LOUISVILLE, KY – Sypris Solutions reported revenue of $35.7 million for the third quarter, up 6.2% from the same quarter last year.

The company's Electronics segment saw revenue increase by 13.6% year-over-year, while Sypris Technologies' revenue grew 0.7%.

“We were pleased with the year-over-year revenue growth at Sypris Electronics,” said Jeffrey T. Gill, president and CEO. “The backlog at Sypris Electronics exceeds $100 million and is expected to support growth through the remainder of 2024 and beyond. Customer funding has already been secured for a significant portion of these key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues.

“Demand from Sypris Technologies customers serving the automotive, commercial vehicle, sport utility and off-highway markets has remained relatively stable, with new product line shipments offsetting the anticipated cyclical decline for the commercial vehicle market. We believe that the market diversification Sypris Technologies has accomplished over recent years by adding new programs in the automotive, sport-utility and off-highway markets will help offset some of this decline.

“Orders for our energy products increased during the period, and additional opportunities for growth may exist with new global projects in support of increasing LNG demand. We are also actively pursuing applications for our products in adjacent markets including CO2 capture to further diversify our industry and customer portfolios.”