CPI Aerostructures’ net income falls

Nov 05, 2013 | 05:55 PM | Frank Haflich

Tags  CPI Aerostructures, Edward Fred, quarterly earnings, AeroSystems Holdings, Northrop Grumman, Boeing, Sikorsky Aircraft, Bell Helicopter Embraer

LOS ANGELES — CPI Aerostructures Inc.’s third-quarter net income fell 31.6 percent as adjustments on some of the company’s major programs continued to pressure profit margins.

CPI’s gross revenue, as in the second quarter, continued to be "affected by adjustments to our long-term programs" with Wichita, Kan.-based Spirit AeroSystems Holdings Inc., Falls Church, Va.-based Northrop Grumman Corp. and Chicago’s Boeing Co., president and chief executive officer Edward J. Fred said.....

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