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Sypris Reports Q1 Revenue Down 4.6% YoY |
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Written by Chelsey Drysdale
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Thursday, 24 April 2008 |
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LOUISVILLE, KY – Manufacturer and outsourcing specialist Sypris Solutions Inc. reported revenue of $106.3 million for the first quarter, down about 4.6% year-over-year.
The company reported net income of $400,000, compared to a net loss of $200,000 in the prior year period.
“Revenue was at the high end of our expectations due to stronger than anticipated sales from our industrial group. Top line performance for our electronics group bettered last year’s quarter by 13% on improved revenue from our products and manufacturing services,” said Jeffrey T. Gill, president and CEO of Sypris.
“Orders for our electronics group increased 7% compared to the prior year period, driven by a 13% year-over-year increase in bookings in our aerospace and defense segment.”
Revenue for the company’s electronics group was $36.4 million.
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