Aerospace contractor CPI Aerostructures Inc. Wednesday reported that fourth quarter revenue and profit declined from the year-earlier period, but reaffirmed guidance for record revenue in 2015.
Fourth quarter net income fell 27.5 percent to $1.7 million on revenue of $20.1 million. That compared to net income of $2.4 million on revenue of $21.3 million in the year-ago quarter. Earnings per share in the fourth quarter came in at 20 cents per diluted share versus 28 cents in the 2013 period.
A noncash $44.7 million charge announced in August related to the Pentagon's moves to mothball the A-10 Warthog close-air-support jet resulted in a fiscal 2014 net loss of $25.2 million on revenue of $39.7 million. CPI serves as a subcontractor to Boeing Co. on a wing replacement program for the jet and anticipates reaping 2015 tax benefits related to the contract's phaseout.
The Edgewood company said it expects record revenue of $92 million to $102 million in fiscal 2015 and net income of $7.2 million to $8 million.
"At December 31, 2014, funded backlog increased to $120.6 million, which was $10.2 million higher than funded backlog at December 31, 2013," CEO Douglas McCrosson said in a statement.
The company scheduled a conference call for 8:30 a.m. Thursday. Shares of CPI fell 2 percent Wednesday to close at $12.