Cpi Aerostruct Stock Price, News & Analysis

CPI Aerostructures, Inc. (NYSE American: CVU) has received a follow-on order from Lockheed Martin totaling approximately $17.9 million for the structural assemblies of F-16 Block 70/72 aircraft. This order is part of a multi-year contract initiated in February 2019 and more than doubles the company's existing order book. Deliveries are set for 2022 and 2023. CPI Aero's CEO, Douglas McCrosson, emphasized the company’s role as the single source supplier for these assemblies and expressed optimism for future foreign military sales orders related to the F-16.

CPI Aerostructures (CVU) announced a significant commitment to retain its headquarters in New York, receiving up to $3.75 million in incentives from Empire State Development. The company plans to maintain its existing workforce and create 85 new full-time jobs over the next five years, with an investment of more than $5.7 million in new equipment and facility upgrades. CPI Aero's CEO emphasized the importance of New York’s skilled workforce in supporting their growth, marking this decision as crucial for competitive advantage in the aerospace sector.

CPI Aerostructures (NYSE American: CVU) announced an $8.7 million purchase order from the U.S. Air Force, increasing the total funded value of a multi-year contract to $24.0 million. The contract supports the T-38C Pacer Classic III program and extends funding into 2024. This contract, initially valued at $65.7 million, aims to enhance the structural service life of the T-38 aircraft beyond 2030, underscoring CPI Aero's role as a significant player in the national defense market.

CPI Aerostructures, Inc. (CVU) announced a new sole-source order from Raytheon Missiles & Defense for manufacturing structural assemblies on an undisclosed platform, with deliveries beginning in 2021. This order follows CPI Aero's recognition as a Premier Supplier by Raytheon Technologies for its work on the Next Generation Jammer Mid Band pod. CEO Douglas McCrosson highlighted this contract as a sign of continued trust from Raytheon, emphasizing growth in missiles and autonomous aircraft systems as strategic areas for CPI Aero's future.

CPI Aerostructures (CVU) reported a strong financial performance for Q3 2020, with revenue of $25.6 million, up 30% from Q2. Gross profit surged to $4.2 million and gross margin improved to 16.4%. The company achieved net income of $0.82 million, a reversal from a $1.3 million loss last year. Year-to-date revenue is $62.2 million, down from $64.8 million in 2019, but net loss improved to $2.6 million from $3.1 million. CPI Aero retains a robust backlog of $536.9 million, with defense contracts making up a substantial portion.

CPI Aerostructures, Inc. (CVU) will release its fiscal third quarter financial results for the period ended September 30, 2020, on December 31, 2020, before market open. Management will discuss the results in a conference call scheduled for January 4, 2021, at 8:30 AM ET. Investors can dial in or access the live webcast via the CPI Aero website. The company manufactures structural assemblies for various aircraft and is a prime contractor for the U.S. Department of Defense, playing a vital role in national security markets.

CPI Aero (NYSE American: CVU) has reached a Settlement Agreement with Air Industries Group (NYSE American: AIRI) to resolve a dispute over post-closing working capital adjustments. CPI Aero will receive $1,381,000 from escrow as part of this agreement. This stems from the 2018 acquisition of Welding Metallurgy, Inc. for $7.9 million, with $2 million set in escrow. A prior court motion sought $4.1 million but was denied without prejudice. The settlement allows CPI Aero to finalize the release of the remaining escrow funds.

CPI Aerostructures (CVU) is participating in a Cooperative Research and Development Agreement with Wilder Systems and the U.S. Army. This project aims to showcase Wilder's Agile Manufacturing Robot capabilities for aerostructures, enhancing manufacturing processes with diverse materials like Carbon Fiber and Titanium. CPI Aero's CEO stated that the collaboration seeks to improve quality and cost-effectiveness while minimizing disruptions. A potential Phase 2 will involve the installation of the robot for live demonstrations in production. The initiative positions CPI Aero for advancements in aerospace manufacturing.

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.