LOUISVILLE, KY -- Sypris Solutions today reported third-quarter sales from continuing operations fell 27% year-over-year to $62.7 million.

For the period ended Oct. 4, the loss from continuing operations was $1.9 million, compared to a loss of $7.8 million last year. The loss includes $1.5 million in restructuring charges.

The results do not include the company’s former Test & Measurement segment, which was divested Oct. 26.

Including discontinued operations, the net loss was $1.8 million, up from a net loss of $7.8 million last year.

Gross profit increased 48% from last year, with Aerospace & Defense rising to 20%, up from 11.5% the prior year. 

Electronics Group sales decreased 9.1% to $25.6 million in the quarter, primarily as a result of a reduction in sales of certain older programs. Gross profit for the quarter increased 58.3% to $5.1 million, while gross margins expanded to 20%, up 850 basis points on improved mix and lower operating costs. 

“The operational performance continued to register significant improvement, while plans to increase liquidity and position the business for growth were successfully completed with the sale of our Test & Measurement segment and the liquidation of marketable securities subsequent to the close of the quarter,” said Jeff Gill, president and chief executive. "While revenue for our Electronics Group fell 9% during the quarter reflecting the decline of older programs, gross profit increased 58% on a comparable period basis, reflecting a improved mix and lower operating costs in this important segment, which we believe to have an exciting future.”

Gill said the outlook for Sypris' Electronics Group remains positive, with the unit expected to see improving gross margins through the remainder of the year.

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