CPI Aerostructures Reports Strong Financial Performance for Third Quarter and Nine Months of 2024

CPI Aerostructures, Inc. (NYSE American: CVU) has recently released its financial results for the third quarter and nine months ending September 30, 2024. The company’s performance in the third quarter of 2024 demonstrated notable improvements compared to the same period in 2023, with increases in gross profit margin and net income. Although revenues showed a slight decrease, the company’s overall performance showcased positive growth in various key metrics.

In the third quarter of 2024, CPI Aerostructures reported the following results in comparison to the third quarter of 2023:

– Revenue of $19.4 million, slightly down from $20.4 million

– Gross profit of $4.2 million, up from $3.7 million

– Gross margin of 21.7%, an increase from 18.2%

– Net income of $0.7 million, up from $0.3 million

– Earnings per diluted share of $0.06, higher than $0.02

– Adjusted EBITDA of $1.7 million, increased from $1.4 million

– Cash flow provided by operating activities of $0.7 million, a significant rise from $0.0 million

Looking at the nine-month performance for 2024 compared to the same period in 2023, the company reported:

– Revenue of $59.3 million, down from $63.0 million

– Gross profit of $12.9 million, slightly lower than $13.0 million

– Gross margin of 21.7%, up from 20.6%

– Net income of $2.3 million, a decrease from $2.4 million

– Earnings per diluted share of $0.18, down from $0.19

– Adjusted EBITDA of $5.5 million, compared to $5.8 million

– Cash flow used in operations of $(0.8) million, compared to $0.8 million generated by operations

– Debt as of September 30, 2024, was $18.2 million, reduced from $20.9 million in September 2023.

Dorith Hakim, President and CEO of CPI Aero, expressed satisfaction with the company’s performance, highlighting the improved product mix and efficiencies contributing to enhanced margins and profitability. Noteworthy was the reduction in debt over the past year and the company’s success in winning new development programs.

CPI Aerostructures specializes in manufacturing structural assemblies for fixed-wing aircraft, helicopters, and airborne Intelligence Surveillance and Reconnaissance pod systems for the commercial aerospace and national security markets. The company continues to focus on operational efficiency and growth opportunities within the aerospace industry.

Please note that the financial information provided here is based on the latest Form 8-K filing by CPI Aerostructures, Inc. Investors seeking further details are encouraged to refer to the full Form 8-K filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CPI Aerostructures’s 8K filing here.

CPI Aerostructures Company Profile

CPI Aerostructures, Inc engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. The company offers aerostructure and aerosystem assemblies, including new production and repair/overhaul of fielded wing structures and other control surfaces, rudder island, engine inlets/nacelles, engine exhaust manifolds, aircraft doors and windows, aircraft steps and racks, other aircraft secondary structures, airborne pod structures and integration of internal systems, radar housing structures, panel assemblies, and mechanical door locking and canopy lifting systems.