CPI Aerostructures, Inc. announced its financial results for the third quarter and nine months ended September 30, 2024, reporting stronger performance in Q3 2024 compared to the prior year. Despite marginally lower revenues, the company achieved a 350 basis point increase in gross profit margin and a 149% increase in net income.
The company's third quarter adjusted EBITDA reached $1.7 million, marking a 15.6% increase over the third quarter of 2023. CPI Aerostructures also continued its debt reduction efforts, decreasing its debt by $2.7 million over the last twelve months and achieving a Debt-to-Adjusted EBITDA Ratio of 2.5, which is its seventh consecutive quarter-end below 3.0.
A significant development for the company was the receipt of an award from L3Harris for the Next Generation Jammer Low Band Pod, representing its first contract from this Tier 1 defense contractor. This new award contributes to the company's robust backlog, which stood at $506 million as of September 30, 2024, reinforcing its position in key defense programs.
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