Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its fourth quarter and full year ended December 31, 2011.
For the Fourth Quarter:
- Revenue and gross profit increased 24% and 19%, respectively, from the prior year quarter.
- Earnings increased to $0.07 per diluted share, up from a loss of $0.09 per share for the prior year period.
- Free cash flow for the quarter increased to $4.8 million, or $0.25 per share.
- The Company entered into a new, multi-year agreement to increase the sales of steer axle components to a major customer in North America with shipments beginning in early 2012.
- Revenue and gross profit increased 26% and 42%, respectively, from the prior year period.
- Earnings increased to $0.40 per diluted share, up from a loss of $0.55 per share for 2010.
- Free cash flow increased to $10.1 million, or $0.53 per share.
- The Company entered into new multi-year supply agreements with Dana, Eaton, Meritor, Sisamex and others during the year that will contribute to top line growth in 2012.