Sypris Solutions (SYPR) Q4 2024 earnings summary

Executive summary

• Gross profit rose 23.1% in Q4 year-over-year, with gross margin up 350 basis points; full-year gross profit increased 15.3% and margin by 150 basis points.

• Q4 net income was $0.1 million ($0.01 per diluted share), reversing a net loss of $1.1 million ($0.05 loss per share) in the prior-year quarter.

• Full-year 2024 revenue reached $140.2 million, up from $136.2 million in 2023; net loss for the year was $1.7 million ($0.08 per share), slightly higher than 2023's $1.6 million loss.

Financial highlights

• Q4 revenue was $33.4 million, down from $34.7 million year-over-year; full-year revenue increased to $140.2 million from $136.2 million.

• Q4 gross profit was $5.4 million (16.1% margin), up from $4.4 million (12.6% margin) in Q4 2023.

• Cash and cash equivalents at year-end were $9.7 million, up from $7.9 million at the end of 2023.

• Operating cash flow for 2024 was $2.0 million, compared to a use of $11.1 million in 2023.

Outlook and guidance

• 2025 revenue projected at $125–$135 million, with gross margin expansion of 150–175 basis points and gross profit growth of 10–15%.

• Backlog at Sypris Electronics exceeds $90 million, supporting growth through 2025 and beyond.

• Revenue outlook reflects conversion of certain Mexico shipments to a value-add sub-maquiladora basis.