CPI Aerostructures reports Q1 EPS 1c vs. 8c last year

Reports Q1 revenue $19.08M vs. $22.02M last year. Reports cash flow used in operations of ($1.0M) compared to $0.9M provided by cash flow from operations…Debt as of March 31 of $19.1M compared to $22.1M as of March 31 …”As anticipated, our first quarter 2024 revenue was 13% lower than first quarter 2023, driven primarily by the completion of deliveries of Raytheon’s Next Generation Jammer Mid Band Pods LRIP 2 in 2023. In addition, gross profit decreased by 260 basis points due to unfavorable year-over-year mix. We consumed $1.0 million in cash to repay our debt and prepare for the ramp-up associated with LRIP 3 of the NGJ Mid Band Pod program which will resume deliveries in the second half of the year. We expect 2024 to be another solid year building off our progress in 2023,” said Dorith Hakim, President and CEO.Added Ms. Hakim, “We remain focused on exceeding our customers’ performance expectations and are confident in CPI Aero’s long term outlook as we continue to build on our backlog of $510M as of March 31.”