CPI Aerostructures Reports Fourth Quarter And Full Year 2024 Results
March 31, 2025
Fourth Quarter 2024 vs. Fourth Quarter 2023
Revenue of $21.8 million compared to $23.5 million;
Gross profit of $4.3 million compared to $4.1 million;
Gross margin of 20.0% compared to 17.4%;
Net income of $1.0 million ($1.4 million excluding deferred tax asset valuation impact) compared to net income of $14.8 million ($0.6 million excluding deferred tax asset valuation impact);
Earnings per share of $0.08 ($0.11 excluding deferred tax asset valuation impact) compared to earnings per share of $1.20 ($0.05 excluding deferred tax asset valuation impact);
Adjusted EBITDA(1) of $2.3 million compared to $1.8 million;
Cash flow from operations of $4.4 million compared to $3.1 million
Full Year 2024 vs. Full Year 2023
Revenue of $81.1 million compared to $86.5 million;
Gross profit of $17.2 million compared to $17.1 million;
Gross margin of 21.3% compared to 19.7%;
Net income of $3.3 million ($3.7 million excluding deferred tax asset valuation impact) compared to $17.2 million ($3.0 million excluding deferred tax asset valuation impact);
Earnings per share of $0.26 ($0.29 excluding deferred tax asset valuation impact) compared to $1.40 ($0.25 excluding deferred tax asset valuation impact);
Adjusted EBITDA(1) of $7.8 million compared to $7.5 million;
Cash flow from operations of $3.6 million compared to $3.9 million;
Debt as of December 31, 2024 of $17.4 million compared to $20.1 million as of December 31, 2023..
EDGEWOOD, N.Y. – March 31, 2025 – CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the twelve month period ended December 31, 2024.
“Although our 2024 revenue was lower than our 2023 revenue, we increased our gross profit margin by 150 basis points. Our net income, excluding the tax asset valuation impact, was up 22.2% with EPS up 19.5% from prior year due to operational efficiencies, lower SG&A and interest costs.
“We generated $3.6 million in cash from operations in 2024 and reduced our debt by another $2.7 million reaching an all-time low debt balance since 2011. Our Debt-to-Adjusted EBITDA Ratio at year-end was 2.2, which marks our eighth consecutive quarter-end below 3.0,” said Dorith Hakim, President and CEO.
Added Ms. Hakim, “We ended the year with a strong backlog of $510 million, which includes multiple new program awards from L3Harris, Raytheon and Embraer. We remain confident in CPI Aero’s long-term outlook and look forward to capitalizing on the multiple opportunities ahead as we continue to build on our long-standing relationships with our customers.”
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. Words such as “remain confident," “outlook,” “opportunities ahead,” “continue,” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements include the Company’s confidence in its long-term outlook, expectations for future opportunities, and plans to continue strengthening customer relationships. 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, 2024 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 Philip Passarello
Jody Burfening Chief Financial Officer
(212) 838-3777 (631) 586-5200
cpiaero@lhai.com ppassarello@cpiaero.com
www.cpiaero.com
