CPS Technologies Rises After Record 2021 Sales Bookings
By Sam Boughedda
Investing.com — CPS Technologies (NASDAQ:CPSH), the developer and manufacturer of advanced materials solutions and products, has seen its shares jump in Tuesday trading after announcing record orders in 2021.
The orders added up to more than $37 million for the company, exceeding the combined bookings of the two previous years.
CPS shares are currently up 25%.
"These record levels of orders are consistent with our strategic plan for growth across all product lines at CPS," said VP of Sales Cheryl Oliveira. "Besides these recent contract awards, CPS also has a number of opportunities in both the consumer electronics, and Aerospace and Defense markets."
The company said the increase in sales has been helped by its investments in facilities and personnel earlier in the year. In July, Michael McCormack took over as president and CEO after Grant Bennett retired.
"The New Product Development Lab coupled with the increased technical expertise, specifically Dr. Steve Kachur and William Holmes, has accelerated our growth plans enabling us to enter into new markets and applications," said CPS CFO Chuck Griffith.
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