CPI Aerostructures reports sharply higher revenue, net income

Aerospace company CPI Aerostructures reported sharply higher revenue and net income for the third quarter, boosted by multiyear defense contracts and business jet production.

Revenue rose nearly 25 percent from the year earlier period to $26.8 million, while net income rose 44 percent to $2.4 million. Income per diluted share gained 8 cents to 28 cents.

CEO and president Douglas J. McCrosson said the strong financial performance came "as we began to recognize revenue from the multiyear defense contracts we were awarded in late 2014 and earlier this year." He also said revenue was boosted "due to the increased build rates of our business jet production contracts, particularly our programs with Honda and Embraer."

McCrosson said the company expects its highest quarter revenue on record in the upcoming period.

CPI Aero reported its earnings after the close of regular trading. Before the report, its shares closed at $8.40, down 28 cents.