On the cost side, we continue to experience some of the inflationary pressures that are being felt across the economy. Prices of consumable supplies and tooling have increased, as have utility rates. We continue to do daily management of spend in these areas, including scheduling production in off-peak utility rate hours as much as possible. Our engineering and product development teams have also initiatives underway to reduce steel consumption in both our forging and machining processes to improve our margins and deliver cost savings to our customers. Revenue for Sypris Electronics was $14.2 million for the quarter, an increase of 73% year-over-year. Gross margin was at 18.1%, an increase of 710 basis points year-over-year on higher production and shipment volumes, favorable mix, material cost savings on certain programs and the impact of our continuous improvement initiatives.
We continue to implement a comprehensive approach to continuous improvement in lean manufacturing at Sypris Electronics and to expand its workforce to reinforce the team’s efforts to effectively serve its customers and the execution of significant sequential quarterly increases in shipments in 2023 and on into 2024. We also continue to implement additional automated production and inspection equipment to further improve our manufacturing efficiency. We expect these efforts to cost effectively further boost manufacturing output to meet the planned shipment increases. As we increase production and continue to make manufacturing process improvements, we anticipate an improvement in labor productivity and overhead absorption, resulting in an improvement in margins.
Consolidated operating income for Q3 was $0.1 million loss due to the $0.8 million unfavorable peso-to-dollar exchange rate impact noted earlier, up from a loss of $1.6 million in the prior year, due principally to the increase in gross profit. Our operations teams are focused on execution and meeting our objectives for customer service at expanded volume levels while also reducing cost per unit. The strong backlog in place provides a solid foundation to support this growth through the remainder of 2023 and into 2024. Please advance to Slide 14. Year-to-date consolidated revenue was $101.5 million, an increase of $21.1 million or 26% from the 9 months of last year. Both segments contributed to this year-over-year revenue growth. Year-to-date consolidated gross profit increased 25% to $12.9 million.
Excluding the impact of $1.8 million in year-to-date unfavorable peso-to-dollar exchange rates, gross profit would have increased by 43% to $14.7 million. Year-to-date revenue for Sypris Electronics was $42.6 million, an increase of 50% from the prior year and gross profit increased 72% to $6.8 million. Gross margin improved 202 basis points to 15.9%. In addition to the factors previously noted for Q3, the comparison of year-to-date revenue and gross margin for Sypris Electronics to the prior year periods reflects a significant increase in revenue volume resulting from a very high level of bookings achieved in 2022 and continuing into 2023 and the significant progress our integrated manufacturing and continuous improvement team has made in delivering on the steeply increased backlog.
Year-to-date revenue for Sypris Technologies increased 13% to $58.9 million. Gross profit decreased 3.6% to $6.1 million, mainly due to the $1.8 million year-to-date unfavorable peso-to-dollar exchange rate impact. Excluding the impact of the unfavorable exchange rates, gross profit would have increased by 25% to $7.9 million. Gross margin decreased 180 basis points to 10.4% for the period. Excluding the impact of the unfavorable exchange rates, gross margin would have improved 125 basis points to 13.4%. The Mexican peso strengthened significantly against the U.S. dollar in 2023 to levels not seen since before the pandemic. In 2019, the rate varied from MXN18.76 per dollar to MXN19.91 per dollar. After the disruption of the pandemic, the rate moved to MXN19.47 per dollar on December 29, 2022, after having varied in a range above that from early 2020 to that date.
Since that date, the rate has fallen to MXN17.32 as of this morning, a rate not seen in the previous 5 years. Forecasts of the future rates vary widely. We are evaluating currency hedging options at this time under a variety of scenarios. Our year-to-date consolidated SG&A expense was $11.6 million, an increase of 8.6% over the prior year. Merit pay increases and limited additions to business development and program management personnel contributed to the increase. SG&A as a percent of revenue decreased to 11.4% from 13.3% a year ago. As our revenue increases, we expect further reductions in SG&A as a percent of revenue as operating leverage improves. Our year-to-date operating income was $1.3 million, an increase of over 3.5x the operating loss of $0.4 million for the same period in 2022.
