Sypris Q1 revenue up 10% to $35.6M; net loss widens to $2.2M on program ramp costs

SYPRIS SOLUTIONS INC

2024-Q1 EPS reported -$0.10 revenue$35,553,000

Q1 revenue $35.6M (+10.1% YoY); net loss $2.2M ($0.10/sh) vs $0.2M loss prior year.
Sypris Electronics revenue +34.5% YoY to $17.2M; margin fell to 4.8% from 11.9% on ramp costs.
Sypris Technologies revenue -5.9% to $18.4M; gross margin 11.2% vs 13.5% on lower volume and FX.
Backlog exceeds $110M; full-year revenue growth reaffirmed at 10-15%, gross margin guidance adjusted to +100-125 bps.
New awards: specialty closures for LNG carbon capture project; additional U.S. Navy electronic warfare modules.

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 0.95

SYPRIS SOLUTIONS INC reported the first quarter ended March 31, 2024 results: revenue $35.6 million, net income a net loss of $2.2 million, or $0.10 per share. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $35.6 million
Net income: a net loss of $2.2 million, or $0.10 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

The Company reported revenue of $35.6 million for the first quarter of 2024, compared to $32.3 million for the prior-year comparable period. Additionally, the Company reported a net loss of $2.2 million, or $0.10 per share, as compared to a net loss of $0.2 million, or $0.01 per share, for the prior-year period.

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Source: SEC EDGAR

accession 0001437749-24-016793

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