Circuits Assembly Online Magazine - Sypris Electronics Reports Flat Q2 Revenue of Nearly $8M

LOUISVILLE, KY – Sypris Electronics reported second quarter revenue of $7.6 million, flat with the same period last year. Revenue was affected by shortages of certain electronic components and extensive lead-time issues in the electronics manufacturing industry.

Sypris Electronics’ orders were up 200% on both a comparable period and sequential basis, with approximately 40% of new orders targeted for shipment in 2019.
Sypris Solutions reported total second quarter consolidated revenue of $24.4 million, up 6.4% year-over-year and 24.9% sequentially. Net income was $1.5 million, up 87.5% year-over-year.

Sypris Technologies reported second quarter revenue increased 10.1% to $16.9 million compared to the same period in 2018.

Sypris Solutions expects revenues of $95-$105 million for the year, representing 14% year-over-year growth at the midpoint.

“We are pleased to report profitable results for the second quarter of 2019,” said Jeffrey T. Gill, president and CEO. “This represents a milestone we have been focused on over the past several years, and while a great amount of work remains before us to achieve a consistent and higher level of profitability, we are delighted with what we have accomplished to this point.

“Shipments at Sypris Electronics were generally in line with expectations for the quarter, reflecting the resolution of some of the challenges we have faced with shortages of certain electronic components. We expect to see progressively higher levels of shipments through the remainder of the year, with a full recovery to normal deliveries during the second half of the year.”

For the six months ended June 30, the firm reported revenue of $44 million, an increase of 2.6% compared to the first half of 2018. Sypris Solutions reported a net loss for the six-month period of $1.5 million, compared to a net loss of $1 million for the prior-year period.

Register now for PCB West, the leading conference and exhibition for printed circuit board design! Coming Sept. 9-12 to the Santa Clara Convention Center. pcbwest.com