Sypris Solutions, Inc. reported its financial results for the third quarter ended September 29, 2024, showing a net income of $0.4 million, or $0.02 per diluted share. This marks a significant improvement from a net loss of $0.6 million, or $0.03 per diluted share, in the prior-year comparable period. The company's total revenue for the quarter increased to $35.7 million, up from $33.6 million in the third quarter of 2023.
Sypris Electronics contributed $16.2 million in revenue, an increase from $14.2 million in the prior year, driven by increased shipments for a follow-on program. The segment's backlog now exceeds $100 million, providing a foundation for growth through 2024 and beyond. Sypris Technologies reported revenue of $19.5 million, a slight increase from $19.3 million, benefiting from strong energy shipments.
Gross profit for Sypris Technologies significantly improved to $3.7 million, or 18.8% of revenue, compared to $1.5 million, or 7.5% of revenue, in the same period last year, due to a favorable mix and exchange rates. For the full year 2024, Sypris updated its outlook to include 10% top-line growth and a 100-125 basis point increase in margin, indicating confidence in continued performance.
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