Under a court-approved settlement last month, Sypris will receive $89.9 million and has been named exclusive supplier of certain components to the customer, Dana Corp., through 2014. The court also approved an end to all litigation with regard to prior contract disputes.

As a result, Sypris substantially raised its earnings guidance, while increasing its third-quarter revenue outlook to $108 million to $113 million, up from its prior outlook of $105 million to $110 million.

For the year, the company raised revenue guidance to $443 million to $453 million, up from previous guidance of $435 million to $445 million.