Home Equities Score Here is why Sypris Solutions, Inc.(SYPR) stock rallied in the after-hours on...

Here is why Sypris Solutions, Inc.(SYPR) stock rallied in the after-hours on Thursday

Sypris Solutions, Inc.(SYPR) stock gained 42.35% in the after-market session on Thursday, April 22, 2021. Earlier, in the normal trading session, it gained 4.46% and closed at $2.81 per share.

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SYPR shares have surged 332.44% over the last 12 months, and they have moved up by 1.44% in the past week. Over the past three months, the stock has gained 21.65%, while over the past six months, it has added 137.13%


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Let’s discuss its latest developments

Deep Space Program contract

On April 22, 2021, Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. won the contract to manufacture and test electronic assemblies for a Government spacecraft program.

Production of electronic assemblies will begin in 2021 but no other details have been released about the agreement.

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The spacecraft will carry astronauts into a new era of exploration, with destinations including near-Earth asteroids, the Moon, the moons of Mars, and eventually Mars itself.

Financial results

On March 18, 2021, Sypris Electronics announced its financial results for its fourth quarter and the full-year ended December 31, 2020.

Q4 2020 financial highlights

Fourth Quarter and Full-Year Results

  • Sypris Electronics earned a revenue of $20.6 million for the fourth quarter ended December 31, 2020, compared to $21.6 million for the fourth quarter ended December 31, 2019.
  • It suffered a net loss of $1.2 million or $0.06 per share for Q4 2020 compared to a net loss of $0.9 million, or $0.04 per share, for the prior-year period. 

Full-year 2020 financial results

  • The Company reported revenue of $82.3 million for FY 2020 compared with $87.9 million for FY 2019.
  • it reported a net income of $1.7 million, or $0.08 per diluted share, for FY 2020 compared with a net loss of $3.9 million, or $0.19 per share loss, for the prior year. 

U.S. DoD contract

On February 24, 2021, Sypris Electronics received a subcontract from a U.S. DoD prime contractor to manufacture and test electronic power supply modules for a mission-critical, long-range, precision-guided anti-ship missile system.

The program is designed for U.S. Navy and Air Force warfighters to provide precision routing and guidance, day or night in all weather conditions.

Awardsfromtwo high-pressure energy projects

On February 24, 2021, SyprisTechnologies, Incsubsidiary of Sypris Solutions said that it has received orders for its Tube Turns® D-bolt and Tool-less® for an Anchor Field development project in the Gulf of Mexico and the planned upgrade of a natural gas pipeline system in North America.

Production will begin immediately and is expected to be completed in 2021.

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Conclusion

The SYPR stock rallied because of the recent deep space contract won by its subsidiary. SYRP stock has performed exceptionally well in the last 12 months and we can expect that it will end the week with positivity.

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