LOUISVILLE, KY – Sypris Solutions reported a 33% increase in revenue for the third quarter, driven by a 73.5% increase for Sypris Electronics and a 13.8% increase for Sypris Technologies.

The company reported revenue of $33.6 million for the period, compared to $25.2 million for the third quarter of 2022.

Revenue for Sypris Technologies increased to $19.3 million in the third quarter, compared to $17 million for the prior-year period, and Sypris Electronics' revenue increased to $14.2 million in the quarter compared to $8.2 million for the prior-year period.

"We were pleased with our third quarter performance, as both operating segments reported significant growth in revenue, gross profit, and gross margin. 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," said President and CEO Jeffrey T. Gill. "Backlog for Sypris Electronics increased, rising 9.0% on a year-over-year basis. This strong backlog is expected to support revenue growth over the balance of this year and 2024. Customer funding has already been secured for a portion of these key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues.

"Overall demand from customers serving the automotive, commercial vehicle, sport utility and off-highway markets has remained stable. We continue to invest in new equipment and drive continuous improvement initiatives to support more cost-efficient operations, which will help offset headwinds for our automotive and commercial vehicle components as our customers adjust inventory levels to align with OEM build schedules.

"Shipments of Sypris Technologies energy products increased 27.3% year-over-year, while orders during the quarter increased 24.1% sequentially. With open quotes outstanding on several large projects both domestically and internationally, additional opportunities for growth may exist with these and other projects in support of elevated domestic natural gas production and in adjacent markets to further diversify our industry and customer portfolios."