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, Inc. (NASDAQ/GM: SYPR) will host a real-time online webcast for its Q2 2021 financial results on August 12, 2021, starting at 9:00 a.m. Eastern Time. The live broadcast will be accessible at www.sypris.com, with a replay available for 30 days post-event. This will include necessary financial statistics and related presentation materials, located under the “Investor Information” section. Sypris Solutions specializes in truck components, oil and gas pipeline components, and aerospace and defense electronics, often securing multi-year contracts.
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Sypris Electronics, a unit of Sypris Solutions (SYPR), has secured a full-rate production contract from a U.S. DOD prime contractor to produce electronic power supply modules for a critical U.S. Navy electronic warfare program. This system will enhance the Navy's ability to counteract missile threats through advanced electronic countermeasures. Production will commence in the latter half of 2021. The project aims to improve mission capability and reduce costs, while the company expresses enthusiasm about deepening its partnership with a key military customer.
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Sypris Solutions (Nasdaq: SYPR) reported Q1 2021 revenue of $20 million, down from $22.4 million year-over-year. Despite a decrease in revenue due to late material receipts, customer orders were strong, with Sypris Electronics seeing a 70% increase in orders. Backlog surged by 36.3%, and the company raised its full-year revenue outlook to a 25-30% increase. Contracts for electronic assemblies and long-term contracts in commercial vehicles and energy projects support anticipated growth, while challenges in the oil and gas sector are expected to improve.
Sypris Solutions, Inc. (NASDAQ/GM: SYPR) announced it will host an online conference call on May 18, 2021, at 9:00 a.m. (ET) to discuss its first-quarter 2021 financial results. The live broadcast can be accessed on their official website, with a replay available for 30 days post-event. The press release will include necessary financial and statistical details related to the earnings period. Sypris Solutions specializes in manufacturing truck components, oil and gas pipeline components, and aerospace defense electronics.
Sypris Electronics, a subsidiary of Sypris Solutions (SYPR), has secured a follow-on contract from a U.S. DoD prime contractor to produce and test electronic assemblies for a spacecraft program, with production set to begin in 2021. The spacecraft will support crewed missions to destinations like the Moon and Mars, featuring advanced technologies.
Jim Long, VP of Sypris Electronics, expressed enthusiasm about continuing their role in this crucial program, which highlights Sypris's longstanding experience in manufacturing space electronic hardware.
Sypris Solutions reported its fourth quarter and full-year results for 2020, demonstrating resilience amid the COVID-19 pandemic. Despite a 6.3% revenue decline, consolidated gross margin improved to 14.0%, and operating income surged by 102.1% compared to 2019. Sypris Electronics saw a 41.3% revenue increase, reflecting strong backlog and electronic component availability. The company anticipates a 20% revenue growth in 2021, supported by new contract awards in defense, communications, and energy sectors, alongside positive market recovery.
Sypris Solutions, Inc. (SYPR) will host a live webcast of its fourth quarter 2020 financial results on March 18, 2021, at 9:00 a.m. ET. The event will be accessible on the company's website, with a replay available after 11:00 a.m. ET for 30 days. Related presentation materials will be posted beforehand in the 'Investor Information' section of Sypris’ site. The company is recognized for its diversified manufacturing of truck components, oil and gas pipeline components, and aerospace and defense electronics.