CPI Aerostructures Inc., an Edgewood defense contractor, Wednesday reported lower third quarter revenue and flat net income amid bottlenecks in contracts that are still in the development phase.
Revenue was $20.7 million compared to $22.1 million in the 2016 quarter, according to the news release before Wednesday’s market open.
The company posted net income of $1.7 million, or 19 cents per diluted share, identical to the results in the previous year’s period.
Shares of CPI climbed 4 percent to close Wednesday at $9.05. Stock in the maker of parts for fixed-wing aircraft and helicopters for the commercial and defense markets has climbed about 39 percent in the past 12 months.
Douglas McCrosson, CPI Aero president and chief executive, said the company’s performance was “solid” despite “order push-outs from newer defense programs still in their development phase that delayed revenue recognition.”
McCrosson said new defense contracts from Sikorsky, the U.S. Air Force and Lockheed Martin added to the company’s backlog.
The company updated its forecast for fiscal 2017 to call for revenue at the low end of its prior range of $82.5 million to $87.0 million.
CPI Aero provides assemblies for aircraft including the F-35 multirole jet fighter, the T-38C jet trainer and the AH-1Z attack helicopter.