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Sypris Solutions Inc. (symbol: SYPR) is a leading provider of truck components, oil and gas pipeline components, and aerospace and defense electronics primarily serving markets in North America and Mexico. The company operates through two main segments: Sypris Technologies and Sypris Electronics.
The Sypris Technologies segment specializes in the supply of forged, machined, welded, and heat-treated steel components. Their products cater to the commercial vehicle, off-highway vehicle, light truck, automotive, and energy markets. Key offerings include drive train components such as axle shafts, transmission shafts, gear sets, and steer axle knuckles. Additionally, they provide value-added operations for drive train assemblies and manufacture pressure closures and other fabricated products for oil and gas pipelines.
The Sypris Electronics segment focuses on providing electronic manufacturing services. This includes circuit card and full box build manufacturing, high reliability manufacturing, systems assembly and integration, and design for manufacturability services. Their products are highly regarded in the aerospace and defense electronics markets.
Sypris Solutions Inc. is noted for its robust engineering and technical services, which support its diverse product range. The company emphasizes innovation, quality, and reliability, ensuring its components and services meet rigorous industry standards.
Recent achievements include strategic partnerships and the successful completion of several high-profile projects. Financially, Sypris has maintained a stable condition with consistent revenue primarily derived from the Sypris Technologies segment.
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.
Sypris Technologies, a subsidiary of Sypris Solutions (Nasdaq/GM: SYPR), has secured a contract extension with a leading commercial vehicle manufacturer. This agreement not only maintains existing product lines but also introduces two new axle shaft model lines starting in 2021. The patented Sypris Ultra® series axle shaft reduces drive axle assembly weight by approximately 16 pounds, enhancing braking distances and fuel efficiency. This strategic partnership aims to enhance vehicle performance and competitive advantages in the marketplace.
Sypris Solutions (SYPR) reported Q3 2020 revenue of $22.2 million, nearly flat year-over-year but up 29.2% sequentially. Gross profit surged 47.1% quarter-over-quarter, with EPS rising to $0.17, a turnaround from a loss a year prior. Key drivers included a strong backlog for Sypris Electronics, which saw a 52.6% revenue increase year-over-year. Sypris Technologies, however, faced challenges with a 22.9% decline in revenue year-over-year. The release of a tax valuation allowance contributed significantly to net income. Management remains optimistic about future growth.
Sypris Solutions, Inc. (NASDAQ: SYPR) will host a live webcast of its third quarter 2020 financial results on November 12, 2020, at 9:00 a.m. ET. The online replay will be accessible later that day at 11:00 a.m. ET for 30 days. Interested parties can find related presentation materials on the Company's website. Sypris Solutions specializes in truck components, oil and gas pipeline components, and aerospace and defense electronics, often operating under multi-year contracts.
Sypris Solutions, Inc. (NASDAQ: SYPR) will host an online webcast of its Q2 2020 financial results on August 13, 2020, starting at 9:00 a.m. ET. The live broadcast can be accessed at www.sypris.com. A replay will be available from 11:00 a.m. ET that day for 30 days. The company, which specializes in truck components, oil and gas pipeline components, and defense electronics, will provide related presentation materials in the 'Investor Information' section of its website. Details about its earnings announcement will also be shared there.
Sypris Solutions (NASDAQ: SYPR) will host a real-time webcast of its Q1 2020 financial results conference call on May 20, 2020, starting at 9:00 a.m. ET. The online replay will be available by 11:00 a.m. ET for 30 days. The company's presentation materials will be accessible on its website under the 'Investor Information' section. Sypris Solutions specializes in manufacturing truck components, oil and gas pipeline components, and aerospace and defense electronics, often through long-term contracts.
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