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CPI Aerostructures reports 29% drop in 3Q net income

Ashan Spleen builds a landing gear pod for

Ashan Spleen builds a landing gear pod for an A-10 Thunderbolt II war plane at the CPI Aerostructures manufacturing facility in Edgewood on Thursday, Oct. 11, 2012. Photo Credit: Bloomberg / Victor J. Blue

CPI Aerostructures on Tuesday reported third-quarter net income of $1.7 million, a 29 percent slide from the same period a year ago.

Revenue at the Edgewood-based aerospace manufacturer fell to $19.4 million, from $23.9 million a year prior.

“The decline in revenue and income for the third quarter of 2016 as compared to the third quarter of 2015 was expected and largely attributed to a reduction in revenue for the E-2D outer wing panel kits,” said Douglas McCrosson, president and chief executive of CPI Aero.

McCrosson said that contracts with Raytheon and Embraer will help CPI Aero “build momentum heading into 2017.”

CPI Aero announced in September that it had won a Raytheon contract worth about $2.7 million to work on pods that house electronics on the U.S. Navy’s EA-18G Growler aircraft to jam enemy radar and communications.

CPI Aero shares closed at $6.70 on Tuesday, down 5 cents, or 0.7 percent. They are down more than 30 percent over the past year.

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