LOUISVILLE, KY – Sypris Electronics reported third quarter revenue of $7.8 million, up 18.2% year-over-year.
Gross profit for the quarter ended Oct. 1 was $1.3 million compared to a loss of $200,000 for the prior-year period, primarily reflecting a favorable mix in sales of higher-margin products on programs that began ramping in 2017, partially offset by an overall decrease in volumes as a result of the CSS sale.
“We were pleased with the year-over-year revenue growth and margin expansion at Sypris Electronics,” said Jeffrey T. Gill, president and CEO. “The majority of the cost reductions impacting Sypris Electronics were complete as we entered the year, and our team continued to control costs while meeting customer expectations during the quarter.”
Sypris Solutions reported revenue of $21.4 million for the third quarter, flat with the same period last year. The company's net loss was $3.1 million, compared to income of $21 million for the prior-year quarter.
For the nine months ended Oct. 1, Sypris Solutions reported revenue of $60.8 million, down 15.3% year-over-year. The firm posted a net loss of $9.6 million, compared to net income of $10.7 million in the same nine-month period of 2016.
For the fourth quarter, Sypris Solutions expects revenue between $20 million and $22 million. The company expects 2018 revenue of $86 million to $92 million.