Sypris Q3 revenue up 15.9% to $25.7M; net income $0.3M; 2021 outlook cut to 20-25% growth

SYPRIS SOLUTIONS INC

2021-Q3 EPS reported $0.11 revenue$71,634,000

Q3 revenue $25.7M (+15.9% YoY); net income $0.3M ($0.01 diluted) vs $3.5M ($0.17) in prior year with $3.2M tax benefit.
Sypris Electronics gross margin 20.8% (up 460 bps); backlog +24% YoY. Sypris Technologies revenue $16.7M (+38%) but margin fell to 12.6%.
New contract awards: Army Key Management System circuit cards and fighter jet electronic warfare power supplies; production starts late 2021/Q1 2022.
2021 revenue growth guidance lowered to 20-25% from prior due to supply chain; Q4 gross margin expected to expand 400-500 bps YoY.
2022 outlook: revenue +25%, gross margin +200 bps, cash flow from operations forecast to materially increase YoY.

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