| Sypris Reverses Q3 Loss |
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| Written by Mike Buetow | |||
| Thursday, 25 October 2007 06:31 | |||
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LOUISVILLE — Sypris Solutions today reported net income of $2.6 million on revenues of $104.5 million for its third quarter ended Sept. 30.
The results dwarf the EMS company's year-ago results of a net loss of $800,000 on $126 million in sales. The current results include a settlement agreement with Dana, which contributed $5.4 million to net income. Electronics Group revenue increased 12.1% to $36.9 million in the quarter. Gross profit was $5.8 million, up 14%. Orders rose 30% year-over-year and 47% sequentially, driven by a 35% year-over-year increase in aerospace and defense bookings, and a 17% hike in test and measurement orders. The results were in line with company expectations. In a statement, president and chief executive Jeffrey T. Gill said, “Continued margin improvement served to offset the impact of lower than expected revenue, which was driven by a softening in the trailer market and a delay in shipments in our Electronics Group due to the extension of the certification process for certain key, classified defense electronic product programs.” Sypris lowered its fourth-quarter guidance to $435 million to $440 million, down from previous guidance of $443 million to $453 million. The company expects fourth quarter revenue of $107 million to $112 million, compared to $109 million for the prior year.
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| Last Updated on Friday, 26 October 2007 05:57 |
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