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CPI Aerostructures, Inc. (symbol: CVU) is a prominent U.S. manufacturer specializing in structural assemblies and value-added kits for fixed-wing and rotary-wing aircraft. Serving both the commercial aerospace and defense markets, CPI Aero develops and supplies complex aerostructures for major aircraft OEMs (original equipment manufacturers) and is a significant subcontractor for Tier 1 manufacturers. Additionally, CPI Aero acts as a prime contractor for the U.S. Department of Defense, primarily the Air Force.
The company is recognized for its contributions to several high-profile aircraft programs, including the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, and the UH-60 BLACK HAWK and S-92 helicopters. CPI Aero also manufactures pod-based, airborne avionics systems used in intelligence surveillance and reconnaissance (ISR), electronic warfare (EW), and radar end-markets.
Aside from its manufacturing capabilities, CPI Aero offers a comprehensive suite of services including engineering, program management, supply chain management, and maintenance, repair, and overhaul (MRO) services. The company’s robust engineering and program management expertise ensures efficient production and delivery of high-quality aerostructures to its diverse client base.
In recent news, CPI Aero has increased its funded orders under a previously awarded multi-year contract to $48.3 million, demonstrating its strong market position and ongoing demand for its products. The company’s inclusion in the Russell Microcap® Index underlines its significance in the aerospace supply chain sector.
With a strategic focus on quality and customer satisfaction, CPI Aero continues to expand its capabilities and enhance its product offerings. This positions the company as a reliable and innovative partner in the aerospace industry, catering to both commercial and defense market requirements.
CPI Aerostructures (CVU) announced the U.S. Government has exercised a one-year option to extend a Firm Fixed Price/Indefinite Delivery Indefinite Quantity contract with an estimated value of up to $1.7 million. This contract, which has been active for six years, has generated over $14 million in orders for structural wing components used in F-16 aircraft maintenance for the U.S. Government. CPI Aero, a key player in national security aerostructures, provides vital components and services primarily for the Department of Defense.
CPI Aerostructures (CVU) announced it will release its fourth quarter and full year financial results for 2020 on April 16, 2021, prior to market opening. A conference call will follow at 8:30 a.m. EDT, accessible via phone or live webcast. CPI Aero manufactures structural assemblies for aircraft and is a prime contractor for the U.S. Department of Defense. The company is part of the Russell Microcap Index. Forward-looking statements in the release include risks detailed in SEC reports.
CPI Aerostructures (CVU) announced a follow-on order to manufacture three airborne pod structural housings for a military radar system. This order is from an existing customer and continues a relationship that has produced over 120 units since 2004. Deliveries are expected in 2022. CPI Aero's president highlighted the significance of this product category, which has diversified into six different pod structures for various missions, including Intelligence, Surveillance, and Reconnaissance.
CPI Aerostructures, Inc. (NYSE American: CVU) has received a follow-on order from Lockheed Martin totaling approximately $17.9 million for the structural assemblies of F-16 Block 70/72 aircraft. This order is part of a multi-year contract initiated in February 2019 and more than doubles the company's existing order book. Deliveries are set for 2022 and 2023. CPI Aero's CEO, Douglas McCrosson, emphasized the company’s role as the single source supplier for these assemblies and expressed optimism for future foreign military sales orders related to the F-16.
CPI Aerostructures (CVU) announced a significant commitment to retain its headquarters in New York, receiving up to $3.75 million in incentives from Empire State Development. The company plans to maintain its existing workforce and create 85 new full-time jobs over the next five years, with an investment of more than $5.7 million in new equipment and facility upgrades. CPI Aero's CEO emphasized the importance of New York’s skilled workforce in supporting their growth, marking this decision as crucial for competitive advantage in the aerospace sector.
CPI Aerostructures (NYSE American: CVU) announced an $8.7 million purchase order from the U.S. Air Force, increasing the total funded value of a multi-year contract to $24.0 million. The contract supports the T-38C Pacer Classic III program and extends funding into 2024. This contract, initially valued at $65.7 million, aims to enhance the structural service life of the T-38 aircraft beyond 2030, underscoring CPI Aero's role as a significant player in the national defense market.
CPI Aerostructures, Inc. (CVU) announced a new sole-source order from Raytheon Missiles & Defense for manufacturing structural assemblies on an undisclosed platform, with deliveries beginning in 2021. This order follows CPI Aero's recognition as a Premier Supplier by Raytheon Technologies for its work on the Next Generation Jammer Mid Band pod. CEO Douglas McCrosson highlighted this contract as a sign of continued trust from Raytheon, emphasizing growth in missiles and autonomous aircraft systems as strategic areas for CPI Aero's future.
CPI Aerostructures (CVU) reported a strong financial performance for Q3 2020, with revenue of $25.6 million, up 30% from Q2. Gross profit surged to $4.2 million and gross margin improved to 16.4%. The company achieved net income of $0.82 million, a reversal from a $1.3 million loss last year. Year-to-date revenue is $62.2 million, down from $64.8 million in 2019, but net loss improved to $2.6 million from $3.1 million. CPI Aero retains a robust backlog of $536.9 million, with defense contracts making up a substantial portion.
CPI Aerostructures, Inc. (CVU) will release its fiscal third quarter financial results for the period ended September 30, 2020, on December 31, 2020, before market open. Management will discuss the results in a conference call scheduled for January 4, 2021, at 8:30 AM ET. Investors can dial in or access the live webcast via the CPI Aero website. The company manufactures structural assemblies for various aircraft and is a prime contractor for the U.S. Department of Defense, playing a vital role in national security markets.
CPI Aero (NYSE American: CVU) has reached a Settlement Agreement with Air Industries Group (NYSE American: AIRI) to resolve a dispute over post-closing working capital adjustments. CPI Aero will receive $1,381,000 from escrow as part of this agreement. This stems from the 2018 acquisition of Welding Metallurgy, Inc. for $7.9 million, with $2 million set in escrow. A prior court motion sought $4.1 million but was denied without prejudice. The settlement allows CPI Aero to finalize the release of the remaining escrow funds.
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