CPI Aerostructures (CVU) Misses Q4 EPS by 24c
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CPI Aerostructures (NYSE: CVU) reported Q4 EPS of $0.08, $0.24 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $31.6 million versus the consensus estimate of $27.9 million.
Total backlog as of December 31, 2015 was $387,316,000 compared with $403,648,000 as of December 31, 2014. Government contracts account for $276.9 million, or 71% of 2015 total backlog, up 9% from $254.8 million at end of 2014. Subsequent to the close of 2015, the company announced a three-year, $25.0 million to $30.0 million contract with Northrop Grumman to supply wing components for Japanese E-2D Advanced Hawkeye aircraft that will contribute further to our defense backlog. Funded backlog was $101.1 million, as compared to funded backlog at December 31, 2014 of $120.6 million. The value of the unfunded backlog (long-term contracts that have not been converted to funded orders) at December 31, 2015 was $286.2 million, with $181.8 million of this related to defense.
GUIDANCE:
CPI Aerostructures sees FY2016 revenue of $97.5 - $103.5 million, versus the consensus of $102.8 million.
For earnings history and earnings-related data on CPI Aerostructures (CVU) click here.
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