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CPI Aerostructures Q3 Profit Climbs

CPI Aerostructures Inc. (CVU) reported that its net income for the third quarter climbed to $5.43 million or $0.44 per share from $839,765 or $0.07 per share in the same quarter last year.

But revenue for the third quarter declined to $23.90 million from $25.58 million in the prior year.

The company continues to expect to report positive cash flow from operations for the second half of 2021 and for the full year of 2021.

The company continues to anticipate reporting 2021 revenue greater than $100 million compared to $87.6 million for 2020.

The company projects annual net income to be in the range of $7.5 million to $8.0 million, including the $4.8 million of other income related to the forgiveness of Paycheck Protection Program loan, compared to a net loss of $3.7 million for 2020.

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