Sypris Solutions (NASDAQ: SYPR) is a public traded company that uses different resources to provide service to its long-term partners through different industry-leading agencies and corporations. For years, Sypris has been building a strong leadership position in each of its business segments. Now, due to COVID, SYPR stocks have gone down by 8.87%. So, are you still thinking about whether to buy SYPR shares or not? Check out the latest updates here!
Sypris Solutions 2020 Second Quarter Result Highlights:
Sypris Solutions Inc S second-quarter results are pretty shocking. As NASDAQ: SYPR at https://www.webull.com/quote/nasdaq-sypr revenue decreased by 29.8% as compared to the previous quarter, it is now reflecting lower market volumes. This is the result of the temporary customer operation closure due to the Coronavirus pandemic. While many marketers are thinking whether to buy/sell Sypris Solutions shares, here are the top highlights of its 2020 second-quarter results:
- Sypris Solutions’ revenue increased by 28.3% during the first quarter of 2020 as compared to the prior-year which was 11.5% sequentially. This happened because SYPR had a strong backlog of orders to deliver by 2020 which then increased by 22.5%.
- NASDAQ: SYPR gross value in the second quarter increased by 72.9% following with 61.6% profits. Overall, the gross margin increased by 470 basis points in this quarter.
- Due to the higher levels of shipments, Sypris Solutions Inc S operating margins got increased to almost 10.6% which reflects a material improvement as compared to the previous year.
- Sypris Solutions’ revenue decreased by 55.9% during the first quarter due to idling operations throughout the pandemic. Now, the normal company operations have reopened, SYPR is getting a positive demand in the market.
- During this quarter, NASDAQ: SYPR completed the sale of its old manufacturing facility of 20 acres in Louisville, Kentucky at $1.7 million.
- SYPR secured a $3.6 million loan under the Paycheck Protection Program which came under the Relief and Economic Securities Act. This helped the company to cover most of its payroll costs, rents, and utility costs.
NYSE SYPR Current Stock Market Status:
Sypris Solutions (NASDAQ: SYPR) currently holds a market capitalization value of 24.16 Million. SYPR stock price went down by 1.13 USD on 14th August by the rate of -8.87%. It opened trading with a value of 1.19 USD and had the highest pick at 1.20 while the lowest pick was at 1.05. As a result, the SYPR stock value went down by -0.11 compared to last year’s value. Its 52-week high value is by 2.15 while 52 weeks low value is at 0.54. Besides that, SYPR closed at USD 1.24. You can buy the stock share from an investment broker.
Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.