CPI Aerostructures, Inc. (NYSE MKT: CVU) has reported USD22.1 million in third quarter 2016 revenue, compared to USD26.8 million for the 2015 third quarter, the company said.
The company reported gross profit was USD5.0 million for the third quarter of 2016, versus USD5.6 million for the third quarter of 2015. Pre-tax income for the 2016 third quarter was USD2.7 million compared to USD3.5 million in the 2015 third quarter. Net profit for the 2016 third quarter was USD1.7 million, or USD0.19 per diluted share, compared to USD2.4 million, or USD0.28 per diluted share, in the 2015 third quarter.
Third quarter 2016 results include USD2.7 million in zero-margin revenue related to the A-10 Wing Replacement Program (WRP). In reporting first quarter 2016 results, CPI Aero announced that it had incurred a non-cash charge of approximately USD13.5 million related to its estimate to perform through the conclusion of the order.
CPI Aero is a US manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne intelligence surveillance and reconnaissance pod systems in both the commercial aerospace and national security markets.