CPI Aerostructures, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability. For the third quarter of 2024, the company generated revenue of $19.4 million, reflecting a decrease of 4.8% from $20.4 million in the same period of 2023. Year-to-date, total revenue for the nine months was $59.3 million, down 5.8% from $63.0 million in the prior year.

Despite the decline in revenue, CPI Aerostructures experienced a significant increase in net income for the third quarter, which rose to $749,677, a substantial increase of 148.8% compared to $301,364 in the same quarter of 2023. However, for the nine-month period, net income decreased by 4.7% to $2.3 million from $2.4 million in the previous year.

The company's gross profit for the third quarter was reported at $4.2 million, with a gross margin of 21.7%, an improvement from $3.7 million and a gross margin of 18.2% in the same quarter of 2023. Operating expenses increased by 8.2% to $2.7 million, up from $2.5 million in the prior year.

As of September 30, 2024, CPI Aerostructures had total assets of $68.9 million and total liabilities of $43.9 million. The company’s cash position saw a significant decline, with cash reported at $1.7 million, down from $5.1 million at the end of 2023. The total backlog stood at $506.0 million, slightly down from $513.4 million at the end of 2023, while the funded backlog decreased to $91.5 million from $118.2 million.

These financial results indicate a challenging environment for CPI Aerostructures, with revenue declines impacting overall performance, although profitability metrics showed improvement in the most recent quarter. The company continues to navigate market conditions while managing its operational expenses and backlog levels.