Sypris Solutions, Inc. announced its financial results for the fourth quarter and full-year ended December 31, 2024. The company reported a net income of $0.1 million, or $0.01 per diluted share, for the fourth quarter, a turnaround from a net loss of $1.1 million, or $0.05 per diluted share, in the prior-year period. Full-year 2024 revenue reached $140.2 million, an increase from $136.2 million in 2023.
Sypris Technologies' fourth-quarter revenue grew to $19.5 million from $19.0 million, primarily driven by strong energy product shipments. The segment's gross profit expanded to $4.4 million, or 22.5% of revenue, up from $3.1 million, or 16.3% of revenue, in Q4 2023, benefiting from a favorable mix and exchange rates. Sypris Electronics' revenue for the quarter was $13.9 million, down from $15.7 million, due to material delays and supplier quality issues.
Looking ahead to 2025, Sypris anticipates a modest decline in reported revenue due to the conversion of certain Mexico shipments to a sub-maquiladora model and cyclical decreases in the commercial vehicle market. However, the company expects gross margin expansion of 150 to 175 basis points and gross profit growth of 10-15%, supported by a strong backlog in Sypris Electronics exceeding $90 million and increasing orders for energy products.
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