LOUISVILLE, KY – Sypris reported revenue of $32.3 million for the first quarter, a 23.4% year-over-year increase from the $26.2 million in revenue for last year's first quarter.

The company's Electronics segment saw revenue grow 42 year-over-year, driven by increased sales to customers serving the communications markets and improved material availability compared to the prior-year period, while its Technologies segment increased 13.7% year-over-year, reflecting positive growth across the energy, commercial vehicle and recreational vehicle markets.

"We were pleased with our first quarter performance, as both operating segments reported significant growth in revenue and orders," said President and CEO Jeffrey T. Gill. "Our teammates have done an excellent job navigating inflationary pressures, supply chain challenges, customer demand volatility and currency fluctuations to position the business for further growth and increased profitability during the remainder of 2023.

"With a strong backlog, new program wins and long-term contract extensions in place, we are confident that 2023 has the potential to be very positive for Sypris. As a result, we are pleased to confirm our revenue outlook for 2023, which includes a 25-30% growth in the top line. While unfavorable foreign currency exchange rates are anticipated to impact margins for the full year, we anticipate a 150-200 basis point expansion in gross margin and continued strength in cash flow from operations on a year-over-year basis supported by strong earnings growth," he said.

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