Sypris Solutions Inc.’s (NASDAQ:SYPR) subsidiary Sypris Technologies Inc. has announced that it is in receipt of high-pressure speciality closures orders for two big projects. They include the Cherry Point Refinery Renewable Diesel Optimizationand the Golden Pass LNG Export projects.
Terms of the order have not been disclosed, and the company expects to complete shipments during 2021. The Golden Pass LNG Export project will have an annual send-out capacity of 16 million liquefied natural gas tons and will be operational by 2024.
Recently Sypris reported its Q1 2021 financial results in which the company saw a 70% increase in Sypris Electronic orders, increasing the backlog 36.3% YoY.
The company expects its full-year revenue to grow between 25% and 30%, up from the previous guidance of 20% growth. At the end of the quarter, Sypris Electronics received a contract to produce and assess electronic assemblies from a government spacecraft project. So, in the coming months, SYPR is a stock to watch.
Market Reaction:
On Friday, SYPR stock went up 6.73% at $3.88 with more than 1.15 million shares, compared to its average volume of 2.56 million shares. The stock had moved within a range of $3.6000 – 4.1150 after opening the trade at $3.60. Over the past 52-week, the stock has been trading within a range of $0.6800 – 7.8900.
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