Welcome to our dedicated page for CPI Aerostructures news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on CPI Aerostructures stock.
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) 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.
CPI Aerostructures (CVU) is participating in a Cooperative Research and Development Agreement with Wilder Systems and the U.S. Army. This project aims to showcase Wilder's Agile Manufacturing Robot capabilities for aerostructures, enhancing manufacturing processes with diverse materials like Carbon Fiber and Titanium. CPI Aero's CEO stated that the collaboration seeks to improve quality and cost-effectiveness while minimizing disruptions. A potential Phase 2 will involve the installation of the robot for live demonstrations in production. The initiative positions CPI Aero for advancements in aerospace manufacturing.
CPI Aerostructures (CVU) reported its Q2 2020 results, with revenues reaching $19.7 million, slightly down from $20.1 million in Q2 2019. Gross profit increased to $2.6 million with a gross margin of 13.1%, up from 11.2%. The net loss improved to $0.6 million, showing progress from $0.9 million the previous year. Backlog increased significantly to $546.4 million, including $491.1 million in defense contracts. Year-to-date, revenue declined to $36.6 million from $42.1 million, with a net loss of $3.4 million. A conference call to discuss these results is scheduled for November 12.
CPI Aerostructures, Inc. (NYSE American: CVU) has appointed Richard S. Caswell to its Board of Directors and as Chairperson of the Audit and Finance Committee effective November 4, 2020. Caswell, a finance and accounting executive, has over 22 years of experience at United Technologies Corporation, where he held various senior finance roles. His expertise in financial management and government contracting is expected to benefit CPI Aero significantly. The company focuses on manufacturing structural assemblies for various aircraft and is a prime contractor for the U.S. Department of Defense.
CPI Aerostructures (CVU) will release its fiscal second quarter financial results for the period ending June 30, 2020, on November 12, 2020, before market opening. Management will host a conference call at 8:30 am ET to discuss these results. Participants can join the call by dialing in at least 10 minutes early. Those interested can access a live webcast on the CPI Aero website's 'Investors' section, with a replay available shortly after the event. CPI Aero specializes in manufacturing structural assemblies for aircraft and is a key contractor for the U.S. Department of Defense.
CPI Aerostructures (CVU) announced receipt of multiple purchase orders worth approximately $1.4 million from Turkish Aerospace Industries (TAI) for the T70 Turkish Utility Helicopter Program. These orders add to a multi-year contract established in September 2019, totaling $2.1 million to date against a ceiling of $4.6 million. Deliveries for the recent orders are expected to commence in 2021. CEO Douglas J. McCrosson highlighted the orders as a recognition of the company’s expertise in BLACK HAWK programs, reinforcing its position in the aerospace sector.
CPI Aerostructures, Inc. (CVU) announced on October 15, 2020, that it received a notice from NYSE American confirming acceptance of its compliance plan for timely filing criteria. The exchange has granted a three-month extension until January 15, 2021, for CPI Aero to file its Quarterly Reports on Form 10-Q for the quarters ending June 30, 2020, and September 30, 2020. The notification does not affect the trading of CPI Aero's stock immediately. Continued compliance is crucial as failure to meet the deadline may lead to additional action from the exchange.
CPI Aero (CVU) will announce its fiscal first quarter financial results for the period ended March 31, 2020, after market close on September 30, 2020. A conference call to discuss the results is scheduled for October 1, 2020, at 8:30 am ET. Investors can participate by dialing in or via a live webcast on the CPI Aero website. The company is noted for manufacturing structural assemblies for aircraft and serves U.S. national security markets as both a prime contractor and Tier supplier in the aerospace sector.
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