From GlobeNewswire: 2024-04-05 20:40:25

CPI Aerostructures, Inc. reported financial results for the fourth quarter and full year of 2023. In the fourth quarter, revenue decreased slightly to $23.5 million, but net income more than doubled to $14.8 million compared to the same period in 2022. For the full year, revenue increased to $86.5 million, with net income reaching $17.2 million. The company also reduced its debt to $20.1 million by the end of 2023. CEO Dorith Hakim highlighted the positive results and strong backlog for continued growth in 2024.

CPI Aero is a U.S. manufacturer of structural assemblies for aircraft in commercial aerospace and national security markets. The company’s strong financial performance in 2023 included increased revenue and net income, as well as reducing debt. CPI Aero ended the year with a backlog of $513.4 million and remains confident in its long-term outlook. Additionally, the company realized a tax benefit in the fourth quarter of 2023 and reduced its debt to $20.1 million by the end of the year.



Read more at GlobeNewswire: CPI Aerostructures Reports Fourth Quarter and Full Year