RTTNews | Dec 31, 2020 07:04AM EST

07:03 Thursday, December 31, 2020 (RTTNews.com) - CPI Aerostructures, Inc. (CVU) on Thursday reported net income for the third quarter of $0.82 million or $0.07 per share, compared to net loss of $1.26 million or $0.11 per share in the year-ago period.

Revenue for the quarter grew to $25.58 million from $22.69 million last year.

"Based on our solid third quarter results, we are increasingly confident in our expectations for accelerated revenue and margin improvement for the second half of 2020 compared to the first half and for revenue growth and higher operating income for 2020 compared to 2019," said Douglas McCrosson, president and CEO of CPI Aero.

For fiscal 2021, the company said its $183.9 million funded defense backlog enables it to affirm its previous 2021 outlook for growth in revenue, operating income and operating cash.

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