Welcome to our dedicated page for Cpi Aerostruct news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on Cpi Aerostruct stock.
CPI Aerostructures, Inc. (CPI Aero) (NYSE American: CVU) is a U.S. aerospace and defense manufacturer whose news flow centers on contracts, program performance, financial results, and corporate governance developments. The company produces structural assemblies for fixed wing aircraft, helicopters, and airborne Intelligence, Surveillance and Reconnaissance pod systems, and acts as both a Tier 1 and Tier 2 supplier within the global aerostructure supply chain as well as a prime contractor to the U.S. Department of Defense, primarily the Air Force.
News about CPI Aero frequently covers new and follow-on awards from major defense customers. Recent press releases describe multiple purchase orders from the U.S. Air Force under an Indefinite Delivery/Indefinite Quantity contract for T-38C Pacer Classic III and Talon Repair Inspection and Maintenance structural modification kits, as well as production orders from Raytheon, an RTX business, for Pods and Air Management Systems on the Next Generation Jammer Mid-Band program and for structural missile wing assemblies. These items illustrate how contract wins and program milestones can influence the company’s backlog and future workload.
Investors and observers can also find quarterly and year-to-date financial results, including revenue, gross profit, net income or loss, and non-GAAP measures such as Adjusted EBITDA, along with management commentary on program transitions and the impact of specific contracts like the Boeing A-10 program. Additional news items address topics such as unusual trading activity in the company’s stock, board and executive appointments, long-term incentive plan approvals, and participation in industry bodies like the Aerospace Industry Association’s Executive Committee.
This news page aggregates these disclosures so readers can follow CPI Aero’s contract awards, financial updates, capital structure developments, and governance changes through its official press releases and related announcements.
CPI Aerostructures (CVU) reported its Q2 2020 results, with revenues reaching $19.7 million, slightly down from $20.1 million in Q2 2019. Gross profit increased to $2.6 million with a gross margin of 13.1%, up from 11.2%. The net loss improved to $0.6 million, showing progress from $0.9 million the previous year. Backlog increased significantly to $546.4 million, including $491.1 million in defense contracts. Year-to-date, revenue declined to $36.6 million from $42.1 million, with a net loss of $3.4 million. A conference call to discuss these results is scheduled for November 12.
CPI Aerostructures, Inc. (NYSE American: CVU) has appointed Richard S. Caswell to its Board of Directors and as Chairperson of the Audit and Finance Committee effective November 4, 2020. Caswell, a finance and accounting executive, has over 22 years of experience at United Technologies Corporation, where he held various senior finance roles. His expertise in financial management and government contracting is expected to benefit CPI Aero significantly. The company focuses on manufacturing structural assemblies for various aircraft and is a prime contractor for the U.S. Department of Defense.
CPI Aerostructures (CVU) will release its fiscal second quarter financial results for the period ending June 30, 2020, on November 12, 2020, before market opening. Management will host a conference call at 8:30 am ET to discuss these results. Participants can join the call by dialing in at least 10 minutes early. Those interested can access a live webcast on the CPI Aero website's 'Investors' section, with a replay available shortly after the event. CPI Aero specializes in manufacturing structural assemblies for aircraft and is a key contractor for the U.S. Department of Defense.
CPI Aerostructures (CVU) announced receipt of multiple purchase orders worth approximately $1.4 million from Turkish Aerospace Industries (TAI) for the T70 Turkish Utility Helicopter Program. These orders add to a multi-year contract established in September 2019, totaling $2.1 million to date against a ceiling of $4.6 million. Deliveries for the recent orders are expected to commence in 2021. CEO Douglas J. McCrosson highlighted the orders as a recognition of the company’s expertise in BLACK HAWK programs, reinforcing its position in the aerospace sector.
CPI Aerostructures, Inc. (CVU) announced on October 15, 2020, that it received a notice from NYSE American confirming acceptance of its compliance plan for timely filing criteria. The exchange has granted a three-month extension until January 15, 2021, for CPI Aero to file its Quarterly Reports on Form 10-Q for the quarters ending June 30, 2020, and September 30, 2020. The notification does not affect the trading of CPI Aero's stock immediately. Continued compliance is crucial as failure to meet the deadline may lead to additional action from the exchange.
CPI Aero (CVU) will announce its fiscal first quarter financial results for the period ended March 31, 2020, after market close on September 30, 2020. A conference call to discuss the results is scheduled for October 1, 2020, at 8:30 am ET. Investors can participate by dialing in or via a live webcast on the CPI Aero website. The company is noted for manufacturing structural assemblies for aircraft and serves U.S. national security markets as both a prime contractor and Tier supplier in the aerospace sector.
CPI Aerostructures (CVU) has completed its financial restatement for 2018 and reported 2019 results showing a 24.3% revenue increase to $87.5 million. Gross profit surged by 116.7% to $9.1 million, driven by improved military program production. However, the company faced a net loss of $4.5 million, a significant decrease from $7.5 million in 2018. Total backlog reached a record $561.9 million, with defense contracts making up 88%. COVID-19 impacts are expected to affect operations and profits in 2020, prompting cost-cutting measures. An amended credit facility has been established, extending repayment terms.
CPI Aerostructures (CVU) secured $5 million in long lead funding, anticipating over $20 million in purchase orders from Northrop Grumman for Outer Wing Panel components for the E-2D Advanced Hawkeye aircraft. This funding increases the total value of their multi-year contract with Northrop Grumman to over $70 million. CPI Aero has been a key supplier for the E-2D platform since 2008, contributing significantly to its backlog. The company is involved in structural assembly across aerospace and national security markets.
CPI Aerostructures, Inc. (NYSE American: CVU) announced a follow-on order from Lockheed Martin for structural assemblies for the F-16 Block 70/72 aircraft, totaling approximately $8.7 million in firm orders since their initial contract in February 2019. Deliveries are expected in late 2021. CPI Aero's CEO highlighted the strengthening relationship with Lockheed Martin, citing increased F-16 sales opportunities and the company's role as the sole-source supplier for specific components. The firm also praised Lockheed Martin's timely payments during the COVID-19 Pandemic.
CPI Aerostructures (CVU) has secured approximately $14 million in purchase orders from Boeing for structural assemblies of the A-10 Thunderbolt II, part of a previously announced IDIQ contract worth up to $48 million. This brings CPI Aero's total funding from Boeing for A-10 assemblies to around $20 million. The first delivery is expected by late 2020, with ongoing performance extending into 2022. These orders reflect a strong commitment from the U.S. Air Force and Boeing to maintain the A-10 system, underscoring CPI Aero's importance in national security operations.
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