VPG Reports Fiscal 2023 Fourth Quarter and Twelve Month Results
- Solid financial results and record adjusted free cash flow in fiscal 2023
- Revenue growth in the fourth quarter compared to the third quarter of 2023
- Adjusted EBITDA of $16.5 million with an EBITDA margin of 18.5%
- Continued deployment of capital to create stockholder value
- Expectation of further improvement in the second half of 2024
- Segment performance analysis highlighting revenue changes and gross profit margins
- Decrease in revenues for both the fourth quarter and full year 2023
- Decline in diluted net earnings per share compared to the previous year
- Lower bookings in the fourth quarter of 2023
- Year-over-year decline in net earnings attributable to VPG stockholders
- Lower adjusted net earnings for fiscal year 2023 compared to the prior year
Insights
Vishay Precision Group's (VPG) financial results for the fiscal year 2023 indicate a contraction in revenue and net earnings per share, both on a reported and adjusted basis. This contraction could suggest a tightening of market conditions or increased competition. However, the increased gross profit margins, both reported and adjusted, imply improvements in cost management or pricing power. The repayment of the revolving credit facility and the repurchase of stock are signs of strong liquidity and a management team that is confident in the company's intrinsic value. Investors should consider the potential for reduced interest expenses in 2024 due to the debt repayment, which may improve net income margins.
Moreover, the sequential growth in revenue and the record adjusted free cash flow highlight a resilient operational performance despite the year-over-year decline. This resilience, coupled with the expectation of an improved business environment in the second half of 2024, could be a positive signal for future growth prospects. Nevertheless, the decline in bookings and the mixed performance across segments warrant a cautious approach, as it may reflect underlying volatility in demand across VPG's diverse markets.
The reported decrease in Vishay Precision Group's year-over-year revenue and diluted net earnings per share reflects a challenging macroeconomic environment that may have affected the precision measurement industry. The growth in adjusted gross profit margin suggests that VPG has been able to maintain or improve profitability, possibly through operational efficiencies or cost-saving measures. The positive performance in the Sensors segment, with increased gross profit margin, indicates a potential demand stability in the Test and Measurement market, which could be promising for the company's future performance in this area.
However, the decline in orders for the Measurement Systems segment due to the timing of customer projects could point to a cyclical nature of business in this segment, which stakeholders should monitor closely. The company's outlook for improved performance in the second half of 2024 suggests that VPG is expecting a rebound in customer activity, which could be driven by an expanding pipeline of opportunities in precision measurement and sensor technologies.
Vishay Precision Group's financial performance may be influenced by broader economic factors such as foreign exchange rates, which have been mentioned as having a favorable impact on the company's gross profit margin. The repayment of debt and stock repurchases reflect a strategic allocation of capital that could be seen as a positive response to the current low-interest-rate environment. Additionally, the mention of a 'more challenging macro environment' in the latter half of the year indicates that external economic pressures, possibly including trade tensions or market uncertainties, may have impacted the company's performance.
The company's expectation for improvement in the latter half of 2024 could be predicated on assumptions about economic recovery or sector-specific growth trends. However, the reliance on such assumptions necessitates a careful analysis of economic indicators and industry trends to validate these expectations. The company's diversified product offerings across different markets may serve as a hedge against sector-specific downturns, but they also expose the company to a variety of economic risks.
MALVERN, Pa., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement technologies, today announced its results for its fiscal 2023 fourth quarter and twelve fiscal months ended December 31, 2023.
Fourth Quarter Highlights:
- Revenues of
$89.5 million decreased7.0% from a year ago - Gross profit margin was
43.0% , as compared to41.2% a year ago - Adjusted gross profit margin* was
43.0% , as compared to41.5% a year ago - Operating margin was
13.4% , as compared to13.6% reported a year ago - Adjusted operating margin* was
13.6% , as compared to14.0% reported a year ago - Diluted net earnings per share were
$0.31 , as compared to$0.65 reported a year ago - Adjusted diluted net earnings per share* were
$0.61 , as compared to$0.76 reported a year ago - EBITDA* was
$13.4 million with an EBITDA margin* of15.0% - Adjusted EBITDA* was
$16.5 million with an adjusted EBITDA margin* of18.5% - Cash from operating activities was
$18.8 million with adjusted free cash flow* of$13.5 million
2023 Full Year Highlights:
- Revenues of
$355.0 million decreased2.1% year-over-year - Gross profit margin was
42.3% , as compared to41.3% a year ago - Adjusted gross profit margin* was
42.4% , as compared to41.8% a year ago - Operating margin was
11.8% , as compared to12.1% reported last year - Adjusted operating margin* was
12.4% , as compared to13.0% reported last year - Diluted net earnings per share were
$1.88 , as compared to$2.63 reported a year ago - Adjusted diluted net earnings per share* were
$2.17 , as compared to$2.62 reported a year ago - EBITDA* was
$57.7 million with an EBITDA margin* of16.2% - Adjusted EBITDA* was
$60.4 million with an adjusted EBITDA margin* of17.0% - Cash from operating activities was
$45.9 million with adjusted free cash flow* of$30.8 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, "We achieved solid financial results and record adjusted free cash flow in fiscal 2023, despite a more challenging macro environment in the second half of the year. For the fourth quarter, we grew revenue
Fourth quarter bookings of
The Company's fourth fiscal quarter 2023 net earnings attributable to VPG stockholders were
In the fiscal year ended December 31, 2023, net earnings attributable to VPG stockholders were
The fourth fiscal quarter 2023 adjusted net earnings* attributable to VPG stockholders were
In the fiscal year ended December 31, 2023, adjusted net earnings* attributable to VPG stockholders were
Segment Performance
The Sensors segment revenues of
Gross profit margin for the Sensors segment of
The Weighing Solutions segment revenues of
Gross profit margin for the Weighing Solutions segment was
The Measurement Systems segment revenues in the fourth fiscal quarter of 2023 of
Gross profit margin for the Measurement Systems segment was
Near-Term Outlook
“For the first fiscal quarter of 2024 at constant fourth fiscal quarter 2023 exchange rates, we expect net revenues to be in the range of
*Use of Non-GAAP Financial Information
We define “adjusted gross profit margin" as gross profit margin before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, and COVID-19 costs. We define "adjusted operating margin" as operating margin before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, and restructuring costs. We define "adjusted net earnings” and "adjusted diluted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, restructuring costs, foreign currency exchange gains and losses, and associated tax effects. We define "EBITDA" as earnings before interest, taxes, depreciation, and amortization. We define "Adjusted EBITDA" as earnings before interest, taxes, depreciation, and amortization before purchase accounting adjustments related to the DTS and DSI acquisitions, start-up costs related to our new advanced sensors facility, COVID-19 costs, restructuring costs, foreign currency exchange gains and losses, and associated tax effects.
"Adjusted free cash flow" for the fourth fiscal quarter of 2023 is defined as the amount of cash generated from operating activities (
Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating results for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in VPG’s financial statements presented in our Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q.
Conference Call and Webcast
A conference call is scheduled for Wednesday, February 14, 2024 at 9:00 a.m. ET (8:00 a.m. CT). To access the conference call, interested parties may call 1-833-470-1428 or internationally +1-404-975-4839 and use passcode 809176, or log on to the investor relations page of the VPG website at ir.vpgsensors.com.
A replay will be available approximately one hour after the completion of the call by calling toll-free 1-866-813-9403 or internationally +44-204-525-0658 and using the passcode 945428. The replay will also be available on the investor relations page of the VPG website at ir.vpgsensors.com for a limited time.
About VPG
Vishay Precision Group, Inc. (VPG) is a leader in precision measurement sensing technologies. Our sensors, weighing solutions and measurement systems optimize and enhance our customers’ product performance across a broad array of markets to make our world safer, smarter, and more productive. To learn more, visit VPG at www.vpgsensors.com and follow us on LinkedIn.
Forward-Looking Statements
From time to time, information provided by us, including, but not limited to, statements in this press release, or other statements made by or on our behalf, may contain or constitute "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated, or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; impact of inflation; potential issues respecting the United States federal government debt ceiling; global labor and supply chain challenges; difficulties or delays in identifying, negotiating and completing acquisitions and integrating acquired companies; the inability to realize anticipated synergies and expansion possibilities; difficulties in new product development; changes in competition and technology in the markets that we serve and the mix of our products required to address these changes; changes in foreign currency exchange rates; political, economic, and health (including pandemics) instabilities; instability caused by military hostilities in the regions or countries in which we operate (including Israel); difficulties in implementing our cost reduction strategies, such as underutilization of production facilities, labor unrest or legal challenges to our lay-off or termination plans, operation of redundant facilities due to difficulties in transferring production to achieve efficiencies; compliance issues under applicable laws, such as export control laws, including the outcome of our voluntary self-disclosure of export control non-compliance; significant developments from the recent and potential changes in tariffs and trade regulation; our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter-in-place orders and business closures and the related impact on resource allocations, manufacturing and supply chains; our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; our ability to execute our new corporate strategy and business continuity, operational and budget plans; and other factors affecting our operations, markets, products, services, and prices that are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this report or as of the dates otherwise indicated in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
info@vpgsensors.com
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Statements of Operations | |||||||
| (Unaudited - In thousands, except per share amounts) | |||||||
| Fiscal quarter ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Net revenues | $ | 89,528 | $ | 96,240 | |||
| Costs of products sold | 51,032 | 56,542 | |||||
| Gross profit | 38,496 | 39,698 | |||||
| Gross profit margin | 43.0 | % | 41.2 | % | |||
| Selling, general, and administrative expenses | 26,356 | 26,461 | |||||
| Restructuring costs | 129 | 188 | |||||
| Operating income | 12,011 | 13,049 | |||||
| Operating margin | 13.4 | % | 13.6 | % | |||
| Other income (expense): | |||||||
| Interest expense | (779 | ) | (876 | ) | |||
| Other | (2,509 | ) | (1,448 | ) | |||
| Other expense - net | (3,288 | ) | (2,324 | ) | |||
| Income before taxes | 8,723 | 10,725 | |||||
| Income tax expense | 4,403 | 1,884 | |||||
| Net earnings | 4,320 | 8,841 | |||||
| Less: net earnings attributable to noncontrolling interests | 93 | 7 | |||||
| Net earnings attributable to VPG stockholders | $ | 4,227 | $ | 8,834 | |||
| Basic earnings per share attributable to VPG stockholders | $ | 0.31 | $ | 0.65 | |||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.31 | $ | 0.65 | |||
| Weighted average shares outstanding - basic | 13,509 | 13,579 | |||||
| Weighted average shares outstanding - diluted | 13,604 | 13,677 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Statements of Operations | |||||||
| (Unaudited - In thousands, except per share amounts) | |||||||
| Years ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Net revenues | $ | 355,048 | $ | 362,580 | |||
| Costs of products sold | 204,706 | 212,978 | |||||
| Gross profit | 150,342 | 149,602 | |||||
| Gross profit margin | 42.3 | % | 41.3 | % | |||
| Selling, general, and administrative expenses | 106,828 | 104,285 | |||||
| Restructuring costs | 1,560 | 1,518 | |||||
| Operating income | 41,954 | 43,799 | |||||
| Operating margin | 11.8 | % | 12.1 | % | |||
| Other income (expense): | |||||||
| Interest expense | (3,974 | ) | (2,269 | ) | |||
| Other | 456 | 3,558 | |||||
| Other (expense) income - net | (3,518 | ) | 1,289 | ||||
| Income before taxes | 38,436 | 45,088 | |||||
| Income tax expense | 12,426 | 8,535 | |||||
| Net earnings | 26,010 | 36,553 | |||||
| Less: net earnings attributable to noncontrolling interests | 303 | 490 | |||||
| Net earnings attributable to VPG stockholders | $ | 25,707 | $ | 36,063 | |||
| Basic earnings per share attributable to VPG stockholders | $ | 1.89 | $ | 2.65 | |||
| Diluted earnings per share attributable to VPG stockholders | $ | 1.88 | $ | 2.63 | |||
| Weighted average shares outstanding - basic | 13,574 | 13,628 | |||||
| Weighted average shares outstanding - diluted | 13,653 | 13,688 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Balance Sheets | |||||||
| (In thousands, except per share amounts) | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 83,965 | $ | 88,562 | |||
| Accounts receivable | 56,438 | 60,068 | |||||
| Inventories: | |||||||
| Raw materials | 33,973 | 31,852 | |||||
| Work in process | 26,594 | 26,401 | |||||
| Finished goods | 27,572 | 26,407 | |||||
| Inventories | 88,139 | 84,660 | |||||
| Prepaid expenses and other current assets | 14,520 | 18,516 | |||||
| Total current assets | 243,062 | 251,806 | |||||
| Property and equipment: | |||||||
| Land | 4,154 | 4,117 | |||||
| Buildings and improvements | 72,952 | 71,613 | |||||
| Machinery and equipment | 131,738 | 125,301 | |||||
| Software | 9,619 | 9,539 | |||||
| Construction in progress | 11,379 | 10,075 | |||||
| Accumulated depreciation | (139,206 | ) | (133,518 | ) | |||
| Property and equipment, net | 90,636 | 87,127 | |||||
| Goodwill | 45,734 | 45,544 | |||||
| Intangible assets, net | 44,634 | 48,217 | |||||
| Operating lease right-of-use assets | 26,953 | 24,342 | |||||
| Other assets | 20,547 | 19,706 | |||||
| Total assets | $ | 471,566 | $ | 476,742 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Balance Sheets | |||||||
| (In thousands, except per share amounts) | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| (Unaudited) | |||||||
| Liabilities and equity | |||||||
| Current liabilities: | |||||||
| Trade accounts payable | $ | 11,698 | $ | 13,792 | |||
| Payroll and related expenses | 18,971 | 21,966 | |||||
| Other accrued expenses | 22,427 | 20,306 | |||||
| Income taxes | 4,524 | 4,064 | |||||
| Current portion of operating lease liabilities | 4,004 | 4,208 | |||||
| Total current liabilities | 61,624 | 64,336 | |||||
| Long-term debt | 31,856 | 60,799 | |||||
| Deferred income taxes | 3,490 | 4,212 | |||||
| Operating lease liabilities | 22,625 | 20,043 | |||||
| Other liabilities | 14,770 | 13,053 | |||||
| Accrued pension and other postretirement costs | 7,276 | 7,777 | |||||
| Total liabilities | 141,641 | 170,220 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Common stock | 1,330 | 1,325 | |||||
| Class B convertible common stock | 103 | 103 | |||||
| Treasury stock | (17,460 | ) | (11,504 | ) | |||
| Capital in excess of par value | 202,672 | 201,164 | |||||
| Retained earnings | 182,066 | 156,359 | |||||
| Accumulated other comprehensive loss | (38,869 | ) | (40,900 | ) | |||
| Total Vishay Precision Group, Inc. stockholders' equity | 329,842 | 306,547 | |||||
| Noncontrolling interests | 83 | (25 | ) | ||||
| Total equity | 329,925 | 306,522 | |||||
| Total liabilities and equity | $ | 471,566 | $ | 476,742 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Statements of Cash Flows | |||||||
| (Unaudited - In thousands) | |||||||
| Years ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Operating activities | |||||||
| Net earnings | $ | 26,010 | $ | 36,553 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 15,550 | 15,353 | |||||
| Loss (gain) on disposal of property and equipment | 75 | (117 | ) | ||||
| Gain on sale of short term investment | (14 | ) | — | ||||
| Reclassification of foreign currency translation adjustment related to disposal of subsidiary | — | 191 | |||||
| Share-based compensation expense | 2,290 | 2,439 | |||||
| Inventory write-offs for obsolescence | 2,099 | 1,650 | |||||
| Deferred income taxes | (156 | ) | (2,040 | ) | |||
| Foreign currency impacts and other items | 660 | (3,915 | ) | ||||
| Net changes in operating assets and liabilities, net of acquisition: | |||||||
| Accounts receivable | 3,794 | (4,777 | ) | ||||
| Inventories | (4,898 | ) | (11,943 | ) | |||
| Prepaid expenses and other current assets | 4,172 | (2,808 | ) | ||||
| Trade accounts payable | (2,658 | ) | 889 | ||||
| Other current liabilities | 56 | 3,393 | |||||
| Other non current assets and liabilities, net | 439 | (1,413 | ) | ||||
| Accrued pension and other postretirement costs, net | (1,526 | ) | (426 | ) | |||
| Net cash provided by operating activities | 45,893 | 33,029 | |||||
| Investing activities | |||||||
| Capital expenditures | (15,154 | ) | (21,288 | ) | |||
| Proceeds from sale of property and equipment | 40 | 451 | |||||
| Purchase of short term investment | (1,000 | ) | — | ||||
| Proceeds from sale of short term investment | 1,014 | — | |||||
| Net cash used in investing activities | (15,100 | ) | (20,837 | ) | |||
| Financing activities | |||||||
| Payments on revolving facility | (29,000 | ) | — | ||||
| Purchase of treasury stock | (5,915 | ) | (2,739 | ) | |||
| Distributions to noncontrolling interests | (195 | ) | (457 | ) | |||
| Payments of employee taxes on certain share-based arrangements | (825 | ) | (435 | ) | |||
| Net cash used in financing activities | (35,935 | ) | (3,631 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | 545 | (4,334 | ) | ||||
| (Decrease) increase in cash and cash equivalents | (4,597 | ) | 4,227 | ||||
| Cash and cash equivalents at beginning of year | 88,562 | 84,335 | |||||
| Cash and cash equivalents at end of year | $ | 83,965 | $ | 88,562 | |||
| Supplemental disclosure of investing transactions: | |||||||
| Capital expenditures accrued but not yet paid | $ | 2,317 | $ | 1,731 | |||
| Supplemental disclosure of financing transactions: | |||||||
| Excise tax on net share repurchases accrued but not yet paid | $ | 41 | $ | — | |||
| VISHAY PRECISION GROUP, INC. | |||||||||||||||||||||||||||||||
| Reconciliation of Consolidated Adjusted Gross Profit, Operating Income, Net Earnings Attributable to VPG Stockholders and Diluted Earnings Per Share | |||||||||||||||||||||||||||||||
| (Unaudited - In thousands except per share data) | |||||||||||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||||
| Fiscal Year Ended December 31, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| As reported - GAAP | 150,342 | 149,602 | 41,954 | 43,799 | $ | 25,707 | $ | 36,063 | $ | 1.88 | $ | 2.63 | |||||||||||||||||||
| As reported - GAAP Margins | 42.3 | % | 41.3 | % | 11.8 | % | 12.1 | % | |||||||||||||||||||||||
| Acquisition purchase accounting adjustments | 335 | 1,550 | 335 | 1,550 | 335 | 1,550 | 0.02 | 0.11 | |||||||||||||||||||||||
| COVID-19 impact | — | 138 | — | 138 | — | 138 | — | 0.01 | |||||||||||||||||||||||
| Start-up costs | — | 150 | — | 150 | — | 150 | — | 0.01 | |||||||||||||||||||||||
| Restructuring costs | — | — | 1,560 | 1,518 | 1,560 | 1,518 | 0.11 | 0.11 | |||||||||||||||||||||||
| Foreign exchange (gain)/loss | — | — | — | — | 822 | (3,579 | ) | 0.06 | (0.26 | ) | |||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (1,245 | ) | (44 | ) | (0.10 | ) | (0.01 | ) | |||||||||||||||||||
| As Adjusted - Non GAAP | $ | 150,677 | $ | 151,440 | $ | 43,849 | $ | 47,155 | $ | 29,669 | $ | 35,884 | $ | 2.17 | $ | 2.62 | |||||||||||||||
| As Adjusted - Non GAAP Margins | 42.4 | % | 41.8 | % | 12.4 | % | 13.0 | % | |||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||
| Fiscal Quarter Ended December 31, | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
| As reported - GAAP | $ | 38,496 | $ | 39,698 | $ | 12,011 | $ | 13,049 | $ | 4,227 | $ | 8,834 | 0.31 | $ | 0.65 | ||||||||||||||
| As reported - GAAP Margins | 43.0 | % | 41.2 | % | 13.4 | % | 13.6 | % | |||||||||||||||||||||
| Acquisition purchase accounting adjustments | 31 | 240 | 31 | 240 | 31 | 240 | — | 0.02 | |||||||||||||||||||||
| Restructuring costs | — | — | 129 | 188 | 129 | 188 | 0.01 | 0.01 | |||||||||||||||||||||
| Foreign exchange loss | — | — | — | — | 2,961 | 1,616 | 0.21 | 0.11 | |||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (887 | ) | 452 | (0.08 | ) | 0.03 | |||||||||||||||||||
| As Adjusted - Non GAAP | $ | 38,527 | $ | 39,938 | $ | 12,171 | $ | 13,477 | $ | 8,235 | $ | 10,426 | $ | 0.61 | $ | 0.76 | |||||||||||||
| As Adjusted - Non GAAP Margins | 43.0 | % | 41.5 | % | 13.6 | % | 14.0 | % | |||||||||||||||||||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted Gross Profit by segment | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| December 31, 2023 | December 31, 2022 | September 30, 2023 | |||||||||
| Sensors | |||||||||||
| As reported - GAAP | $ | 13,761 | $ | 13,645 | $ | 11,681 | |||||
| As reported - GAAP Margins | 40.2 | % | 37.6 | % | 35.9 | % | |||||
| As Adjusted - Non GAAP | $ | 13,761 | $ | 13,645 | $ | 11,681 | |||||
| As Adjusted - Non GAAP Margins | 40.2 | % | 37.6 | % | 35.9 | % | |||||
| Weighing Solutions | |||||||||||
| As reported - GAAP | $ | 10,834 | $ | 11,043 | $ | 11,207 | |||||
| As reported - GAAP Margins | 35.6 | % | 33.4 | % | 38.7 | % | |||||
| As Adjusted - Non GAAP | $ | 10,834 | $ | 11,043 | $ | 11,207 | |||||
| As Adjusted - Non GAAP Margins | 35.6 | % | 33.4 | % | 38.7 | % | |||||
| Measurement Systems | |||||||||||
| As reported - GAAP | $ | 13,906 | $ | 15,009 | $ | 13,047 | |||||
| As reported - GAAP Margins | 56.0 | % | 55.9 | % | 53.6 | % | |||||
| Acquisition purchase accounting adjustments | 31 | 240 | 214 | ||||||||
| As Adjusted - Non GAAP | $ | 13,937 | $ | 15,249 | $ | 13,261 | |||||
| As Adjusted - Non GAAP Margins | 56.1 | % | 56.8 | % | 54.5 | % | |||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted EBITDA | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| December 31, 2023 | December 31, 2022 | September 30, 2023 | |||||||||
| Net earnings attributable to VPG stockholders | $ | 4,227 | $ | 8,834 | $ | 6,280 | |||||
| Interest Expense | 779 | 876 | 1,119 | ||||||||
| Income tax expense | 4,403 | 1,884 | 2,419 | ||||||||
| Depreciation | 2,992 | 2,882 | 2,954 | ||||||||
| Amortization | 999 | 952 | 880 | ||||||||
| EBITDA | 13,400 | $ | 15,428 | $ | 13,652 | ||||||
| EBITDA MARGIN | 15.0 | % | 16.0 | % | 15.9 | % | |||||
| Acquisition purchase accounting adjustments | 31 | 240 | 214 | ||||||||
| Restructuring costs | 129 | 188 | 1,153 | ||||||||
| Foreign exchange loss/(gain) | 2,961 | 1,616 | (1,283 | ) | |||||||
| ADJUSTED EBITDA | 16,521 | 17,472 | 13,736 | ||||||||
| ADJUSTED EBITDA MARGIN | 18.5 | % | 18.2 | % | 16.0 | % | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Reconciliation of Adjusted EBITDA | |||||||
| (Unaudited - In thousands) | |||||||
| Year ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Net earnings attributable to VPG stockholders | $ | 25,707 | $ | 36,063 | |||
| Interest Expense | 3,974 | 2,269 | |||||
| Income tax expense | 12,426 | 8,535 | |||||
| Depreciation | 11,798 | 11,504 | |||||
| Amortization | 3,752 | 3,849 | |||||
| EBITDA | 57,657 | $ | 62,220 | ||||
| EBITDA MARGIN | 16.2 | % | 17.2 | % | |||
| Acquisition purchase accounting adjustments | 335 | 1,550 | |||||
| Restructuring costs | 1,560 | 1,518 | |||||
| COVID-19 impact | — | 138 | |||||
| Start-up costs | — | 150 | |||||
| Foreign exchange (gain) loss | 822 | (3,579 | ) | ||||
| ADJUSTED EBITDA | 60,374 | 61,997 | |||||
| ADJUSTED EBITDA MARGIN | 17.0 | % | 17.1 | % | |||
FAQ
What were VPG's revenues for the fiscal 2023 fourth quarter?
What was VPG's gross profit margin for the fourth quarter of 2023?
What was VPG's operating margin in the fourth quarter of 2023?
What was VPG's adjusted EBITDA for the fourth quarter of 2023?
What were VPG's revenues for the full year 2023?
What was VPG's diluted net earnings per share for the full year 2023?
What did VPG's CEO mention about the company's financial performance in fiscal 2023?
What is VPG's near-term revenue outlook for the first fiscal quarter of 2024?
