CPI Aerostructures (CVU) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 was $21.8 million, down from $23.5 million year-over-year, while full-year revenue was $81.1 million, down from $86.5 million.

• Gross margin improved to 20.0% in Q4 and 21.3% for the year, reflecting operational efficiencies and cost controls.

• Net income for Q4 was $1.0 million ($1.4 million excluding deferred tax asset valuation impact); full-year net income was $3.3 million ($3.7 million excluding deferred tax asset valuation impact).

• Cash flow from operations reached $4.4 million in Q4 and $3.6 million for the year.

• Debt was reduced to $17.4 million at year-end, the lowest since 2011.

Financial highlights

• Adjusted EBITDA for Q4 was $2.3 million, up from $1.8 million; full-year Adjusted EBITDA was $7.8 million, up from $7.5 million.

• Earnings per share for Q4 were $0.08 ($0.11 excluding deferred tax asset valuation impact); full-year EPS was $0.26 ($0.29 excluding deferred tax asset valuation impact).

• Gross profit for Q4 was $4.3 million, up from $4.1 million; full-year gross profit was $17.2 million, up slightly from $17.1 million.

Outlook and guidance

• Backlog at year-end was $510 million, including new program awards from major aerospace and defense customers.

• Management expressed confidence in the long-term outlook and expects to capitalize on new opportunities and customer relationships.