-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueAdvancing the Advanced Materials Discussion
Moore’s Law is no more, and the advanced material solutions to grapple with this reality are surprising, stunning, and perhaps a bit daunting. Buckle up for a dive into advanced materials and a glimpse into the next chapters of electronics manufacturing.
Inventing the Future With SEL
Two years after launching its state-of-the-art PCB facility, SEL shares lessons in vision, execution, and innovation, plus insights from industry icons and technology leaders shaping the future of PCB fabrication.
Sales: From Pitch to PO
From the first cold call to finally receiving that first purchase order, the July PCB007 Magazine breaks down some critical parts of the sales stack. To up your sales game, read on!
- Articles
- Columns
- Links
- Media kit
||| MENU - pcb007 Magazine
Sypris Reports Q3 Results; Revenue Up 6.2%
November 19, 2024 | Sypris Electronics LLCEstimated reading time: 4 minutes
Sypris Solutions, Inc. reported financial results for its third quarter ended September 29, 2024.
Highlights:
- Revenue for the quarter increased 6.2% year-over-year, driven by a 13.6% increase for Sypris Electronics and a 0.7% increase for Sypris Technologies. Orders were up 6.5% for the quarter and 13.4% year-to-date, reflecting positive growth for both businesses.
- Gross profit for the Company increased 48.0% from the prior-year period and increased 6.0% sequentially, while gross margin expanded 480 basis points and 90 basis points, respectively.
- EPS increased to $0.02 per diluted share, up from a loss of $0.03 per diluted share for the prior-year quarter, and up from $0.00 per diluted share sequentially.
- Revenue for Sypris Electronics increased 13.6%, reflecting the positive impact of recently announced contracts with customers serving the markets for electronic warfare, subsea communications, and aircraft and missile avionics. Orders are up 14.2% year-to-date.
- Gross profit for Sypris Technologies surged 150.9% year-over-year and 34.6% sequentially, while gross margin expanded 1,130 basis points and 360 basis points, respectively. Orders for energy products are up 11.8% year-to-date.
- During the quarter, Sypris Technologies announced that it entered into a long-term sole-source extension to its current supply agreement with one of the world’s largest commercial vehicle manufacturers. The agreement provides for a continuation of Sypris’ Ultra® Axle Shafts for use in the assemblies of the customer’s branded drive axles for medium and heavy-duty trucks.
- The Company updated its full-year outlook for 2024, with revenue now expected to increase 10% year-over-year, at the lower end of our prior guidance due to temporary production delays on three of our Sypris Electronics programs during the year. We continue to expect a 100-125 basis point increase in gross margin.
“We were pleased with the year-over-year revenue growth at Sypris Electronics,” commented Jeffrey T. Gill, President and Chief Executive Officer. “The backlog at Sypris Electronics exceeds $100 million and is expected to support growth through the remainder of 2024 and beyond. Customer funding has already been secured for a significant portion of these key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues.
“Demand from Sypris Technologies customers serving the automotive, commercial vehicle, sport utility and off-highway markets has remained relatively stable, with new product line shipments offsetting the anticipated cyclical decline for the commercial vehicle market. We believe that the market diversification Sypris Technologies has accomplished over recent years by adding new programs in the automotive, sport-utility and off-highway markets will help offset some of this decline.
“Orders for our energy products increased during the period, and additional opportunities for growth may exist with new global projects in support of increasing LNG demand. We are also actively pursuing applications for our products in adjacent markets including CO2 capture to further diversify our industry and customer portfolios.”
Third Quarter Results
The Company reported revenue of $35.7 million for the third quarter of 2024, compared to $33.6 million for the prior-year comparable period. Additionally, the Company reported net income of $0.4 million, or $0.02 per diluted share, compared with a net loss of $0.6 million, or $0.03 per diluted share, for the prior-year period.
For the nine months ended September 29, 2024, the Company reported revenue of $106.7 million compared to $101.5 million for the first nine months of 2023. The Company reported a net loss of $1.8 million compared with a loss of $0.5 million for the prior-year period.
Sypris Technologies
Revenue for Sypris Technologies was $19.5 million in the third quarter of 2024 compared to $19.3 million for the prior-year period, reflecting strong energy shipments during the period, partially offset by the anticipated cyclical decline in the commercial vehicle market. Gross profit for the third quarter of 2024 was $3.7 million, or 18.8% of revenue, compared to $1.5 million, or 7.5% of revenue, for the same period in 2023. Gross profit for the third quarter of 2024 benefited from a favorable mix and favorable exchange rates.
Sypris Electronics
Revenue for Sypris Electronics was $16.2 million in the third quarter of 2024 compared to $14.2 million for the prior-year period. Increased shipments for a follow-on program contributed to the growth over the prior-year comparable period. Gross profit for the third quarter of 2024 was $2.3 million, or 14.3% of revenue, compared to $2.6 million, or 18.1% of revenue, for the same period in 2023 primarily due to additional labor and overhead costs incurred on programs that recently ramped production and an unfavorable mix.
Outlook
Commenting on the future, Mr. Gill added, “Demand from customers serving the markets for electronic warfare, aircraft and missile avionics, secure and subsea communications, and ground-based radar remain robust, while the outlook for the energy market continues to move in the right direction. Similarly, demand from customers serving the automotive, commercial vehicle and sport utility markets remains healthy despite the anticipated cyclical decline in the commercial vehicle market.
“With a strong backlog, new program wins, and long-term contract extensions in place, we are confident that the remainder of 2024 has the potential to be very positive for Sypris. We have updated our outlook for 2024 to include a 10% growth in the top line, which is at the lower end of our previous guidance. We continue to expect a 100-125 basis point increase in margin.”
Testimonial
"In a year when every marketing dollar mattered, I chose to keep I-Connect007 in our 2025 plan. Their commitment to high-quality, insightful content aligns with Koh Young’s values and helps readers navigate a changing industry. "
Brent Fischthal - Koh YoungSuggested Items
Federal Electronics Successfully Completes AS9100 and ISO 9001 Surveillance Audit at Cranston Headquarters
09/30/2025 | Federal ElectronicsFederal Electronics, a leader in providing advanced electronic manufacturing services, announced the successful completion of its annual AS9100 and ISO 9001 surveillance audit at its headquarters in Cranston, Rhode Island.
Federal Electronics Enhances Hermosillo Operations with Installation of Mycronic MyPro S30 Stencil Printer
09/29/2025 | Federal ElectronicsFederal Electronics, a leader in providing advanced electronic manufacturing services, has expanded its production capabilities with the installation of a new Mycronic MyPro S30 Stencil Printer at its Hermosillo facility.
LPKF to Unveil CuttingMaster 2240 Cx at Productronica
09/26/2025 | LPKF Laser & ElectronicsLPKF Laser & Electronics SE will be showcasing the CuttingMaster 2240 Cx as part of the Fraunhofer IZM production line at this year's Productronica in Munich, demonstrating state-of-the-art laser technology in action.
Empower Sets New Benchmark with 20x Faster Response and Breakthrough Sustainability Demonstrated at OCP Global Summit 2025
09/25/2025 | Empower SemiconductorEmpower Semiconductor, the world leader in powering AI-class processors, announced that its Crescendo chipset, an artificial intelligence (AI) and high-performance computing (HPC) processor true vertical power delivery platform, is available now for final sampling, with mass production slated for late 2025.
TTM Technologies Expands Ultra Small Radio Frequency Components Offering for Telecom, Test and Measurement, and COTS Mil-Aero Applications
09/22/2025 | Globe NewswireTTM Technologies, Inc continues to innovate in the field of Radio Frequency & Specialty (RF&S) components with the introduction of new ultra small RF crossover and splitter components. Building on TTM’s commitment to meet the evolving demands within the Telecom, Test and Measurement, and Commercial Off-the-Shelf (COTS) Mil-Aero sectors, these latest offerings further enhance our product lineup.