Sypris Solutions (NASDAQ:SYPR) reported Q1 EPS of $0.01, $0.01 better than the analyst estimate of $0.00. Revenue for the quarter came in at $26.2 million versus the consensus estimate of $20.7 million.
Outlook:
Commenting on the future, Mr. Gill added, “Demand is up considerably from customers serving the automotive, commercial vehicle and sport utility markets, with Class 8 forecasts showing year-over-year production increases of 11.9% for 2022 and an additional 8.7% in 2023. Similarly, demand from customers in the defense and communications sector remains robust, while the outlook for the energy market continues to move in the right direction.”
“With a strong backlog, new program wins and long-term contract extensions in place, we are confident that the remainder of 2022 has the potential to be very positive for Sypris. As a result, we are pleased to confirm our current outlook for 2022, which includes a 25-30% growth in the top line, a 200 to 250 basis point expansion in gross margin, and a significant increase in cash flow from operations on a year-over-year basis supported by strong earnings growth.”