Sypris Solutions (SYPR) Posts Q3 Loss of 1c/Share

Sypris Solutions (NASDAQ: SYPR) reported Q3 EPS of ($0.01), $0.23 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $38.4 million versus the consensus estimate of $44.25 million.

“Sypris Technologies continued to adjust manpower and overhead expenses to reflect the cessation of shipments to Dana, while optimizing our ability to bring in potential new business,” said Jeffrey T. Gill, president and chief executive officer. “We believe that these adjustments and reduced SG&A spending will make a positive contribution to the Company’s overall financial performance during the remainder of 2015.”

“We previously announced the sale on July 9, 2015 of certain assets used in our manufacturing facility in Morganton, North Carolina, to Meritor Heavy Vehicles Systems, LLC. The Morganton facility was impacted by the loss of the Dana business, leaving the majority of the facility dedicated to Meritor which generated a strategic opportunity for both parties culminating in the sale. The proceeds from the sale were used to reduce the Company’s indebtedness, thereby improving the overall strength of its balance sheet going forward.”

“As we look to the future, we will continue to review alternatives for further improving our margins, business mix and return on assets,” Mr. Gill continued.

For earnings history and earnings-related data on Sypris Solutions (SYPR) click here.

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