Sypris Solutions, Inc.
Q4 2020 Earnings Call Transcript

Published: 18 Mar 2021

[Operator:]

Good day, and welcome to the Sypris Solutions, Inc. Conference Call. Today's call is being recorded. At this time, for opening remarks, I would like to turn the call over to the President and Chief Executive Officer, Mr. Jeffrey Gill. Please go ahead.

[Jeffrey Gill:]

Thank you, Grant, and good morning, everyone. Tony Allen and I would like to welcome you to this call this morning. The purpose of which is to review the company's financial results for the fourth quarter and full year 2020. For those of you who have access to our PowerPoint presentation this morning, please advance to Slide 2 now. We always begin these calls with a note that some of what we might discuss here today may include projections and other forward-looking statements. No assurance can be given that these projections and statements will be achieved, and actual results could differ materially from those projected as a result of several factors. These factors are included in the company's filings with the Securities and Exchange Commission. And in compliance with Regulation G, you can access our website at sypris.com to review the definitions of any non-GAAP financial measures that may be discussed during this call.

[Anthony Allen:]

Thanks, Jeff, and good morning, everyone. I'd like to discuss with you some of the highlights of our fourth quarter financial results. Please advance to Slide 12. Q4 consolidated revenue was $20.6 million, a decrease of 4.7% from the fourth quarter of last year. The reduction from the prior year was primarily driven by lower energy sales for Sypris Technologies as short-term demand in this market continued to be impacted by uncertainties related to the COVID-19 pandemic, partially offsetting the decline during Q4 were increased sales into the commercial vehicle market, consistent with the levels reported for Q3 and about 2.5x that reported for Q2 during the low point for the pandemic. Revenue for the Electronics segment in Q4 was in line with the prior year, closing out 2020 with a 41.3% increase over the full year 2019.

[Jeffrey Gill:]

Thank you, Tony. We are looking forward to a year of double-digit growth, expanding margins and increased profitability. And please note, we certainly appreciate your continued interest in our business. Thank you, and have a good day.

[Operator:]

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

[Q -:]