Sypris Solutions(SYPR) - 2024 Q2 - Quarterly Results

Revenue Performance - The company's consolidated revenue for Q2 2024 was $35.5 million, consistent with the prior year, while year-to-date orders increased by 15.8%[2] - Revenue for Sypris Electronics increased by 13.6% year-over-year, driven by new contracts in electronic warfare and avionics markets[2] - Revenue for Sypris Technologies was $17.8 million in Q2 2024, down from $20.1 million in the prior year due to timing delays in energy shipments[7] - Total net revenue for Q2 2024 was $35,521, a slight decrease of 0.3% compared to $35,615 in Q2 2023[15] - Sypris Technologies reported net revenue of $17,841, down 11% from $20,058 in the same quarter last year[15] - Sypris Electronics achieved net revenue of $17,680, an increase of 13.6% from $15,557 in Q2 2023[15] Profitability - Gross profit rose by 20.8% year-over-year and 95.6% sequentially, with gross margin expanding by 280 basis points year-over-year[2] - Sypris Technologies reported a 35.5% increase in gross profit year-over-year, with orders for energy products up 13.6% year-to-date[3] - Sypris Electronics achieved a gross profit of $2.9 million in Q2 2024, representing 16.5% of revenue, compared to 17.1% in the prior year[8] - Gross profit for Q2 2024 was $5,641, up 20.8% from $4,670 in Q2 2023[15] - Operating income for Q2 2024 was $1,273, compared to $966 in Q2 2023, reflecting a 32% increase[15] - Net income for Q2 2024 was $16, a decrease from $213 in Q2 2023, resulting in a basic and diluted loss per share of $0.00[15] Financial Outlook - The company reaffirmed its full-year 2024 revenue growth outlook of 10-15% and gross profit increase of 20-25%[4] - Sypris Electronics' backlog exceeds $100 million, expected to support growth through 2024 and beyond[4] Cash Flow and Assets - Cash and cash equivalents increased to $13,760 as of June 30, 2024, up from $7,881 at the end of 2023[16] - Total current assets decreased to $100,304 from $103,867 at the end of 2023[16] - Total liabilities decreased slightly to $105,225 from $106,875 at the end of 2023[16] - Net cash provided by operating activities for Q2 2024 was $4,455, compared to $3,688 in Q2 2023[17] Strategic Initiatives - The company is actively pursuing new global projects to support increasing LNG demand and diversify its customer portfolio[5]