Sypris Solutions, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
March 16, 2023 at 11:50 am
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Sypris Solutions, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported sales was USD 29.71 million compared to USD 25.8 million a year ago. Net income was USD 0.14 million compared to USD 0.436 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago.
For the full year, the company reported sales was USD 110.12 million compared to USD 97.43 million a year ago. Net loss was USD 2.49 million compared to net income of USD 2.92 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to basic earnings per share from continuing operations of USD 0.14 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to diluted earnings per share from continuing operations of USD 0.13 a year ago.
Sypris Solutions, Inc. is a diversified manufacturing and engineering services company serving the defense, transportation, communications, and energy industries. The Company is a provider of truck components, oil and gas pipeline components and aerospace and defense electronics. Its segments include Sypris Technologies, Inc. (Sypris Technologies) and Sypris Electronics, LLC (Sypris Electronics). Sypris Technologies is a supplier of forged and machined components, serving the commercial vehicle, off highway vehicle, recreational vehicle, automotive, industrial and energy markets in North America. Sypris Technologies manufactures energy-related products, such as pressurized closures, insulated joints, and other specialty products, primarily for oil and gas pipelines. Sypris Electronics segment is engaged in circuit card and full box build manufacturing and design for manufacturability and design to specification, for customers in the aerospace and defense electronics markets.