The Edgewood-based aircraft parts maker CPI Aerostructures Inc. reports its annual revenue for 2011 was up nearly 70 percent, with a dramatic increase in annual profit, primarily due to subcontracting work for Northrop Grumman, Boeing and Gulfstream.
CPI Aero, one of Long Island's remaining aircraft parts companies, reports net profit of $7.4 million on sales of $74.1 million for 2011, up from a net profit of $529,896 on revenue of $43.9 million the previous year.
That works out to a 12-fold increase in profit year-to-year. Income per diluted share followed suit, with a similar increase, with earnings of $1.04 per share in 2011 compared to earnings of 8 cents a share in 2010.
Edward J. Fred, the CPI Aerospace president and chief executive, said the good news should keep on coming, with $83.6 million in new orders for the year, compared to $61.7 million in orders for 2010.
In a separate category of potential business, Fred said, "solicitations not yet awarded totaled a maximum realizable value of approximately $282 million" as of Feb. 29.
Much of the year's growth took place in the fourth quarter, which he said was "the best quarter in CPI Aero’s history in terms of revenue and net income."
The company's performance was fueled by its work on three major subcontracting jobs it got in 2008, for the Gulfstream G650, Boeing A-10 and Northrop Grumman E-2D, he said.
Photo: CPI Aero's chief executive Edward J. Fred.
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