CPI Aerostructures 2Q results up as military business grows

CPI Aerostructures Inc. Thursday reported second quarter revenue of $22.3 million, a 2 percent increase over the year-ago period, as the Edgewood aerospace manufacturer continued to veer away from the civilian market to focus on military aircraft.

Net profit was $1.8 million, or 21 cents per diluted share, compared with $1 million, or 12 cents per diluted share, in the 2015 second period.

CPI Aero shares climbed 5.1 percent to close Thursday at $7.01.

President and chief executive Douglas McCrosson said that the results “validate a business strategy first set into motion in 2014 that places greater sales emphasis on the defense market.”

He said that contracts for work on the E-2D Advanced Hawkeye and the T-38 Pacer Classic III helped drive growth.

Not reflected in the company’s $395 million backlog as of June 30 was a contract to build pod structures of jamming systems from Raytheon, a new customer, McCrosson said.

“This is a significant win for CPI Aero,” he added.

By Ken Schachter

kenneth.schachter@newsday.comkschach

Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.