Sypris Solution Stock Price, News & Analysis

Sypris Technologies, a subsidiary of Sypris Solutions (NASDAQ: SYPR), announced an amendment to its supply agreement with Detroit Diesel Corporation, a subsidiary of Daimler Truck North America. This amendment introduces new part numbers for drivetrain components crucial for the performance of Freightliner's heavy-duty vehicles. Production of these components is expected to begin in early 2023, enhancing the long-standing partnership with Daimler Truck, now in its 18th year. The financial terms of the agreement remain undisclosed.

Sypris Solutions (SYPR) reported its third-quarter results, showing a 75% increase in orders for Sypris Electronics and overall backlog up 99% year-over-year, exceeding $100 million. However, revenue decreased slightly due to supply chain disruptions, leading to a net loss of $2.2 million. The company's 2022 revenue forecast was revised to a 15-20% growth, down from previous projections. Despite challenges, the outlook for 2023 remains optimistic, with expected revenue growth of 20-25% and gross margin expansion anticipated.

Sypris Solutions, Inc. (SYPR) will hold a conference call on November 16, 2022, at 9:00 a.m. ET to discuss its financial results and operations. Participants can join by calling (833) 316-0560. The call will also be available live online at www.sypris.com, with a replay starting at 11:00 a.m. that will last 30 days. Key financial and statistical information related to the earnings will be accessible on the company’s website prior to the call, under the 'Investor Information' section.

Sypris Electronics, a subsidiary of Sypris Solutions (NASDAQ: SYPR), announced an amendment to a multi-year supply contract with the U.S. Navy, increasing the potential contract value to $77 million. This represents a 39.5% increase in potential volume compared to earlier contracts. The agreement focuses on producing electronic power logic assemblies for a mission-critical program aimed at enhancing electronic warfare capabilities, enabling the Navy to counter missile threats effectively, with production set to begin in 2023.

Sypris Technologies, Inc., a subsidiary of Sypris Solutions (NASDAQ: SYPR), has acquired the intellectual property rights for the rapid opening closure (ROC) product line from Pipeline Engineering and Supply Co. Limited in the UK. This acquisition allows Sypris to globally manufacture and sell ROC products in the oil, gas, and petrochemical sectors. The integration of ROC complements Sypris' Tube Turns® brand, enhancing its market reach in Europe, Asia, and the Middle East. The transaction's financial details were not disclosed.