Sypris Sees $29.7M in Revenue in Fourth Quarter
LOUISVILLE, KY – Sypris reported $29.7 million in revenue for the fourth quarter, a 15.2% year-over-year increase and a 17.9% sequential increase.
Sypris Electronics saw revenue of $17.2 million, an increase of 13.2% year-over-year and 52.9% sequentially, and Sypris Technologies' revenue of $12.5 million was an increase of 16.6% year-over-year and 1% sequentially.
For the full year, the company saw revenue of $110.1 million, an increase of 13% compared to the $97.4 million in revenue for the prior-year period.
Looking at 2023, the company updated its revenue forecast to expect a revenue increase of 25-30% year-over-year.
"While challenging supply chain conditions impacted our 2022 results, demand from customers serving the automotive, commercial vehicle and sport utility markets has remained at high levels. Similarly, demand from customers in the defense and communications sector remains robust, while the outlook for the energy market continues to move in the right direction," said President and CEO Jeffrey T. Gill. "Our record backlog, new program wins and long-term contract extensions are expected to support continued revenue and earnings growth during 2023. We now expect revenue to increase 25-30% year-over-year as a result of the combined strength of our backlog for Sypris Electronics, increasing orders for our energy products and anticipated new program wins for Sypris Technologies’ commercial vehicle product line. We also continue to expect to achieve gross margin expansion in the range of 175 to 225 basis points and cash flow from operations is expected to remain positive for the year."
