LOUISVILLE, KY – Sypris Solutions reported revenue of $34.7 million for the fourth quarter, an increase of 14.4% compared to the same quarter in 2022.

The company's Technologies segment saw revenue of $19 million in the fourth quarter, up 10.4% year over year, and its Electronics segment's revenue increased to $15.7 million in the fourth quarter compared to $12.5 million for the prior-year period.

For the full year, the company's revenue of $136.2 million represented a 23.7% increase compared to the prior year.

"We continued to expand across all segments of our business during the fourth quarter. Material shortages and the disruptions associated with new program launches are abating, and our focus is clearly on meeting the growing demand of our customers," said Jeffrey T. Gill, president and CEO. "The backlog in excess of $110 million for Sypris Electronics is expected to support revenue growth through 2024 and beyond. Customer funding has already been secured for a portion of these key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues.

"Overall demand from customers serving the automotive, commercial vehicle, sport utility and off-highway markets has remained solid. We continue to invest in new equipment, maintain or upgrade existing assets, and drive continuous improvement initiatives to add capacity and support more cost-efficient operations in the future. Orders for our energy products remain positive, with open quotes outstanding on several large projects. Additional opportunities for growth may exist with new projects globally in support of increasing LNG demand. We are also actively pursuing applications for our products in adjacent markets to further diversify our industry and customer portfolios."

Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article
Don't have an account yet? Register Now!

Sign in to your account