Sypris Solutions, Inc. (Nasdaq/NM: SYPR) today reported financial results for its fourth quarter and full year ended December 31, 2012.
For the Full Year:
- Revenue increased to $342 million.
- Gross profit increased 24% to $44 million compared to the prior year.
- Gross margin increased to 12.8%, up 230 basis points from the prior year.
- Earnings per share from continuing operations increased 16% to $0.50 per diluted share, up from $0.43 per diluted share in 2011.
- The Company reinstated its common dividend in March of 2012.
- The Company was added to the Russell 2000 Index effective June of 2012.
The Company reported revenue of $341.6 million for 2012 compared to $335.6 million for the prior year period and income from continuing operations of $10.3 million, or $0.50 per diluted share, as compared to $8.4 million, or $0.43 per diluted share, for the prior year.
“Our Industrial Group responded well to the reduction in the production of commercial vehicles during the second half of 2012,” said Jeffrey T. Gill, president and chief executive officer. “We now expect the commercial vehicle market to remain stable at current levels in the short-term, as OEMs focus on the introduction of the new model year vehicles and engine technologies early in 2013.”
“However, with an estimated 70% of the vehicles on the road today being of an age that is in excess of eight years, the eventual replacement cycle is expected to be robust for an extended period of time. In the interim, we believe that our improved cost profile and strong operational performance, which resulted in an 80 basis point increase in gross margin for our Industrial Group during the year when compared to 2011, will enable us to sustain the profitability of this business.”