Aerospace contractor CPI Aerostructures Inc. Wednesday reported a rebound in second-quarter revenue and net income compared with the year-ago quarter, when the company took a hit from the winding down of a defense program.
The company said second-quarter revenue swung to $21.9 million, versus negative revenue of $23.8 million in the 2014 period, when the Edgewood company took a one-time, noncash charge related to the wing replacement program for the A-10 attack jet, which the Pentagon has targeted for retirement.
Net income also rebounded, to $990,108, or 12 cents per diluted share, compared with a loss of $29.7 million, or $3.50 per share, in 2014.
"We expect . . . our performance for the second half of the year to be stronger than the first half due to the timing of delivery orders associated with several major programs received in late 2014 to early 2015," chief executive Douglas J. McCrosson said in a statement. The company reaffirmed its 2015 revenue forecast of a range from $92 million to $102 million and net income of $7.2 million to $8 million.
The company released its earnings after the close of regular stock trading Wednesday. Shares of CPI Aero fell 2.28 percent Wednesday to close at $9, and were unchanged in after-hours trading.
CPI Aero has defense contracts on assemblies and services for the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 Black Hawk helicopter, the F-16 Falcon fighter and the new F-35 fighter.
CPI Aero also works on business jets, including the Gulfstream G650, the HondaJet, the Embraer Phenom 300 and the new Cessna Citation X+.
The company said it booked $24.2 million in new contracts during the year's first half compared with $19.2 million in the 2014 period. Total backlog as of March 31 increased to $446.6 million versus $403.7 million on Dec. 31, 2014.
CPI Aero executives are scheduled to hold a conference call at 8:30 a.m. Thursday