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CPI Aerostructures Inc. (CVU+0.43%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $81,078,864 from $86,466,321 in the previous year, primarily due to the completion of certain programs and timing of work on others.
Cost of sales decreased to $63,840,803 from $69,400,693, resulting in a gross profit of $17,238,061, slightly up from $17,065,628 in the previous year.
Selling, general, and administrative expenses decreased to $10,506,439 from $10,758,624, attributed to reduced consulting and legal fees.
Interest expense decreased to $2,288,834 from $2,455,214 due to lower outstanding debt and interest rates.
Net income for the year was $3,299,334, a decrease from $17,201,204 in the previous year, primarily due to a significant tax benefit in 2023.
Basic earnings per share was $0.26, compared to $1.40 in the previous year. Diluted earnings per share was $0.26, compared to $1.38 in the previous year.
The company reported a working capital of $17,122,111, up from $15,402,381 at the end of 2023, driven by changes in contract assets and liabilities.
CPI Aerostructures continues to focus on its government and commercial contracts, with significant contracts including the E-2D Advanced Hawkeye and the F-35 Lightning II.
The company has addressed its material weaknesses in internal controls and has implemented measures to ensure compliance with SEC requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CPI Aerostructures Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.