CVU - CPI Aerostructures stock jumps aftermarket on strong Q2 earnings

CPI Aerostructures (NYSE:CVU) stock gained 9.8% postmarket after the aircraft parts maker reported strong Q2 results. Q2 EPS was $0.05 vs. -$0.11 in Q2 2020. Revenue grew 13% to $22.3M, driven by execution of CVU's funded military backlog. Q2 gross margin was 16.1% vs. 9.2% in Q2 2020. "Funded backlog as of Jun. 30 of ~$157M was, as expected, 23% lower than funded backlog as of Jun. 30, 2020. Since Jun. 30, 2021, we won several new contracts for military applications in key sectors," said CVU CEO Dorith Hakim. She said CVU is on track to report over $500M in total backlog as of 2021-end. CVU expects 2021 net income of $7.5M-8M, including $4.8M of other income related to the forgiveness of CVU's Paycheck Protection Program loan, vs. net loss of $3.7M for 2020. The company reaffirmed its 2021 revenue guidance. CVU continues to expect to report positive cash flow from

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CPI Aerostructures stock jumps aftermarket on strong Q2 earnings