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, Inc. (CVU) disclosed on June 1, 2021, it received a notice of non-compliance from NYSE Regulation for failing to file its Quarterly Report on Form 10-Q for the period ending March 31, 2021. The delay arises from COVID-19 related absences affecting the financial closing process and the identification of Inventory Costing Errors during inventory testing, impacting prior periods' revenue recognition. CPI Aero has until November 24, 2021, to file the report to regain compliance and maintain its listing status.
CPI Aerostructures has secured a new Long-Term Agreement (LTA) valued at $17.2 million with Sikorsky Aircraft to overhaul and repair MH-60 SEAHAWK stabilator assemblies. This agreement extends through 2027 with an option for an additional two years. CPI Aero has a longstanding partnership with Sikorsky, having supplied over 500 units since 2012. The MH-60 SEAHAWK is critical for various military operations, with approximately 300 helicopters currently in service.
CPI Aerostructures (CVU) announced a follow-on order of nearly $1 million from Spirit AeroSystems for manufacturing cabin rack assemblies for new CH-53K King Stallion helicopters. This order brings the total contracts with Spirit AeroSystems to approximately $3.6 million. Deliveries are scheduled for 2022. CPI Aero aims to support increased production as the U.S. Marine Corps prepares for Initial Operational Capability later this year.
CPI Aerostructures (NYSE American: CVU) announced a new $4.4 million purchase order from the U.S. Air Force for structural modification kits and services under the PCIII and TRIM programs. This raises the total funded orders under the multi-year contract to $28.4 million, extending the performance period into late 2024. The T-38 aircraft, used for over 50 years, will have its service life extended beyond 2030 as a result of these upgrades.
CPI Aerostructures, Inc. (CVU) reported strong fourth quarter results for 2020, with revenue increasing to $25.4 million from $22.7 million, and gross profit rising to $4.6 million, marking a gross margin improvement to 18.2%. The company achieved net income of $1.3 million, a turnaround from a net loss of $(1.4) million in Q4 2019. For the full year, revenues were $87.6 million, slightly up from $87.5 million in 2019. Notably, defense revenue grew by over 15%, offsetting a decline in commercial aviation revenue due to the pandemic. The total funded backlog is $169.6 million, with 98% related to defense markets.
CPI Aerostructures (CVU) announced the U.S. Government has exercised a one-year option to extend a Firm Fixed Price/Indefinite Delivery Indefinite Quantity contract with an estimated value of up to $1.7 million. This contract, which has been active for six years, has generated over $14 million in orders for structural wing components used in F-16 aircraft maintenance for the U.S. Government. CPI Aero, a key player in national security aerostructures, provides vital components and services primarily for the Department of Defense.
CPI Aerostructures (CVU) announced it will release its fourth quarter and full year financial results for 2020 on April 16, 2021, prior to market opening. A conference call will follow at 8:30 a.m. EDT, accessible via phone or live webcast. CPI Aero manufactures structural assemblies for aircraft and is a prime contractor for the U.S. Department of Defense. The company is part of the Russell Microcap Index. Forward-looking statements in the release include risks detailed in SEC reports.
CPI Aerostructures (CVU) announced a follow-on order to manufacture three airborne pod structural housings for a military radar system. This order is from an existing customer and continues a relationship that has produced over 120 units since 2004. Deliveries are expected in 2022. CPI Aero's president highlighted the significance of this product category, which has diversified into six different pod structures for various missions, including Intelligence, Surveillance, and Reconnaissance.
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.