August 9, 2023 4:15 PM ET

Company Participants

Luciano Melluzzo – President and Chief Executive Officer

Michael Recca – Chief Financial Officer

Conference Call Participants

Howard Halpern – Taglich Brothers


Hello, and welcome to Air Industries Group Second Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

This call and the accompanying webcast may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 as amended, including statements regarding, among other things, the company’s expectations regarding realization of its business strategy and growth strategy. Expressions, which include forward-looking statements speak only as of the date of this call, these forward-looking statements are based largely on our company’s expectations and are subject to a number of risks and uncertainties, some of which are beyond our control and cannot be predicted or quantified. Future developments and actual results could differ materially from those set forth and contemplated by or underlying the forward-looking statements.

In light of these risks and uncertainties, there can be no assurance that the forward-looking information will prove to be accurate. This call does not constitute an offer to purchase any securities nor a solicitation of a proxy, consent, authorization or agent declination with respect to a meeting of the company’s shareholders.

At this time, I would like to turn the call over to Lou Melluzzo, President and CEO. Please go ahead, sir.

Luciano Melluzzo

Thank you, Latanya. Good afternoon, and thank you for joining us today. I’m pleased to report that we have achieved strong top line and bottom line improvements in the second quarter of 2023. Net sales grew 5% to $13.2 million. Our profitability improved at even a faster pace with gross profit dollars up more than 13%, and our gross profit margin increasing to 16.4%.

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