Sypris Solutions Registers 31% Revenue Growth In Q1; Confirms FY22 Outlook

Sypris Solutions Inc SYPR reported first-quarter FY22 sales growth of 30.9% year-on-year to $26.17 million, beating the consensus of $20.70 million.
Revenue was driven by a 32.7% growth for Sypris Electronics and a 30.1% increase for Sypris Technologies.
The gross profit increased 148.3% Y/Y to $4.5 million, and the margin for the quarter expanded 810 basis points to 17.2%.
The operating margin was 4.2%, and operating income for the quarter was $1.1 million.
The company held $7.5 million in cash and equivalents as of April 3, 2022.
EPS of $0.01 reversed from a $(0.08) loss last year.
Outlook: Sypris Solutions reaffirmed its FY22 outlook, with revenue expected to increase 25%-30% Y/Y. Additionally, the company forecasts a 200-250 basis point gross margin expansion and strong double-digit percentage growth in cash flow from operations.
Price Action: SYPR shares are trading higher by 0.45% at $2.24 on the last check Wednesday.