CPI Aerostructures Reports First Quarter 2024 Results
May 15, 2024
First Quarter 2024 vs. First Quarter 2023
Revenue of $19.1 million compared to $22.0 million;
Gross profit of $3.6 million compared to $4.7 million;
Gross profit margin of 18.6% compared to 21.2%;
Net income of $0.2 million compared to $1.0 million;
Earnings per share of $0.01 compared to $0.08;
Cash flow used in operations of ($1.0) million compared to $0.9 million provided by cash flow from operations;
Debt as of March 31, 2024 of $19.1 million compared to $22.1 million as of March 31, 2023.
EDGEWOOD, N.Y. – May 15, 2024 – CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the three month period ended March 31, 2024.
“As anticipated, our first quarter 2024 revenue was 13% lower than first quarter 2023, driven primarily by the completion of deliveries of Raytheon’s Next Generation Jammer (“NGJ”) Mid Band Pods LRIP 2 in 2023. In addition, gross profit decreased by 260 basis points due to unfavorable year-over-year mix. We consumed $1.0 million in cash to repay our debt and prepare for the ramp-up associated with LRIP 3 of the NGJ Mid Band Pod program which will resume deliveries in the second half of the year. We expect 2024 to be another solid year building off our progress in 2023,” said Dorith Hakim, President and CEO.
Added Ms. Hakim, “We remain focused on exceeding our customers’ performance expectations and are confident in CPI Aero’s long term outlook as we continue to build on our backlog of $510 million as of March 31, 2024.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words “expect, ”outlook” and similar expressions are intended to identify these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
Contact
Investor Relations Counsel CPI Aerostructures, Inc.
LHA Investor Relations Andrew L. Davis
Jody Burfening Chief Financial Officer
(212) 838-3777 (631) 586-5200
cpiaero@lhai.com adavis@cpiaero.com
www.cpiaero.com
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