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Sypris Solutions fiscal Q3 loss widens 60.3% YOY

Sypris Solutions Inc. said its normalized net income for the fiscal third quarter ended Oct. 2 amounted to a loss of 27 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 25 cents per share.

The per-share loss increased 58.9% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.3 million, compared with a loss of $3.3 million in the prior-year period.

The normalized profit margin dropped to negative 24.9% from negative 8.6% in the year-earlier period.

Total revenue decreased 44.4% on an annual basis to $21.4 million from $38.4 million, and total operating expenses fell 34.8% from the prior-year period to $27.4 million from $42.1 million.

Reported net income came to $20.2 million, or $1.02 per share, compared to a loss of $196,540, or a loss of 1 cents per share, in the prior-year period.