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

Thank you, and good morning, everyone. Rich Davis and I would like to welcome you to this call the purpose of which is to review the company's financial results for the fourth quarter and full year 2022. 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, sypris.com, to review the definitions of any non-GAAP financial measures that may be discussed during this call. With these qualifications in mind, we'd now like to proceed with the business discussion. Please advance to Slide 3. I will lead you through the first half of our presentation this morning, starting with an overview of the highlights for the quarter to be followed by an update on the outlook for each of our primary markets. Rich will then provide you with a more detailed review of our financial results for the quarter and the year. Now let's begin with the overview on Slide 4. We are pleased to report that revenue for the quarter increased 15.2% year-over-year and 17.9% sequentially, reflecting continued strength across each of our business segments. Gross profit for the quarter increased 4.3% year-over-year and 133% sequentially, supported by a 164% expansion for Sypris Electronics and a 107% increase for Sypris Technologies, each when compared to the third quarter of 2022. The company reported earnings…

Thanks, Jeff. Good morning, everyone. I'd like to discuss with you some of the highlights of our fourth quarter financial results. Please advance to Slide 13. Q4 consolidated revenue was $29.7 million, an increase of 15.2% from the fourth quarter of last year, driven mainly by an increase in bookings in 2022 and an increase 17.9% sequentially as we recovered from supply chain issues in Q3. Consolidated gross profit was $4.6 million for the quarter, an increase of 4.3% from the prior year and up 133% sequentially on the growth in revenue over the prior quarter. While gross margin was off 160 basis points compared to the prior year Q4 due to an unfavorable shift in mix, it was up 770 basis points sequentially to 15.5% on the rebound in revenue. Revenue for Sypris Technologies increased 16.6% year-over-year to $17.2 million for the quarter. Gross margin was down 290 basis points from the prior year due to raw material price increases passed through to the customer without markup. However, gross margin was up 660 basis points from Q3 on increased shipments of higher-margin branded products. While production in the Class 8 truck market at the OEM level continue to be constrained in 2022, by supply chain issues unrelated to the availability of the components we manufacture, it continued at a high level compared to the prior year. However, our shipment volume went down in Q4 as our customers rebalance their inventory levels at year-end, shipments have subsequently returned to normal levels in January. Class 8 demand finished 2022 with a 19.2% increase over 2021 and is expected to be essentially flat at that high level through 2023 with a slight decline in the second half. Fourth quarter orders and backlog for energy products increased 71% and 76%, respectively, year-over-year, and…

Thank you, Rich, and thank you, everyone, for joining us on the call this morning. We're looking forward to another year of double-digit growth, expanding margins and increased profitability. And please note, we appreciate your continued interest in our business. Thank you, and have a great day.