Revenue and Growth - Revenue for the third quarter of 2024 increased by 6.2% year-over-year to $35.7 million, compared to $33.6 million in the prior-year period[8] - Sypris Electronics revenue rose 13.6% to $16.2 million, driven by contracts in electronic warfare and avionics markets[11] - Sypris Technologies revenue was $19.5 million, reflecting strong energy shipments, with gross profit margin increasing to 18.8%[10] - Orders increased by 6.5% for the quarter and 13.4% year-to-date, indicating positive growth across both business segments[2] - The company updated its full-year 2024 revenue outlook to a 10% increase year-over-year, at the lower end of prior guidance[6] - Orders for energy products increased by 11.8% year-to-date, with potential growth opportunities in LNG demand[4] - The backlog at Sypris Electronics exceeds $100 million, expected to support growth through 2024 and beyond[6] Profitability - Gross profit surged 48.0% year-over-year, with a gross margin expansion of 480 basis points[2] - Earnings per share (EPS) improved to $0.02 per diluted share, up from a loss of $0.03 per diluted share in the prior-year quarter[3] - Gross profit for Q3 2024 was $5,979,000, compared to $4,040,000 in Q3 2023, reflecting a gross margin improvement[17] - Operating income for the quarter was $1,729,000, a turnaround from an operating loss of $130,000 in Q3 2023[17] - Net income for Q3 2024 was $390,000, compared to a net loss of $555,000 in the same quarter last year[17] Financial Position - Cash and cash equivalents increased to $8,215,000 from $7,881,000 at the end of Q4 2023[18] - Total assets decreased to $121,613,000 from $129,342,000 at the end of Q4 2023[18] - Total liabilities decreased to $103,441,000 from $106,875,000 at the end of Q4 2023[18] - Net cash used in operating activities was $308,000, a significant improvement from $8,169,000 in Q3 2023[19] Strategic Initiatives - The company is actively pursuing applications in adjacent markets, including CO2 capture, to diversify its portfolio[8]
Sypris Solutions(SYPR) - 2024 Q3 - Quarterly Results