Sypris Solutions, Inc. reports developments across two operating segments: Sypris Electronics and Sypris Technologies. Sypris Electronics provides engineering and manufacturing services for high-reliability electronic assemblies used in defense, space, communications and industrial applications, including electronic warfare, missile and aircraft avionics, secure communications, military radar and subsea fiber optic data networks.
Company news also covers Sypris Technologies supply agreements for forged, machined, welded and heat-treated components used in heavy commercial vehicles, drivetrain systems, all-terrain vehicles, off-highway markets and high-pressure energy pipeline applications. Recurring updates include quarterly results, orders and backlog, long-term customer awards, supply-chain conditions, tariffs and transportation-market demand.
Sypris Solutions (NASDAQ: SYPR) reported its Q2 2024 financial results, showing a stable revenue of $35.5 million and breakeven net income. Highlights include:
- Gross profit up 20.8% year-over-year and 95.6% sequentially
- Sypris Electronics revenue increased 13.6%
- Sypris Technologies gross profit up 35.5% year-over-year
- Total orders up 15.8% year-to-date
- Backlog exceeds $115 million
The company reaffirmed its 2024 outlook, expecting 10-15% revenue growth and 20-25% gross profit increase. Sypris maintains a positive outlook for the second half of 2024, supported by a strong backlog and new program wins.
Sypris Solutions (Nasdaq/GM: SYPR) has appointed Curtis S. Petrie as Vice President of Administration, effective September 1, 2024. Petrie, currently a corporate director, will remain at the company's Louisville, Kentucky headquarters, reporting to CEO Jeffrey T. Gill. With Sypris since 2007, Petrie has held various leadership roles in IT, HR, and Internal Audit. His prior experience includes CIO positions at F+W Media and Lexmark International. Petrie holds a BS in Electrical Engineering from the University of Kentucky and has served on the Robertson County Board of Education. CEO Gill praised Petrie's long history with the company and his leadership in technical matters and business operations.
Sypris Technologies, a subsidiary of Sypris Solutions (NASDAQ: SYPR), has secured a long-term, sole-source extension to its supply agreement with a major global commercial vehicle manufacturer. The contract extends Sypris' provision of Ultra® Axle Shafts for the customer's branded drive axles in medium and heavy-duty trucks.
This extension marks over 25 years of continuous supply to this customer and its subsidiaries. The components are important for the performance of heavy-duty vehicle drive axles. Federico Aviles, VP and GM of Sypris Technologies Mexico, expressed pride in the strategic partnership and anticipates future collaboration opportunities.
Sypris Solutions (Nasdaq: SYPR) has appointed Rachel Ainsworth Brady, Esq. as Senior Corporate Counsel and Secretary, effective July 8, 2024. Based in Louisville, Kentucky, Brady will report to Jeffrey T. Gill, Chairman, President, and CEO of Sypris Solutions.
Brady previously served as Corporate Counsel at American Commercial Barge Line since 2019, having joined the company in 2016 as Associate Corporate Counsel. She has also held positions at Kinetic Vision, Steel Technologies, and Phillips Parker Orberson & Arnett.
Brady holds a Bachelor of Arts in English and a cum laude Juris Doctor from the University of Louisville. Her extensive legal and risk management experience is expected to contribute significantly to Sypris Solutions' growth and profitability.
Sypris Solutions is a diversified manufacturing and engineering services company serving the defense, transportation, communications, and energy industries.
Sypris Solutions announced the appointment of Michael D. Sedgwick as Vice President and General Manager of Sypris Electronics, effective June 3, 2024. Sedgwick, who has an extensive background in defense and aerospace, including roles at SCI Technology, Abaco Systems, and AAR , will be based in Tampa, Florida. He has overseen product portfolios with annual sales exceeding $180 million and brings a wealth of knowledge and experience to Sypris. Jeffrey T. Gill, CEO of Sypris, emphasized Sedgwick's potential to significantly contribute to the company's growth and profitability.
Sypris Solutions (NASDAQ: SYPR) reported first-quarter financial results for the period ending March 31, 2024. The company's consolidated revenue increased by 10.1% to $35.6 million compared to the same period in 2023. Sypris Electronics led with a 34.5% year-over-year revenue increase, while Sypris Technologies saw a 5.9% decrease due to shipment timing issues. The backlog surpassed $110 million, with Sypris Technologies witnessing a 50.1% increase in energy product orders. However, the company posted a net loss of $2.2 million, or $0.10 per share, compared to a net loss of $0.2 million, or $0.01 per share, in Q1 2023. Gross margin guidance for 2024 was adjusted to reflect unfavorable foreign currency exchange rates and program ramp costs, with anticipated revenue growth of 10-15% year-over-year.
Sypris Electronics, , a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), has received additional releases under a production contract to deliver electronic assemblies for an electronic warfare improvement program for the U.S. Navy. The upgrades will enhance the Navy's defense capabilities against incoming threats, including missiles, and provide integrated countermeasures for radio frequency-guided threats. The deliveries are scheduled to begin in 2024, with the system offering multi-function applications for improved mission capabilities.
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