Sypris Solutions Q2 revenue up 51% to $26M; EPS $0.17 vs -$0.02; raises FY 2021 outlook

SYPRIS SOLUTIONS INC

2021-Q2 EPS reported $0.10 revenue$45,951,000

Revenue $26M (+51% YoY, +30% sequentially); gross margin 16.6% vs 12.4% prior year.
Net income $3.8M ($0.17 diluted EPS) vs net loss $0.3M (-$0.02); includes $3.6M PPP loan forgiveness gain.
Raises FY 2021 revenue growth outlook to 30-35% YoY (prior 25-30%); expects H2 gross margin expansion of 300-400 bps.
Sypris Technologies revenue $17.1M (+130% YoY); Sypris Electronics $8.8M (-9% YoY) but backlog up 29%.
Cash flow from operations expected to increase significantly; backlog for Sypris Electronics highest in 11 years, deliveries into 2022.

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