CPI Aero Q3 net income falls to $0.3M from $1.9M; gross margin drops to 18.2%

CPI AEROSTRUCTURES INC

2023-Q3 EPS reported $0.19 revenue$62,963,592

Q3 revenue $20.4M (flat YoY); net income $0.3M vs $1.9M; diluted EPS $0.02 vs $0.15.
Gross margin 18.2% vs 26.4% due to supply chain challenges and unfavorable mix per CEO.
Nine-month revenue $63.0M (+6.3%); net income $2.4M; adjusted EPS $0.25 ex-severance.
Debt reduced to $20.9M from $23.7M; total backlog $503M as of Sept 30, 2023.

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 0.95

CPI AEROSTRUCTURES INC reported the quarter ended September 30, 2023 results: revenue $20.4 million, net income $0.3 million, EPS $0.02.

Period: the quarter ended September 30, 2023
Revenue: $20.4 million
Net income: $0.3 million
EPS: $0.02
Result: reported results

Exact text from the filing

2 ex99-1.htm PRESS RELEASE CPI AERO 8-K Exhibit 99.1 CPI AEROSTRUCTURES REPORTS THIRD QUARTER AND NINE MONTH 2023 RESULTS Third Quarter 2023 vs. Third Quarter 2022 ● Revenue of $20.4 million compared to $20.2 million; ● Gross profit of $3.7 million compared to $5.3 million; ● Gross margin of 18.2% compared to 26.4%; ● Net income of $0.3 million compared to $1.9

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Source: SEC EDGAR

accession 0001999371-23-000217

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