Sypris Solutions Inc. experienced notable improvements in revenue and gross profit in Q4 2024, driven by favorable product mix and exchange rates, with a slight increase in SG&A expenses.
- Revenue Growth: Sypris Solutions reported a significant increase in revenue for Q3 2024, with $35.7 million recorded, a 6.2% rise compared to $33.6 million in the same period the previous year12. This growth was primarily attributed to increased shipments in the Sypris Electronics segment, which saw a 13.6% revenue increase due to new contract wins in electronic warfare, subsea communications, and avionics for aircraft and missiles14. Sypris Technologies also contributed to the growth with a modest 0.7% increase in revenues4.
- Gross Profit Improvement: The company's gross profit surged by 48% to $5.98 million in Q3 2024, compared to $4.04 million in the same period the previous year12. This increase was driven by a 150.9% year-over-year rise in gross profit for Sypris Technologies, which improved its gross profit margin to 18.8% from 7.5% year-over-year14. However, Sypris Electronics experienced a slight dip in gross margin to 14.3% from 18.1% in the previous year, affected by additional labor and overhead costs4.
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20240101-2024 | General, Corporate and Other | 0 |
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20240101-2024 | Sypris Electronics | 17.20M |
20240101-2024 | Sypris Technologies | 18.35M |
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- Operating Expense Trends: Sypris Solutions reported SGAE expenses of $4.25 million for Q3 2024, slightly higher than the $4.17 million recorded in the same period the previous year34. The increase was mainly due to unfavorable medical claims and additional headcount. R&D expenses were not provided separately for Q4 2024.
- Profitability: The company achieved a net income of $0.4 million, or $0.02 per diluted share, in Q3 2024, compared to a net loss of $0.6 million, or $0.03 per diluted share, in Q3 202312. This marked a return to profitability, driven by increased revenue and gross profit.