CPI Aerostructures Reports Fourth Quarter and Full Year 2024 Results
CPI Aerostructures (CVU) reported its Q4 and full-year 2024 financial results. For FY2024, revenue decreased to $81.1 million from $86.5 million in 2023, while gross profit slightly increased to $17.2 million with improved gross margin of 21.3%. Net income was $3.3 million ($3.7 million excluding tax impact), with EPS of $0.26.
The company demonstrated operational improvements with reduced debt of $17.4 million (down from $20.1 million in 2023) and generated $3.6 million in cash from operations. The Debt-to-Adjusted EBITDA ratio reached 2.2, marking eight consecutive quarters below 3.0.
CPI Aero ended 2024 with a strong backlog of $510 million, including new program awards from L3Harris, Raytheon, and Embraer. The company maintains confidence in its long-term outlook despite lower year-over-year revenue.
CPI Aerostructures (CVU) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Per l'anno fiscale 2024, i ricavi sono diminuiti a 81,1 milioni di dollari rispetto a 86,5 milioni di dollari nel 2023, mentre il profitto lordo è leggermente aumentato a 17,2 milioni di dollari con un margine lordo migliorato del 21,3%. Il reddito netto è stato di 3,3 milioni di dollari (3,7 milioni di dollari escludendo l'impatto fiscale), con un utile per azione (EPS) di 0,26 dollari.
L'azienda ha dimostrato miglioramenti operativi con un debito ridotto di 17,4 milioni di dollari (in calo rispetto ai 20,1 milioni di dollari del 2023) e ha generato 3,6 milioni di dollari in contante dalle operazioni. Il rapporto Debito su EBITDA Adjustato ha raggiunto 2,2, segnando otto trimestri consecutivi al di sotto di 3,0.
CPI Aero ha chiuso il 2024 con un forte portafoglio ordini di 510 milioni di dollari, inclusi nuovi premi per programmi da L3Harris, Raytheon ed Embraer. L'azienda mantiene fiducia nella sua prospettiva a lungo termine nonostante i ricavi inferiori rispetto all'anno precedente.
CPI Aerostructures (CVU) informó sus resultados financieros del cuarto trimestre y del año completo 2024. Para el año fiscal 2024, los ingresos disminuyeron a 81,1 millones de dólares desde 86,5 millones de dólares en 2023, mientras que la utilidad bruta aumentó ligeramente a 17,2 millones de dólares con un margen bruto mejorado del 21,3%. La ganancia neta fue de 3,3 millones de dólares (3,7 millones de dólares excluyendo el impacto fiscal), con un EPS de 0,26 dólares.
La empresa demostró mejoras operativas con un deuda reducida de 17,4 millones de dólares (bajando de 20,1 millones de dólares en 2023) y generó 3,6 millones de dólares en efectivo de las operaciones. La relación Deuda a EBITDA Ajustado alcanzó 2,2, marcando ocho trimestres consecutivos por debajo de 3,0.
CPI Aero terminó 2024 con un fuerte backlog de 510 millones de dólares, incluidos nuevos premios de programas de L3Harris, Raytheon y Embraer. La empresa mantiene confianza en su perspectiva a largo plazo a pesar de los ingresos más bajos en comparación con el año anterior.
CPI Aerostructures (CVU)는 2024년 4분기 및 연간 재무 결과를 보고했습니다. 2024 회계연도에 대한 수익은 2023년 8650만 달러에서 8110만 달러로 감소했으며, 총 이익은 1720만 달러로 약간 증가하고 총 이익률은 21.3%로 개선되었습니다. 순이익은 330만 달러(세금 영향을 제외하면 370만 달러)였으며, 주당 순이익(EPS)은 0.26달러입니다.
회사는 부채 감소로 1740만 달러(2023년 2010만 달러에서 감소)와 운영에서 360만 달러의 현금을 생성하여 운영 개선을 입증했습니다. 조정된 EBITDA 대비 부채 비율은 2.2에 도달하여 3.0 이하로 8분기 연속 기록했습니다.
CPI Aero는 2024년을 5억 1000만 달러의 강력한 수주 잔고로 마감했으며, L3Harris, Raytheon 및 Embraer의 새로운 프로그램 수주를 포함합니다. 회사는 전년 대비 낮은 수익에도 불구하고 장기 전망에 대한 자신감을 유지하고 있습니다.
CPI Aerostructures (CVU) a annoncé ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Pour l'exercice 2024, le chiffre d'affaires a diminué à 81,1 millions de dollars contre 86,5 millions de dollars en 2023, tandis que le bénéfice brut a légèrement augmenté à 17,2 millions de dollars avec une marge brute améliorée de 21,3 %. Le revenu net s'élevait à 3,3 millions de dollars (3,7 millions de dollars en excluant l'impact fiscal), avec un BPA de 0,26 dollar.
L'entreprise a démontré des améliorations opérationnelles avec une dette réduite de 17,4 millions de dollars (en baisse par rapport à 20,1 millions de dollars en 2023) et a généré 3,6 millions de dollars en liquidités provenant des opérations. Le ratio Dette sur EBITDA ajusté a atteint 2,2, marquant huit trimestres consécutifs en dessous de 3,0.
CPI Aero a terminé 2024 avec un portefeuille de commandes solide de 510 millions de dollars, incluant de nouveaux contrats de programme de L3Harris, Raytheon et Embraer. L'entreprise reste confiante dans ses perspectives à long terme malgré des revenus inférieurs par rapport à l'année précédente.
CPI Aerostructures (CVU) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Für das Geschäftsjahr 2024 sanken die Einnahmen auf 81,1 Millionen Dollar von 86,5 Millionen Dollar im Jahr 2023, während der Bruttogewinn leicht auf 17,2 Millionen Dollar anstieg, mit einer verbesserten Bruttomarge von 21,3%. Der Nettogewinn betrug 3,3 Millionen Dollar (3,7 Millionen Dollar ohne Steuerbelastung), mit einem EPS von 0,26 Dollar.
Das Unternehmen zeigte betriebliche Verbesserungen mit einer reduzierten Verschuldung von 17,4 Millionen Dollar (ein Rückgang von 20,1 Millionen Dollar im Jahr 2023) und erwirtschaftete 3,6 Millionen Dollar an operativem Cashflow. Das Verhältnis von Schulden zu bereinigtem EBITDA erreichte 2,2 und markierte damit acht aufeinanderfolgende Quartale unter 3,0.
CPI Aero beendete 2024 mit einem starken Auftragsbestand von 510 Millionen Dollar, einschließlich neuer Programmaufträge von L3Harris, Raytheon und Embraer. Das Unternehmen bleibt trotz niedrigerer Einnahmen im Jahresvergleich zuversichtlich in Bezug auf seine langfristige Perspektive.
- Gross margin improved to 21.3% from 19.7% in 2023
- Net income excluding tax impact increased 22.2% to $3.7 million
- Debt reduced by $2.7 million to lowest level since 2011
- Strong backlog of $510 million with new program awards
- Debt-to-Adjusted EBITDA ratio improved to 2.2
- Revenue declined 6.2% to $81.1 million from $86.5 million
- Operating cash flow decreased to $3.6 million from $3.9 million
Insights
CPI Aerostructures' Q4 and full-year 2024 results reveal a company effectively navigating margin improvement despite revenue challenges. While annual revenue declined by
The adjusted net income (excluding tax valuation impacts) increased
The substantial
This performance pattern suggests management is prioritizing profitability and balance sheet strength over top-line growth, a prudent approach in the aerospace manufacturing sector where program execution and financial stability often outweigh pure volume metrics. The strategic focus on operating margin expansion and debt reduction positions the company favorably to capitalize on its robust backlog in the defense and commercial aerospace markets.
Fourth Quarter 2024 vs. Fourth Quarter 2023
- Revenue of
$21.8 million compared to$23.5 million ; - Gross profit of
$4.3 million compared to$4.1 million ; - Gross margin of
20.0% compared to17.4% ; - Net income of
$1.0 million ($1.4 million excluding deferred tax asset valuation impact) compared to net income of$14.8 million ($0.6 million excluding deferred tax asset valuation impact); - Earnings per share of
$0.08 ($0.11 excluding deferred tax asset valuation impact) compared to earnings per share of$1.20 ($0.05 excluding deferred tax asset valuation impact); - Adjusted EBITDA(1) of
$2.3 million compared to$1.8 million ; - Cash flow from operations of
$4.4 million compared to$3.1 million .
Full Year 2024 vs. Full Year 2023
- Revenue of
$81.1 million compared to$86.5 million ; - Gross profit of
$17.2 million compared to$17.1 million ; - Gross margin of
21.3% compared to19.7% ; - Net income of
$3.3 million ($3.7 million excluding deferred tax asset valuation impact) compared to$17.2 million ($3.0 million excluding deferred tax asset valuation impact); - Earnings per share of
$0.26 ($0.29 excluding deferred tax asset valuation impact) compared to$1.40 ($0.25 excluding deferred tax asset valuation impact); - Adjusted EBITDA(1) of
$7.8 million compared to$7.5 million ; - Cash flow from operations of
$3.6 million compared to$3.9 million ; - Debt as of December 31, 2024 of
$17.4 million compared to$20.1 million as of December 31, 2023.
EDGEWOOD, N.Y., March 31, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the twelve month period ended December 31, 2024.
“Although our 2024 revenue was lower than our 2023 revenue, we increased our gross profit margin by 150 basis points. Our net income, excluding the tax asset valuation impact, was up
“We generated
Added Ms. Hakim, “We ended the year with a strong backlog of
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. Words such as “remain confident," “outlook,” “opportunities ahead,” “continue,” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements include the Company’s confidence in its long-term outlook, expectations for future opportunities, and plans to continue strengthening customer relationships. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
| Contacts: | ||
| Investor Relations Counsel Alliance Advisors IR Jody Burfening (212) 838-3777 cpiaero@allianceadvisors.com | CPI Aerostructures, Inc. Philip Passarello Chief Financial Officer (631) 586-5200 ppassarello@cpiaero.com www.cpiaero.com | |
| CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 5,490,963 | $ | 5,094,794 | ||||
| Accounts receivable, net | 3,716,378 | 4,352,196 | ||||||
| Contract assets, net | 32,832,290 | 35,312,068 | ||||||
| Inventory, net | 918,288 | 1,436,647 | ||||||
| Prepaid expenses and other current assets | 634,534 | 718,026 | ||||||
| Total Current Assets | 43,592,453 | 46,913,731 | ||||||
| Operating lease right-of-use assets | 2,856,200 | 4,740,193 | ||||||
| Property and equipment, net | 767,904 | 794,056 | ||||||
| Deferred tax asset | 18,837,576 | 19,938,124 | ||||||
| Goodwill | 1,784,254 | 1,784,254 | ||||||
| Other assets | 143,615 | 189,774 | ||||||
| Total Assets | $ | 67,982,002 | $ | 74,360,132 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 11,097,685 | $ | 10,487,012 | ||||
| Accrued expenses | 7,922,316 | 10,275,695 | ||||||
| Contract liabilities | 2,430,663 | 5,937,629 | ||||||
| Loss reserve | 22,832 | 337,351 | ||||||
| Current portion of line of credit | 2,750,000 | 2,400,000 | ||||||
| Current portion of long-term debt | 26,483 | 44,498 | ||||||
| Operating lease liabilities | 2,162,154 | 1,999,058 | ||||||
| Income taxes payable | 58,209 | 30,107 | ||||||
| Total Current Liabilities | 26,470,342 | 31,511,350 | ||||||
| Line of credit, net of current portion | 14,640,000 | 17,640,000 | ||||||
| Long-term operating lease liabilities | 938,418 | 3,100,571 | ||||||
| Long-term debt, net of current portion | — | 26,483 | ||||||
| Total Liabilities | 42,048,760 | 52,278,404 | ||||||
| Commitments and Contingencies (see note 16) | ||||||||
| Shareholders’ Equity: | ||||||||
| Common stock - $.001 par value; authorized 50,000,000 shares, 12,978,741 and 12,771,434 shares, respectively, issued and outstanding | 12,979 | 12,771 | ||||||
| Additional paid-in capital | 74,424,651 | 73,872,679 | ||||||
| Accumulated deficit | (48,504,388 | ) | (51,803,722 | ) | ||||
| Total Shareholders’ Equity | 25,933,242 | 22,081,728 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 67,982,002 | $ | 74,360,132 | ||||
| CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Years ended December 31, 2024 and 2023 | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 81,078,864 | $ | 86,466,321 | ||||
| Cost of sales | 63,840,803 | 69,400,693 | ||||||
| Gross profit | 17,238,061 | 17,065,628 | ||||||
| Selling, general and administrative expenses | 10,506,439 | 10,758,624 | ||||||
| Income from operations | 6,731,622 | 6,307,004 | ||||||
| Interest expense | (2,288,834 | ) | (2,455,214 | ) | ||||
| Income before benefit for income taxes | 4,442,788 | 3,851,790 | ||||||
| Provision (Benefit) from income taxes | 1,143,454 | (13,349,414 | ) | |||||
| Net income | $ | 3,299,334 | $ | 17,201,204 | ||||
| Income per common share-basic | $ | 0.26 | $ | 1.40 | ||||
| Income per common share-diluted | $ | 0.26 | $ | 1.38 | ||||
| Shares used in computing income per common share: | ||||||||
| Basic | 12,593,213 | 12,311,219 | ||||||
| Diluted | 12,709,237 | 12,471,961 | ||||||
Unaudited Reconciliation of GAAP to Non-GAAP Measures
Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP income from operations plus depreciation, amortization and stock-compensation expense.
Adjusted EBITDA as calculated by us may be calculated differently than Adjusted EBITDA for other companies. We have provided Adjusted EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance understanding of our operating results. Adjusted EBITDA should not be construed as either an alternative to income from operations or net income or as an indicator of our operating performance or an alternative to cash flows as a measure of liquidity. The adjustments to calculate this non-GAAP financial measure and the basis for such adjustments are outlined below. Please refer to the following table below that reconciles GAAP income from operations to Adjusted EBITDA.
The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:
Depreciation. The Company incurs depreciation expense (recorded in cost of sales and in selling, general and administrative expenses) related to capital assets purchased, leased or constructed to support the ongoing operations of the business. The assets are recorded at cost or fair value and are depreciated over the estimated useful lives of individual assets.
Stock-based compensation expense. The Company incurs non-cash expense related to stock-based compensation included in its GAAP presentation of cost of sales and selling, general and administrative expenses. Management believes that exclusion of these expenses allows comparison of operating results to those of other companies that disclose non-GAAP financial measures that exclude stock-based compensation.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the Adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent, or non-recurring.
Reconciliation of income from operations to Adjusted EBITDA is as follows:
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income From Operations | 2,074,655 | 1,545,001 | 6,731,622 | 6,307,004 | |||||||||||
| Depreciation | 124,746 | 119,976 | 430,006 | 470,950 | |||||||||||
| Stock-based compensation | 74,911 | 110,771 | 604,682 | 770,626 | |||||||||||
| Adjusted EBITDA | 2,274,312 | 1,775,748 | 7,766,310 | 7,548,580 | |||||||||||
FAQ
What was CPI Aerostructures (CVU) revenue and profit for full year 2024?
How much did CVU reduce its debt in 2024?
What is the current backlog value for CPI Aerostructures (CVU)?
How did CVU's earnings per share (EPS) perform in 2024 compared to 2023?
