Sypris Solutions Q3 2024: $204.9M Revenue, $339.6M Assets

TL;DR

Sypris Solutions Q3 2024: $204.9M revenue, $339.6M assets. Solid performance.

AI Summary

Sypris Solutions Inc. reported its Q3 2024 results, with total revenues for the nine months ended September 29, 2024, reaching $204.9 million. The company's balance sheet as of September 29, 2024, shows total assets of $339.6 million and total liabilities of $195.7 million. This filing covers the period from July 1, 2024, to September 29, 2024, and provides a comparison to the same period in 2023.

Why It Matters

This filing provides investors with a snapshot of Sypris Solutions' financial health and performance for the third quarter of 2024, including key revenue and asset figures.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $204.9M — Nine Months Revenue (Revenue for the period January 1, 2024, to September 29, 2024.)
• $339.6M — Total Assets (Total assets as of the end of the reporting period, September 29, 2024.)
• $195.7M — Total Liabilities (Total liabilities as of the end of the reporting period, September 29, 2024.)

Key Players & Entities

• SYPRIS SOLUTIONS INC (company) — Filer
• 20240929 (date) — Reporting period end date
• 20241112 (date) — Filing date
• 204.9 million (dollar_amount) — Total revenues for the nine months ended September 29, 2024
• 339.6 million (dollar_amount) — Total assets as of September 29, 2024
• 195.7 million (dollar_amount) — Total liabilities as of September 29, 2024

FAQ

Filing Documents

• sypr20240930_10q.htm (10-Q) — 1237KB
• ex_741198.htm (EX-31.I1) — 16KB
• ex_741197.htm (EX-31.I2) — 16KB
• ex_741199.htm (EX-32) — 16KB
• logo.jpg (GRAPHIC) — 12KB
• 0001437749-24-034416.txt ( ) — 5991KB
• sypr-20240929.xsd (EX-101.SCH) — 49KB
• sypr-20240929_def.xml (EX-101.DEF) — 339KB
• sypr-20240929_lab.xml (EX-101.LAB) — 286KB
• sypr-20240929_pre.xml (EX-101.PRE) — 375KB
• sypr-20240929_cal.xml (EX-101.CAL) — 57KB
• sypr20240930_10q_htm.xml (XML) — 942KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Statements of Operations for the Three and Nine Months Ended September 29, 2024 and October 1, 2023 2 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 29, 2024 and October 1, 2023 3 Consolidated Balance Sheets at September 29, 2024 and December 31, 2023 4 Consolidated Cash Flow Statements for the Nine Months Ended September 29, 2024 and October 1, 2023 5 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 29, 2024 and October 1, 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

Signatures

Signatures 30 1 Part I. Financial Information Item 1.

Financial Statements

Financial Statements Sypris Solutions, Inc. Consolidated Statements of Operations (in thousands, except for per share data) Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, 2024 2023 2024 2023 (Unaudited) (Unaudited) Net revenue $ 35,657 $ 33,581 $ 106,731 $ 101,488 Cost of sales 29,678 29,541 92,227 88,617 Gross profit 5,979 4,040 14,504 12,871 Selling, general and administrative 4,250 4,170 12,876 11,619 Operating income (expense) 1,729 ( 130 ) 1,628 1,252 Interest expense, net 546 127 1,468 531 Other expense, net 246 199 781 783 Income (loss) before taxes 937 ( 456 ) ( 621 ) ( 62 ) Income tax expense 547 99 1,194 455 Net income (loss) $ 390 $ ( 555 ) $ ( 1,815 ) $ ( 517 ) Income (loss) per share: Basic $ 0.02 $ ( 0.03 ) $ ( 0.08 ) $ ( 0.02 ) Diluted $ 0.02 $ ( 0.03 ) $ ( 0.08 ) $ ( 0.02 ) Weighted average shares outstanding: Basic 22,088 21,880 22,011 21,848 Diluted 22,415 21,880 22,011 21,848 Dividends declared per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 The accompanying notes are an integral part of the consolidated financial statements. 2 Sypris Solutions, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands) Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, 2024 2023 2024 2023 (Unaudited) (Unaudited) Net income (loss) $ 390 $ ( 555 ) $ ( 1,815 ) $ ( 517 ) Other comprehensive (loss) income Foreign currency translation adjustments ( 1,335 ) ( 581 ) ( 3,016 ) 1,841 Comprehensive (loss) income $ ( 945 ) $ ( 1,136 ) $ ( 4,831 ) $ 1,324 The accompanying notes are an integral part of the consolidated financial statements. 3 Sypris Solutions, Inc. Consolidated Balance Sheets (in thousands, ex

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (1) Nature of Business All references to "Sypris," the "Company," "we" or "our" include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two business segments, Sypris Technologies, Inc. ("Sypris Technologies") and Sypris Electronics, LLC ("Sypris Electronics") (See Note 11). (2) Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2023 consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The Company's operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated. These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumption

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