- CPI Aerostructures, Inc. CVU reported financial results for the three months ended March 31, 2021, and has filed a Form 10-Q today for the Q1 period. It had recently completed the restatement of 2020 and 2019 results.
- The company recorded first-quarter revenue growth of 82.8% year-over-year to $30.82 million. The gross margin expanded by 1,506 bps to 16%.
- The company reported income from operations of $1.53 million, compared to a restated loss of $(2.94) million a year ago.
- EPS improved to $0.10 from restated $(0.29) in 1Q20.
- "Effective execution of our funded military backlog continued to drive revenue growth, with revenue from military contracts more than doubling to $28.9 million while revenue from commercial aviation contracts was nearly cut in half to $1.9 million," said CEO Douglas McCrosson.
- As of March 31, 2021, the total backlog was $451.0 million, including multi-year defense contracts of $433.5 million, compared to the total backlog as of December 31, 2020, of $476.2 million.
- CPI Aerostructures anticipates ending 2021 with ~$500 million in total backlog, up 5% from the end of 2020.
- FY21 Outlook: The company reaffirmed previously stated expectations of revenue greater than $100 million compared to $87.6 million in 2020 and net income greater than $4 million, compared to the net loss of $(3.7) million in 2020.
- Price Action: CVU shares are trading higher by 11.4% at $2.54 on the last check Monday.
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