Sypris Solutions Expects 2024 Revenue Growth of 10%-15% YoY (Prior 15%-20% YoY)
Portfolio Pulse from Benzinga Newsdesk
Sypris Solutions has revised its 2024 revenue growth forecast to 10%-15% year-over-year, down from the previously expected 15%-20%. Despite the adjustment, the company maintains a positive outlook due to strong backlog and new contract awards. Gross profit is anticipated to rise by 20%-25%, with gross margins expanding by 150-175 basis points.
April 01, 2024 | 11:51 am
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Sypris Solutions has lowered its 2024 revenue growth expectations to 10%-15% from the previously forecasted 15%-20%, but remains optimistic due to a strong backlog and new contracts.
The adjustment in revenue growth forecast by Sypris Solutions to a lower range might initially concern investors, potentially impacting stock sentiment. However, the company's positive outlook, backed by a strong backlog and new contract awards, suggests a balanced view. The expected increase in gross profit and margin expansion further supports a neutral to slightly positive short-term impact on the stock.
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