CPI Aerostructures (NYSE: CVU) reported Q2 EPS of $0.12, $0.03 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $21.9 million versus the consensus estimate of $20.13 million.

Douglas J. McCrosson, CPI Aero's President & CEO, stated, "For the second quarter of 2015, as compared to the first quarter of 2015, we reported improvements in revenue and net income. We expect these sequential quarterly improvements to continue over the next two quarters and our performance for the second half of the year to be stronger than the first half due to the timing of delivery orders associated with several major programs received in late 2014 to early 2015."

Mr. McCrosson continued, "During the first half of 2015, revenue generated from commercial contracts was $19.8 million, mainly related to our Gulfstream, Embraer and Honda programs. Revenue generated from military contracts was $22.0 million, of which $21.7 million was from Tier 1 military subcontracts with OEMS and $0.3 million was from government prime contracts."

Mr. McCrosson added, "Our gross margin for the first half of 2015 was affected by the profit adjustment we made last year related to revised estimates for the A-10 Wing Replacement Program (WRP). As a result, we continued to record revenue on this program with zero gross margin. Excluding the effect of the A-10 WRP, first half 2015 gross margin on all remaining programs improved to 23.4%, compared to 20.3% in the same period of 2014. This increase is primarily the result of higher gross margin on certain of the Company's commercial programs as production rates have increased and is within the historical and expected range of gross profit percentage based on the Company's current mix of programs."

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