Aerospace contractor CPI Aerostructures Inc. Tuesday reported lower year-over-year sales in the first quarter as revenue declined in contracts on the F-16 jet fighter and the E-2D command and control aircraft.
Revenue in the period ended March 31 edged down to $18.2 million, versus $20 million in the 2017 period.
Still, net income inched up to $1.3 million, or 14 cents per diluted share, from $1.2 million, also 14 cents per diluted share, on lower income taxes.
Douglas McCrosson, president and chief executive of CPI Aero, described the F-16 revenue decrease as a "timing issue" and said sales are expected to increase in fiscal 2018.
Shares in CPI Aero fell 1 percent Tuesday to close at $10. The Edgewood company released its earnings before the market open on Tuesday.
"We delivered a fourth consecutive quarter of profitability on the strength of strong operational performance and continued cost control," McCrosson said in a statement.
McCrosson said the declines in revenue from the F-16 wing component and E-2D outer wing panel kit contracts were not fully offset by higher revenue from contracts on a radar jammer pod and the T-38 supersonic jet trainer.