CPI Aerostructures (CVU) Tops Q2 EPS by 2c, Miss on Revenues; Reaffirms FY17 Revenue Guidance

CPI Aerostructures (NYSE: CVU) reported Q2 EPS of $0.09, $0.02 better than the analyst estimate of $0.07. Revenue for the quarter came in at $16.7 million versus the consensus estimate of $17.57 million.

Financial Outlook

CPI Aero reaffirms its prior financial guidance for fiscal 2017 of:

• Revenue in the range of $82.5 million and $87.0 million;
• Pre-tax income to be at the high end of a range of $8.1 million to $8.4 million.

2Q 2017 vs. 2Q 2016

• Revenue was $16.7 million compared to $22.3 million;
• Gross profit was $3.7 million compared to $5.0 million;
• Pre-tax income was $1.2 million compared to $2.8 million;
• Net income was $0.8 million compared to $1.8 million;
• Earnings per diluted share were $0.09 per diluted share compared to $0.21 per diluted share;
• Cash flow from operations was $1.8 million compared to $(1.6) million; and
• Total backlog at $394.8 million with multi-year defense contracts comprising 80%

GUIDANCE:

CPI Aerostructures sees FY2017 revenue of $82.5-87 million, versus the consensus of $84.62 million.

For earnings history and earnings-related data on CPI Aerostructures (CVU) click here.

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