CPI Aero Q3 revenue falls to $20.2M but gross margin expands to 26.4%; net income $1.9M

CPI AEROSTRUCTURES INC

2022-Q3 EPS reported $0.19 revenue$59,257,416

Revenue of $20.2M, down from $23.9M YoY; gross profit margin rose to 26.4% from 15.3%.
Net income $1.9M ($0.15 diluted EPS) compared to $5.4M ($0.44) which included $4.8M PPP forgiveness.
Cash from operations $2.9M vs $1.2M prior year; debt reduced to $23.7M from $27.1M.
Total backlog of $501M; company expects first deliveries on new programs within next nine months.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI AEROSTRUCTURES INC reported Third Quarter 2022 results: revenue $20.2 million, net income $1.9 million, EPS $0.15 per diluted share.

Period: Third Quarter 2022
Revenue: $20.2 million
Net income: $1.9 million
EPS: $0.15 per diluted share
Result: reported results

Exact text from the filing

Third Quarter 2022 vs. Third Quarter 2021 ● Revenue of $20.2 million compared to $23.9 million; ● Gross profit of $5.3 million compared to $3.7 million; ● Gross margin of 26.4% compared to 15.3%; ● Net income of $1.9 million compared to $5.4 million ($0.6 million excluding $4.8 million in PPP loan forgiveness); ● Earnings per diluted share of $0.15 compared to $0.44 ($0.05 excluding $0.39 in PPP loan forgiveness); ● Cash flow from operations of $2.9 million compared to $1.2 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI AEROSTRUCTURES INC reported Nine Months 2022 results: revenue $59.3 million, net income $2.3 million, EPS $0.19 per diluted share.

Period: Nine Months 2022
Revenue: $59.3 million
Net income: $2.3 million
EPS: $0.19 per diluted share
Result: reported results

Exact text from the filing

Nine Months 2022 vs. Nine Months 2021 ● Revenue of $59.3 million compared to $77.0 million; ● Gross profit of $12.4 million compared to $12.2 million; ● Gross margin of 21.0% compared to 15.8%; ● Net income of $2.3 million ($3.1 million excluding the first quarter severance accrual of $0.8 million) compared to $7.3 million ($2.5 million excluding $4.8 million in PPP loan forgiveness); ● Earnings per diluted share of $0.19 ($0.25 excluding the first quarter severance accrual of $0.06) compared to $0.60 ($0.21 excluding $0.39 in PPP loan forgiveness); ● Cash flow from operations of $0.8 million compared to a use of $(1.3) million; ● Debt as of September 30, 2022 of $23.7 million c ompared to $27.1 million as of September 30, 2021.

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Source: SEC EDGAR

accession 0001387131-22-011567

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