LOUISVILLE, KY – Sypris Electronics reported second quarter revenue of $7.6 million, an increase of 6.3% year-over-year and 40.6% sequentially, reflecting strong backlog and an improvement in the timely receipt of certain electronic components.

For the quarter ended July 1, Sypris Solutions reported total second quarter revenue of $23 million, up 8.5% year-over-year and 15.2% sequentially. The company reported net income of $800,000, compared with a loss of $3.1 million for the prior-year period.

Revenue for Sypris Technologies increased 9% to $15.3 million during the quarter compared with the prior-year period, reflecting the impact of new contract awards and favorable market conditions.

“We are pleased to report another solid quarter of growing revenue and a rebuilding bottom line, underscoring positive operating income of Sypris Technologies for the third consecutive quarter. Our performance reflects the benefits of our previously announced cost-reduction efforts alongside our work to target more strategic marketing opportunities,” said Jeffrey T. Gill, president and CEO. “With all of our cost-reduction programs now complete, we look forward to seeing the full impact of these actions roll into our 2018 results, with further meaningful improvements in gross margin expected to be reported over the balance of the year.

“The financial results of Sypris Electronics rebounded during the second quarter as the timely receipt of electronic components began to improve. Importantly, we expect to see higher levels of shipments going forward, supported by our backlog and the continued timely receipt of components.”

For the six months ended July 1, Sypris Solutions reported revenue of $42.9 million, up 8.9% year-over-year. The company reported a net loss for the six months of $1 million, compared with a net loss of $6.5 million during the same period last year.

Sypris Solutions expects revenue for the second half of 2018 in the range of $47 million to $51 million, representing growth of 14% at the midpoint on a year-over-year basis.

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