Sypris Solutions Inc
NASDAQ:SYPR
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Sypris Solutions Inc
Sypris Solutions, Inc. engages in the provision of truck components, oil and gas pipeline components, and aerospace and defense electronics. The company is headquartered in Louisville, Kentucky and currently employs 684 full-time employees. The Company’s segments include Sypris Technologies and Sypris Electronics. Through Sypris Technologies segment, the Company supplies forged and machined components, servers the commercial vehicle, off highway vehicle, recreational vehicle, automotive, industrial and energy markets in North America. The firm also produces drive train components including axle shafts, transmission shafts, gear sets, steer axle knuckles, and other components for use by the automotive, truck and recreational vehicle manufacturers. Through Sypris Electronics segment, the Company provides circuit card assemblies for electronic sensors and systems, including radar systems, tactical ground stations, navigation systems, weapons systems and targeting and warning systems. Sypris Electronics segment’s customers include aerospace and defense companies.
Sypris Solutions, Inc. engages in the provision of truck components, oil and gas pipeline components, and aerospace and defense electronics. The company is headquartered in Louisville, Kentucky and currently employs 684 full-time employees. The Company’s segments include Sypris Technologies and Sypris Electronics. Through Sypris Technologies segment, the Company supplies forged and machined components, servers the commercial vehicle, off highway vehicle, recreational vehicle, automotive, industrial and energy markets in North America. The firm also produces drive train components including axle shafts, transmission shafts, gear sets, steer axle knuckles, and other components for use by the automotive, truck and recreational vehicle manufacturers. Through Sypris Electronics segment, the Company provides circuit card assemblies for electronic sensors and systems, including radar systems, tactical ground stations, navigation systems, weapons systems and targeting and warning systems. Sypris Electronics segment’s customers include aerospace and defense companies.
Revenue Growth: Q3 revenue rose 33% year-over-year, with both business segments showing strong growth.
Margin Expansion: Gross margin increased by 420 basis points in Q3, despite negative currency impacts.
Backlog Strength: Consolidated backlog rose 8.4%, providing a solid foundation for future growth.
2024 Guidance: Management forecasts 15%–20% revenue growth, 25%–30% gross profit growth, and gross margin expansion of 150–200 basis points for 2024.
New Contract Wins: The company secured significant new contracts in both water infrastructure and defense electronics.
Currency Headwinds: The strong Mexican peso negatively affected profits, but management is evaluating hedging options.
Segment Drivers: Defense and energy markets are expected to be major growth contributors, with defense electronics projected to make up 46% of 2024 sales.
