CPI Aerostructures, Inc. - CVU STOCK NEWS

CPI Aerostructures (NYSE American: CVU) announced a new $4.4 million purchase order from the U.S. Air Force for structural modification kits and services under the PCIII and TRIM programs. This raises the total funded orders under the multi-year contract to $28.4 million, extending the performance period into late 2024. The T-38 aircraft, used for over 50 years, will have its service life extended beyond 2030 as a result of these upgrades.

CPI Aerostructures, Inc. (CVU) reported strong fourth quarter results for 2020, with revenue increasing to $25.4 million from $22.7 million, and gross profit rising to $4.6 million, marking a gross margin improvement to 18.2%. The company achieved net income of $1.3 million, a turnaround from a net loss of $(1.4) million in Q4 2019. For the full year, revenues were $87.6 million, slightly up from $87.5 million in 2019. Notably, defense revenue grew by over 15%, offsetting a decline in commercial aviation revenue due to the pandemic. The total funded backlog is $169.6 million, with 98% related to defense markets.

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.