Sypris Q3 net loss of $2.2M; backlog tops $100M; 2022 revenue view lowered to 15-20% growth

SYPRIS SOLUTIONS INC

2022-Q3 EPS reported -$0.12 revenue$80,409,000

Q3 revenue $25.2M (-2% YoY); net loss $2.2M vs net income $0.3M in Q3 2021.
Backlog exceeds $100M, up 99% YoY; Sypris Electronics orders rose 75%.
Gross margins fell: Technologies 6.3% (down from 12.6%), Electronics 11.0% (down from 20.8%).
2022 revenue growth guidance lowered to 15-20% from prior; 2023 revenue forecast at +20-25%.
New awards: Navy program up to $77M, Permian Pipeline closures, UK closure line IP acquisition.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SYPRIS SOLUTIONS INC reported nine months ended October 2, 2022 results: revenue $80.4 million, net income net loss of $2.6 million, EPS $0.12 per share.

Period: nine months ended October 2, 2022
Revenue: $80.4 million
Net income: net loss of $2.6 million
EPS: $0.12 per share
Result: reported results

Exact text from the filing

For the nine months ended October 2, 2022, the Company reported revenue of $80.4 million compared with $71.6 million for the first nine months of 2021. The Company reported a net loss of $2.6 million, or $0.12 per share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SYPRIS SOLUTIONS INC reported third quarter ended October 2, 2022 results: revenue $25.2 million, net income net loss of $2.2 million, EPS $0.10 per share. Guidance lowered.

Period: third quarter ended October 2, 2022
Revenue: $25.2 million
Net income: net loss of $2.2 million
EPS: $0.10 per share
Guidance: lowered
Result: reported results

Exact text from the filing

The Company reported revenue of $25.2 million for the third quarter of 2022, compared to $25.7 million for the prior-year comparable period. Additionally, the Company reported a net loss of $2.2 million, or $0.10 per share

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Source: SEC EDGAR

accession 0001157523-22-001632

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