Sypris Q1 revenue up 30.9% to $26.2M; net income $0.2M vs loss; reaffirms 2022 outlook

SYPRIS SOLUTIONS INC

2022-Q1 EPS reported $0.01 revenue$26,166,000

Revenue $26.2M (+30.9% YoY); diluted EPS $0.01 vs ($0.08) loss in prior year period.
Gross margin expanded 810 bps to 17.2%; Sypris Technologies gross margin 18.3% (+940 bps), Sypris Electronics 15.3% (+580 bps).
New multi-year contract awards for U.S. Navy and anti-ship missile programs; also long-term extensions for commercial vehicle drivetrain components.
Reaffirms FY 2022 outlook: revenue growth 25-30% YoY, 200-250 bps gross margin expansion, strong cash flow growth.
Backlog grew to largest in over a decade with deliveries into 2023.

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