CPI Aero Q1 2024 revenue $19.1M, down 13% YoY; net income $0.2M, EPS $0.01

CPI AEROSTRUCTURES INC

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

Revenue $19.1M, down from $22.0M in Q1 2023, driven by completion of NGJ Mid Band Pod LRIP 2 deliveries.
Gross profit $3.6M (18.6% margin) vs $4.7M (21.2%); 260 bps decline on unfavorable mix.
Net income $0.2M ($0.01 EPS) vs $1.0M ($0.08 EPS) a year earlier.
Cash used in operations ($1.0M) vs $0.9M provided in Q1 2023; debt reduced to $19.1M from $22.1M.
Backlog remains strong at $510M as of March 31, 2024; expects LRIP 3 deliveries to resume H2 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPI AEROSTRUCTURES INC reported the quarter ended March 31, 2024 results: revenue $19.1 million, net income $0.2 million, EPS $0.01.

Period: the quarter ended March 31, 2024
Revenue: $19.1 million
Net income: $0.2 million
EPS: $0.01
Result: reported results

Exact text from the filing

DATED MAY 15, 2024. CPI AEROSTRUCTURES, INC. 8-K Exhibit 99.1 CPI AEROSTRUCTURES REPORTS FIRST QUARTER 2024 RESULTS First Quarter 2024 vs. First Quarter 2023 · Revenue of $19.1 million compared to $22.0 million; · Gross profit of $3.6 million compared to $4.7 million; · Gross profit margin of 18.6% compared to 21.2%; · Net income of $0.2 million compared to

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Source: SEC EDGAR

accession 0001999371-24-006173

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