CPI Aerostructures, Inc. announced its financial results for the twelve-month period ended December 31, 2024. Despite lower revenue in 2024 compared to 2023, the company increased its gross profit margin by 150 basis points.
The company reported a 22.2% increase in net income, excluding the tax asset valuation impact, and a 19.5% rise in EPS from the prior year. These improvements were attributed to operational efficiencies, lower selling, general, and administrative (SG&A) expenses, and reduced interest costs.
CPI Aerostructures generated $3.6 million in cash from operations in 2024 and further reduced its debt by $2.7 million, reaching an all-time low debt balance since 2011. The Debt-to-Adjusted EBITDA Ratio at year-end was 2.2, marking the eighth consecutive quarter-end below 3.0.
The company concluded the year with a strong backlog of $510 million, which includes multiple new program awards from L3Harris, Raytheon, and Embraer. This backlog provides a solid foundation for future revenue and reflects continued customer confidence.
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