Sypris Solutions Inc - SYPR STOCK NEWS

Sypris Electronics, a subsidiary of Sypris Solutions (NASDAQ: SYPR), announced the receipt of additional releases under a multi-year production contract, originally announced in 2022. Deliveries for the manufacture and testing of electronic assemblies for four additional systems to a U.S. Department of Defense contractor are scheduled to begin in 2023. This contract involves an upgrade for the U.S. Navy's electronic warfare capabilities, enhancing defenses against missile threats and offering advanced non-kinetic attack options. The enhancements are expected to improve cost efficiency and operational capabilities while supporting the Navy's strategic objectives.

Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq: SYPR), has announced a new multi-year program to supply drivetrain components for a new model of side-by-side utility-terrain vehicles, with production set to begin in 2024. The company expects growth opportunities in the all-terrain vehicle market, projected to expand at a 16.8% CAGR from 2020 to 2025, according to Technavio Research. The Vice President of Sypris Technologies, Federico Aviles, emphasized the long-standing partnership with the customer and the commitment to providing quality, on-time delivery, and competitive pricing.

Sypris Solutions, Inc. (SYPR) reported a robust performance in Q4 2022, with consolidated revenues of $29.7 million, a 15.2% increase year-over-year. Earnings per diluted share stood at $0.01, marking an $0.11 improvement sequentially. The company's backlog surged by 117.3% to $118.5 million, driven by significant orders across various sectors, including a 71.4% rise in energy product orders. Looking forward, SYPR raised its 2023 revenue outlook to a 25-30% increase, citing strong demand and secured funding for key programs. Increased gross margins are expected between 175-225 basis points, signaling a positive operational forecast.

Sypris Solutions, Inc. (NASDAQ/GM: SYPR) will host a conference call on March 16, 2023, at 9:00 a.m. ET to discuss its financial results and operations. Participants can join by calling (833) 316-0560, or listen to a live broadcast online at www.sypris.com. An online replay will be available by 11:00 a.m. ET for 30 days, alongside presentation materials in the Investor Information section of their website. Sypris Solutions operates in diversified manufacturing and engineering services for sectors including defense, transportation, communications, and energy. For further details, visit www.sypris.com.

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.