CPI Aero Q4 net income $14.8M, EPS $1.20 (incl. $1.11 tax benefit); full-year revenue $86.5M, backlog $513.4M

CPI AEROSTRUCTURES INC

2024-Q1 EPS reported $0.01 revenue$19,081,143

Q4 revenue $23.5M vs $24.1M; net income $14.8M ($1.20 EPS) includes $13.8M tax benefit.
Adjusted Q4 EPS $0.09 vs $0.03 in prior year; full-year adjusted EPS $0.28 flat YoY.
Full-year revenue $86.5M (+3.8% YoY); gross margin 19.7% vs 19.6%.
Debt reduced to $20.1M from $22.8M; cash from operations $3.9M compared to $0.9M.
Backlog of $513.4M at year-end; CEO cites strong long-term outlook.

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 Fourth Quarter 2023 vs. Fourth Quarter 2022 results: revenue Revenue of $23.5 million compared to $24.1 million, net income Net income of $14.8 million compared to net income of $6.8 million, EPS Earnings per share of $1.20 ($0.09 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of.

Period: Fourth Quarter 2023 vs. Fourth Quarter 2022
Revenue: Revenue of $23.5 million compared to $24.1 million
Net income: Net income of $14.8 million compared to net income of $6.8 million
EPS: Earnings per share of $1.20 ($0.09 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of
Result: reported results

Exact text from the filing

CPI AEROSTRUCTURES REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS Fourth Quarter 2023 vs. Fourth Quarter 2022 ● Revenue of $23.5 million compared to $24.1 million; ● Gross profit of $4.1 million compared to $3.9 million; ● Gross margin of 17.4% compared to 16.1%; ● Net income of $14.8 million compared to net income of $6.8 million; ● Earnings per share of $1.20 ($0.09 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of $1.11) compared to earnings per share of $0.55 ($0.03 excluding the fourth quarter 2022 deferred tax asset valuation allowance reduction of $0.52); ● Cash flow from operations of $3.1 million compared to $0.1 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CPI AEROSTRUCTURES INC reported Full Year 2023 vs. Full Year 2022 results: revenue Revenue of $86.5 million compared to $83.3 million, net income Net income of $17.2 million compared to $9.2 million, EPS Earnings per share of $1.40 ($0.28 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of.

Period: Full Year 2023 vs. Full Year 2022
Revenue: Revenue of $86.5 million compared to $83.3 million
Net income: Net income of $17.2 million compared to $9.2 million
EPS: Earnings per share of $1.40 ($0.28 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of
Result: reported results

Exact text from the filing

Full Year 2023 vs. Full Year 2022 ● Revenue of $86.5 million compared to $83.3 million; ● Gross profit of $17.1 million compared to $16.3 million; ● Gross margin of 19.7% compared to 19.6%; ● Net income of $17.2 million compared to $9.2 million; ● Earnings per share of $1.40 ($0.28 excluding the fourth quarter 2023 deferred tax asset valuation allowance reduction of $1.12) compared to $0.74 ($0.28 excluding the fourth quarter 2022 deferred tax asset valuation allowance reduction of $0.52 less the first quarter of 2022 severance accrual of $0.06); ● Cash flow from operations of $3.9 million compared to $0.9 million;

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Source: SEC EDGAR

accession 0001999371-24-004539

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