CPI Aerostructures Inc., the Edgewood-based aircraft parts maker, said on Tuesday that its second-quarter profits jumped 71 percent, to $2.7 million, as it trimmed costs and increased sales.
Revenue jumped 19.7 percent, to $20.8 million, during April, May and June as several of CPI's contracts to supply parts to companies, including Gulfstream and Boeing, have swung into full production.
CPI’s cost of sales dropped 14 percent as it is no longer laying out the expenses from the engineering and design changes to begin building the parts for those orders.
Net income rose 36 cents per share, up from 22 cents.
“Our record first half results were in line with expectations. We are projecting a much better second half, as well, and a particularly strong fourth quarter, as our newest contracts begin to generate revenue and income,” CPI Aero’s president and chief executive Edward J. Fred said.
With 157 full-time employees, CPI Aero makes a variety of aircraft parts for defense contractors, the U.S. Air Force and other branches of the armed forces. The company generated 71 percent of its revenue from government prime and subcontracts contracts during the first six months of 2012.
The company's total stock market value is $78.4 million.