Sypris Solutions Inc - SYPR STOCK NEWS

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.

Sypris Solutions (SYPR) reported a 11.8% year-over-year revenue increase to $29 million for Q2 2022, driven by a 25.6% increase in Sypris Electronics. Backlog surged 77%, with a significant 360% increase in orders year-over-year. However, gross margins decreased by 360 basis points due to a shift in revenue mix and capacity improvement costs. Despite a net loss of $0.6 million, the company maintains its full-year revenue growth outlook of 25-30%. Customer demand remains strong across automotive, defense, and energy sectors.

Sypris Solutions, Inc. (SYPR) will conduct a conference call on August 16, 2022, at 9:00 a.m. ET to discuss its financial results and operational updates. Interested participants can join via telephone by calling (833) 316-0560 approximately 10 minutes before the call. The call will also be broadcasted live online at www.sypris.com, with a replay available for 30 days post-call. The company operates in diversified manufacturing and engineering services across various industries, including defense and transportation.

Sypris Electronics, a subsidiary of Sypris Solutions (NASDAQ: SYPR), has received a multi-year production contract to manufacture power supplies for a U.S. DOD contractor, marking the beginning of full-rate production in 2022. The modules will enhance the navy’s electronic warfare capabilities, allowing for effective missile jamming and countermeasures. This contract continues Sypris’s long-standing support for the U.S. Navy’s critical programs, providing opportunities for cost and size reductions in military applications.

Sypris Electronics has secured a multimillion-dollar follow-on contract from a U.S. defense contractor to manufacture advanced electronic warfare avionics for a major government program. Production is set to commence in 2022. This contract supports an all-weather stealth multirole combat aircraft intended for air superiority and strike missions, projected to be in operation until 2070. Sypris will develop modules for the aircraft's Communications, Navigation, and Identification systems, enhancing situational awareness and battlefield effectiveness.

Sypris Solutions, Inc. (SYPR) reported a remarkable 30.9% increase in revenue for Q1 2022, reaching $26.2 million, compared to $20.0 million in the previous year. Gross profit surged by 148.3% to $3.9 million, with gross margins expanding to 17.2%. Significant new contracts in both Sypris Electronics and Sypris Technologies are expected to enhance growth. The company reaffirmed its 2022 outlook, anticipating 25-30% revenue growth and continued improvements in cash flow and margins. Earnings rose to $0.01 per diluted share from a loss of $0.08 a year ago.