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Sypris Solutions swings to loss in fiscal Q2

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Sypris Solutions swings to loss in fiscal Q2

Sypris Solutions Inc. said its normalized net income for the fiscal second quarter ended July 5 was a loss of 27 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 27 cents per share.

The per-share result swung to a loss from the prior-year profit of 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.4 million, compared with income of $903,750 in the second quarter ended June 29, 2014.

The normalized profit margin declined to negative 13.2% from 1.0% in the year-earlier period.

Total revenue fell 56.2% year over year to $40.8 million from $93.1 million, and total operating expenses declined 47.2% year over year to $48.3 million from $91.4 million.

Reported net income totaled a loss of $8.5 million, or a loss of 43 cents per share, compared to income of $393,640, or 2 cents per share, in the second quarter ended June 29, 2014.