Revenue Performance - The company's consolidated revenue for Q1 2024 increased by 10.1% to $35.6 million compared to $32.3 million in Q1 2023, marking the 11th consecutive quarter of double-digit year-over-year growth [3]. - Revenue for Sypris Electronics rose by 34.5% year-over-year to $17.2 million, driven by increased shipments under contracts in electronic warfare and avionics markets [9]. - Revenue for Sypris Technologies decreased by 5.9% year-over-year to $18.4 million, attributed to timing issues in energy and automotive product shipments [8]. - The company updated its full-year revenue outlook for 2024, projecting an increase of 10%-15% year-over-year [3]. Profitability and Margins - Gross margin guidance for 2024 was adjusted to an increase of 100-125 basis points, influenced by foreign currency exchange rates and program ramp costs [3]. - Sypris Technologies reported a gross profit of $2.1 million, or 11.2% of revenue, down from $2.6 million, or 13.5% of revenue, in the prior year due to lower volumes and unfavorable mix [8]. - The company anticipates gross profit to increase by 20-25% in 2024, supported by a strong backlog and new program wins [12]. Financial Position - Total current assets decreased slightly to $102,856,000 from $103,867,000, a decline of 1.1% [19]. - Total liabilities rose to $108,196,000, up from $106,875,000, an increase of 1.2% [19]. - Total stockholders' equity decreased to $20,849,000 from $22,467,000, a decline of 7.2% [19]. Cash Flow and Expenses - Net cash used in operating activities was $1,709,000, compared to $1,241,000 in the prior year, indicating a higher cash outflow [21]. - Capital expenditures for the quarter were $316,000, down from $708,000, a decrease of 55.4% [21]. - Net cash provided by financing activities was $2,210,000, contrasting with a net cash outflow of $204,000 in the same quarter last year [21]. Losses and Orders - The company reported a net loss of $2.2 million, or $0.10 per share, compared to a net loss of $0.2 million, or $0.01 per share, in the prior year [7]. - Net loss for the first quarter of 2024 was $2,221,000, compared to a net loss of $175,000 in the same period of 2023 [21]. - Orders for Sypris Technologies energy products increased by 50.1% from year-end, indicating strong demand in the energy sector [3]. Backlog and Inventory - The backlog for Sypris Electronics exceeded $100 million, expected to support growth throughout 2024 and beyond [4]. - Accounts receivable increased significantly to $13,093,000 from $8,929,000, a growth of 46.5% [19]. - Inventory decreased to $70,890,000 from $77,314,000, a reduction of 8.3% [19]. - Cash and cash equivalents increased to $8,096,000 from $7,881,000, reflecting a rise of 2.7% [21].
Sypris Solutions(SYPR) - 2024 Q1 - Quarterly Results