VPG Reports Fiscal 2024 Second Quarter Results
Vishay Precision Group (NYSE: VPG) reported its fiscal 2024 second quarter results, showing a 14.8% decrease in revenues to $77.4 million compared to the previous year. The company's gross profit margin slightly declined to 41.9% from 42.6% a year ago. Operating margin decreased to 7.6% from 13.0%, while diluted earnings per share fell to $0.34 from $0.60. Despite challenging market conditions, VPG maintained a strong balance sheet and solid cash flow, focusing on cost-reduction initiatives and strategic business development. The company's book-to-bill ratio improved slightly to 0.95, with orders of $73.5 million. For the third fiscal quarter of 2024, VPG expects net revenues between $70 million and $78 million at constant second fiscal quarter 2024 foreign currency exchange rates.
Vishay Precision Group (NYSE: VPG) ha annunciato i risultati del secondo trimestre dell'anno fiscale 2024, evidenziando una diminuzione del 14,8% delle entrate, scese a 77,4 milioni di dollari rispetto all'anno precedente. Il margine di profitto lordo della società è leggermente diminuito, passando dal 42,6% al 41,9% rispetto a un anno fa. Il margine operativo è sceso al 7,6% rispetto al 13,0%, mentre gli utili diluiti per azione sono calati a 0,34 dollari da 0,60 dollari. Nonostante le difficili condizioni di mercato, VPG ha mantenuto un bilancio solido e un buon flusso di cassa, concentrandosi su iniziative di riduzione dei costi e sullo sviluppo strategico del business. Il rapporto ordini-fatturato della società è migliorato leggermente, attestandosi a 0,95, con ordini pari a 73,5 milioni di dollari. Per il terzo trimestre fiscale del 2024, VPG prevede entrate nette tra 70 milioni e 78 milioni di dollari, mantenendo costanti i tassi di cambio della seconda trimestre fiscale 2024.
Vishay Precision Group (NYSE: VPG) reportó los resultados del segundo trimestre del año fiscal 2024, mostrando una disminución del 14,8% en los ingresos a 77,4 millones de dólares en comparación con el año anterior. El margen de utilidad bruta de la compañía disminuyó ligeramente, bajando del 42,6% al 41,9% en comparación con el año pasado. El margen operativo se redujo al 7,6% desde el 13,0%, mientras que las ganancias diluidas por acción cayeron a 0,34 dólares desde 0,60 dólares. A pesar de las difíciles condiciones de mercado, VPG mantuvo un balance sólido y un flujo de efectivo sólido, concentrándose en iniciativas de reducción de costos y desarrollo estratégico del negocio. La relación pedidos-facturación de la compañía mejoró ligeramente a 0,95, con pedidos de 73,5 millones de dólares. Para el tercer trimestre fiscal del 2024, VPG espera ingresos netos entre 70 millones y 78 millones de dólares a tasas de cambio de moneda extranjera constantes del segundo trimestre fiscal 2024.
비셰이 프리시전 그룹(Vishay Precision Group, NYSE: VPG)은 2024 회계연도 2분기 실적을 발표하며 매출이 14.8% 감소해 7740만 달러에 이르렀다고 보고했습니다. 회사의 총 이익률은 지난해 42.6%에서 41.9%로 소폭 감소했습니다. 운영 이익률은 13.0%에서 7.6%로 떨어졌고, 희석 주당 순이익은 0.60달러에서 0.34달러로 떨어졌습니다. 어려운 시장 환경에도 불구하고 VPG는 강력한 재무 상태와 견고한 현금 흐름을 유지하며 비용 절감 이니셔티브와 전략적 사업 개발에 집중하고 있습니다. 회사의 주문-매출 비율은 약간 개선되어 0.95로, 주문액은 7350만 달러에 달합니다. 2024 회계연도 3분기에는 2024 회계연도 2분기 외환환율을 기준으로 하여 7000만에서 7800만 달러 사이의 순매출을 예상하고 있습니다.
Vishay Precision Group (NYSE: VPG) a annoncé ses résultats du deuxième trimestre de l'exercice 2024, affichant une baisse de 14,8% des revenus à 77,4 millions de dollars par rapport à l'année précédente. La marge brute de l'entreprise a légèrement diminué, passant de 42,6% à 41,9% par rapport à l'année dernière. La marge opérationnelle a chuté à 7,6% contre 13,0%, tandis que les bénéfices dilués par action sont tombés à 0,34 dollar contre 0,60 dollar. Malgré des conditions de marché difficiles, VPG a maintenu un solide bilan et un flux de trésorerie solide, en se concentrant sur des initiatives de réduction des coûts et le développement stratégique des affaires. Le ratio commandes-facturation de l'entreprise s'est légèrement amélioré à 0,95, avec des commandes s'élevant à 73,5 millions de dollars. Pour le troisième trimestre de l'exercice 2024, VPG prévoit des revenus nets compris entre 70 millions et 78 millions de dollars, en tenant compte des taux de change du deuxième trimestre 2024.
Die Vishay Precision Group (NYSE: VPG) hat ihre Ergebnisse für das zweite Quartal des Geschäftsjahres 2024 veröffentlicht und einen Rückgang der Einnahmen um 14,8% auf 77,4 Millionen US-Dollar im Vergleich zum Vorjahr festgestellt. Die Bruttogewinnmarge des Unternehmens sank leicht von 42,6% auf 41,9% im Vergleich zum Vorjahr. Die Betriebsgewinnmarge fiel von 13,0% auf 7,6%, während die verwässerten Erträge pro Aktie auf 0,34 US-Dollar von 0,60 US-Dollar sanken. Trotz schwieriger Marktbedingungen konnte VPG eine starke Bilanz und einen soliden Cashflow aufrechterhalten und konzentriert sich auf Kostensenkungsinitiativen und strategische Geschäftsentwicklung. Das Buch-zu-Rechnung-Verhältnis des Unternehmens verbesserte sich leicht auf 0,95 mit Aufträgen in Höhe von 73,5 Millionen US-Dollar. Für das dritte Quartal des Geschäftsjahres 2024 erwartet VPG Nettoumsätze zwischen 70 Millionen und 78 Millionen US-Dollar bei konstanten Wechselkursen des zweiten Quartals 2024.
- Maintained strong balance sheet and solid cash flow
- Slight improvement in book-to-bill ratio to 0.95
- Focus on cost-reduction initiatives and strategic business development
- Positive demand trends in Steel and consumer markets
- 14.8% year-over-year decrease in revenues to $77.4 million
- Gross profit margin declined to 41.9% from 42.6% year-over-year
- Operating margin decreased to 7.6% from 13.0% year-over-year
- Diluted earnings per share fell to $0.34 from $0.60 year-over-year
- Lower demand in Test & Measurement, Avionics, Military & Space, and industrial markets
Insights
VPG's Q2 2024 results show a significant decline in financial performance. Revenue dropped
The results reflect broader market challenges across VPG's sectors. While some cyclical markets like Steel and consumer showed improvement, key areas such as Test & Measurement, Avionics, Military & Space and industrial markets faced headwinds. The cautious ordering by distributor customers suggests inventory adjustments are still ongoing. The diverse performance across segments highlights the importance of VPG's market diversification strategy. The slight improvement in book-to-bill ratio to 0.95 provides a glimmer of hope, but it's still below the important 1.0 mark, indicating continued market softness. Management's focus on cost-reduction initiatives while maintaining strategic investments is prudent given the uncertain demand environment.
MALVERN, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, today announced its results for its fiscal 2024 second quarter ended June 29, 2024.
Second Fiscal Quarter Highlights:
- Revenues of
$77.4 million decreased14.8% from a year ago. - Gross profit margin was
41.9% , as compared to42.6% reported a year ago. - Adjusted gross profit margin* was
41.9% , as compared to42.7% reported a year ago. - Operating margin was
7.6% , as compared to13.0% reported a year ago. - Adjusted operating margin* was
7.6% , as compared to13.2% reported a year ago. - Diluted net earnings per share of
$0.34 compared to$0.60 reported a year ago. - Adjusted diluted net earnings per share* of
$0.31 compared to$0.58 reported a year ago. - EBITDA* was
$11.5 million with an EBITDA margin* of14.8% . - Adjusted EBITDA* was
$10.2 million with an adjusted EBITDA margin* of13.2% . - Cash from operating activities was
$7.5 million with adjusted free cash flow* of$4.9 million .
Ziv Shoshani, Chief Executive Officer of VPG, commented, "Sales in the second quarter were
Mr. Shoshani said: "Given our strong balance sheet and solid cash flow, we are continuing to focus on cost-reduction initiatives while maintaining our ongoing strategic business development aimed at accelerating our long-term growth."
Second Fiscal Quarter and Six Month Financial Trends:
The Company's second fiscal quarter 2024 net earnings attributable to VPG stockholders were
In the six fiscal months ended June 29, 2024, net earnings attributable to VPG stockholders were
The second fiscal quarter 2024 adjusted net earnings* were
In the six fiscal months ended June 29, 2024, adjusted net earnings* were
Segment Performance:
The Sensors segment revenue of
Gross profit margin for the Sensors segment was
The Weighing Solutions segment revenue of
Gross profit margin for the Weighing Solutions segment was
The Measurement Systems segment revenue of
Gross profit margin for the Measurement Systems segment was
Near-Term Outlook
“Given our backlog and the current market conditions, 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 acquisition. We define "adjusted operating margin" as operating margin before purchase accounting adjustment related to the DTS acquisition, and restructuring and severance costs. We define "adjusted net earnings” and "adjusted diluted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustment related to the DTS acquisition, restructuring and severance 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 adjustment related to the DTS acquisition, restructuring and severance costs, and foreign currency exchange gains and losses. "Adjusted free cash flow" for the second fiscal quarter of 2024 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 its Quarterly Reports on Forms 10-Q.
Conference Call and Webcast:
A conference call will be held on Tuesday, August 6, 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 707756, 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 1-929-458-6194 and by using passcode 293501. The replay will also be available on the “Events” page of investor relations section of the VPG website at ir.vpgsensors.com.
About VPG:
Vishay Precision Group, Inc. (VPG) is a leader in precision measurement and 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 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 report, 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 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, 2023. 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 Condensed Statements of Operations | |||||||
| (Unaudited - In thousands, except per share amounts) | |||||||
| Fiscal quarter ended | |||||||
| June 29, 2024 | July 1, 2023 | ||||||
| Net revenues | $ | 77,359 | $ | 90,802 | |||
| Costs of products sold | 44,952 | 52,090 | |||||
| Gross profit | 32,407 | 38,712 | |||||
| Gross profit margin | 41.9 | % | 42.6 | % | |||
| Selling, general and administrative expenses | 26,501 | 26,755 | |||||
| Restructuring costs | — | 162 | |||||
| Operating income | 5,906 | 11,795 | |||||
| Operating margin | 7.6 | % | 13.0 | % | |||
| Other income (expense): | |||||||
| Interest expense | (649 | ) | (1,079 | ) | |||
| Other | 1,701 | 1,019 | |||||
| Other income (expense) | 1,052 | (60 | ) | ||||
| Income before taxes | 6,958 | 11,735 | |||||
| Income tax expense | 2,316 | 3,384 | |||||
| Net earnings | 4,642 | 8,351 | |||||
| Less: net earnings attributable to noncontrolling interests | 39 | 115 | |||||
| Net earnings attributable to VPG stockholders | $ | 4,603 | $ | 8,236 | |||
| Basic earnings per share attributable to VPG stockholders | $ | 0.34 | $ | 0.61 | |||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.34 | $ | 0.60 | |||
| Weighted average shares outstanding - basic | 13,348 | 13,601 | |||||
| Weighted average shares outstanding - diluted | 13,389 | 13,670 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Statements of Operations | |||||||
| (Unaudited - In thousands, except per share amounts) | |||||||
| Six fiscal months ended | |||||||
| June 29, 2024 | July 1, 2023 | ||||||
| Net revenues | $ | 158,142 | $ | 179,666 | |||
| Costs of products sold | 90,641 | 103,755 | |||||
| Gross profit | 67,501 | 75,911 | |||||
| Gross profit margin | 42.7 | % | 42.3 | % | |||
| Selling, general and administrative expenses | 53,895 | 53,914 | |||||
| Restructuring costs | 782 | 278 | |||||
| Operating income | 12,824 | 21,719 | |||||
| Operating margin | 8.1 | % | 12.1 | % | |||
| Other income (expense): | |||||||
| Interest expense | (1,277 | ) | (2,076 | ) | |||
| Other | 3,561 | 1,294 | |||||
| Other income (expense) | 2,284 | (782 | ) | ||||
| Income before taxes | 15,108 | 20,937 | |||||
| Income tax expense | 4,634 | 5,604 | |||||
| Net earnings | 10,474 | 15,333 | |||||
| Less: net earnings attributable to noncontrolling interests | (20 | ) | 133 | ||||
| Net earnings attributable to VPG stockholders | $ | 10,494 | $ | 15,200 | |||
| Basic earnings per share attributable to VPG stockholders | $ | 0.78 | $ | 1.12 | |||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.78 | $ | 1.11 | |||
| Weighted average shares outstanding - basic | 13,376 | 13,593 | |||||
| Weighted average shares outstanding - diluted | 13,428 | 13,661 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Balance Sheets | |||||||
| (In thousands) | |||||||
| June 29, 2024 | December 31, 2023 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 84,128 | $ | 83,965 | |||
| Accounts receivable, net | 49,926 | 56,438 | |||||
| Inventories: | |||||||
| Raw materials | 35,799 | 33,973 | |||||
| Work in process | 28,549 | 26,594 | |||||
| Finished goods | 25,748 | 27,572 | |||||
| Inventories, net | 90,096 | 88,139 | |||||
| Prepaid expenses and other current assets | 17,007 | 14,520 | |||||
| Total current assets | 241,157 | 243,062 | |||||
| Property and equipment: | |||||||
| Land | 4,121 | 4,154 | |||||
| Buildings and improvements | 72,406 | 72,952 | |||||
| Machinery and equipment | 131,392 | 131,738 | |||||
| Software | 9,945 | 9,619 | |||||
| Construction in progress | 10,802 | 11,379 | |||||
| Accumulated depreciation | (141,485 | ) | (139,206 | ) | |||
| Property and equipment, net | 87,181 | 90,636 | |||||
| Goodwill | 45,491 | 45,734 | |||||
| Intangible assets, net | 42,643 | 44,634 | |||||
| Operating lease right-of-use assets | 26,084 | 26,953 | |||||
| Other assets | 20,233 | 20,547 | |||||
| Total assets | $ | 462,789 | $ | 471,566 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Balance Sheets | |||||||
| (In thousands) | |||||||
| June 29, 2024 | December 31, 2023 | ||||||
| (Unaudited) | |||||||
| Liabilities and equity | |||||||
| Current liabilities: | |||||||
| Trade accounts payable | $ | 11,284 | $ | 11,698 | |||
| Payroll and related expenses | 17,649 | 18,971 | |||||
| Other accrued expenses | 21,541 | 22,427 | |||||
| Income taxes | 3,704 | 4,524 | |||||
| Current portion of operating lease liabilities | 4,089 | 4,004 | |||||
| Current portion of long-term debt | 31,914 | — | |||||
| Total current liabilities | 90,181 | 61,624 | |||||
| Long-term debt | — | 31,856 | |||||
| Deferred income taxes | 3,509 | 3,490 | |||||
| Operating lease liabilities | 21,297 | 22,625 | |||||
| Other liabilities | 13,888 | 14,770 | |||||
| Accrued pension and other postretirement costs | 6,880 | 7,276 | |||||
| Total liabilities | 135,755 | 141,641 | |||||
| Equity: | |||||||
| Common stock | 1,336 | 1,330 | |||||
| Class B convertible common stock | 103 | 103 | |||||
| Treasury stock | (23,388 | ) | (17,460 | ) | |||
| Capital in excess of par value | 202,765 | 202,672 | |||||
| Retained earnings | 192,560 | 182,066 | |||||
| Accumulated other comprehensive loss | (46,365 | ) | (38,869 | ) | |||
| Total Vishay Precision Group, Inc. stockholders' equity | 327,011 | 329,842 | |||||
| Noncontrolling interests | 23 | 83 | |||||
| Total equity | 327,034 | 329,925 | |||||
| Total liabilities and equity | $ | 462,789 | $ | 471,566 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Statements of Cash Flows | |||||||
| (Unaudited - In thousands) | |||||||
| Six Fiscal Months Ended | |||||||
| June 29, 2024 | July 1, 2023 | ||||||
| Operating activities | |||||||
| Net earnings | $ | 10,474 | $ | 15,333 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 7,859 | 7,725 | |||||
| Loss (gain) on sale of property and equipment | (155 | ) | 28 | ||||
| Share-based compensation expense | 953 | 1,229 | |||||
| Inventory write-offs for obsolescence | 1,163 | 1,049 | |||||
| Deferred income taxes | 483 | 507 | |||||
| Foreign currency impacts and other items | (3,602 | ) | (1,557 | ) | |||
| Net changes in operating assets and liabilities: | |||||||
| Accounts receivable | 4,925 | (956 | ) | ||||
| Inventories | (4,155 | ) | (5,697 | ) | |||
| Prepaid expenses and other current assets | (2,733 | ) | 2,726 | ||||
| Trade accounts payable | 1,081 | (684 | ) | ||||
| Other current liabilities | (1,293 | ) | (593 | ) | |||
| Other non current assets and liabilities, net | (841 | ) | (292 | ) | |||
| Accrued pension and other postretirement costs, net | (289 | ) | (606 | ) | |||
| Net cash provided by operating activities | 13,870 | 18,212 | |||||
| Investing activities | |||||||
| Capital expenditures | (5,178 | ) | (6,874 | ) | |||
| Proceeds from sale of property and equipment | 347 | 12 | |||||
| Net cash used in investing activities | (4,831 | ) | (6,862 | ) | |||
| Financing activities | |||||||
| Purchase of treasury stock | (5,887 | ) | (420 | ) | |||
| Distributions to noncontrolling interests | (40 | ) | (46 | ) | |||
| Payments of employee taxes on certain share-based arrangements | (854 | ) | (825 | ) | |||
| Net cash used in financing activities | (6,781 | ) | (1,291 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (2,095 | ) | (100 | ) | |||
| Increase in cash and cash equivalents | 163 | 9,959 | |||||
| Cash and cash equivalents at beginning of period | 83,965 | 88,562 | |||||
| Cash and cash equivalents at end of period | $ | 84,128 | $ | 98,521 | |||
| Supplemental disclosure of investing transactions: | |||||||
| Capital expenditures accrued but not yet paid | $ | 972 | $ | 1,118 | |||
| 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) | |||||||||||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||||
| Three months ended | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||||||||||||||||
| As reported - GAAP | $ | 32,407 | $ | 38,712 | $ | 5,906 | $ | 11,795 | $ | 4,603 | $ | 8,236 | $ | 0.34 | $ | 0.60 | |||||||||||||||
| As reported - GAAP Margins | 41.9 | % | 42.6 | % | 7.6 | % | 13.0 | % | |||||||||||||||||||||||
| Acquisition purchase accounting adjustments | — | 41 | — | 41 | — | 41 | — | — | |||||||||||||||||||||||
| Restructuring costs | — | — | — | 162 | — | 162 | — | 0.01 | |||||||||||||||||||||||
| Foreign currency exchange gain | — | — | — | — | (1,289 | ) | (794 | ) | (0.10 | ) | (0.05 | ) | |||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (836 | ) | (312 | ) | (0.06 | ) | (0.02 | ) | |||||||||||||||||||
| As Adjusted - Non GAAP | $ | 32,407 | $ | 38,753 | $ | 5,906 | $ | 11,998 | $ | 4,150 | $ | 7,957 | $ | 0.31 | $ | 0.58 | |||||||||||||||
| As Adjusted - Non GAAP Margins | 41.9 | % | 42.7 | % | 7.6 | % | 13.2 | % | |||||||||||||||||||||||
| 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) | |||||||||||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||||
| Six fiscal months ended | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||||||||||||||||
| As reported - GAAP | $ | 67,501 | $ | 75,911 | $ | 12,824 | $ | 21,719 | $ | 10,494 | $ | 15,200 | $ | 0.78 | $ | 1.11 | |||||||||||||||
| As reported - GAAP Margins | 42.7 | % | 42.3 | % | 8.1 | % | 12.1 | % | |||||||||||||||||||||||
| Acquisition purchase accounting adjustments | — | 90 | — | 90 | — | 90 | — | 0.01 | |||||||||||||||||||||||
| Restructuring costs | — | — | 782 | 278 | 782 | 278 | 0.06 | 0.02 | |||||||||||||||||||||||
| Severance cost | — | — | 347 | — | 347 | — | 0.03 | — | |||||||||||||||||||||||
| Foreign currency exchange gain | — | — | — | — | (2,878 | ) | (856 | ) | (0.21 | ) | (0.06 | ) | |||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (1,074 | ) | (280 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||||
| As Adjusted - Non GAAP | $ | 67,501 | $ | 76,001 | $ | 13,953 | $ | 22,087 | $ | 9,819 | $ | 14,992 | $ | 0.73 | $ | 1.10 | |||||||||||||||
| As Adjusted - Non GAAP Margins | 42.7 | % | 42.3 | % | 8.8 | % | 12.3 | % | |||||||||||||||||||||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted Gross Profit by segment | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| June 29, 2024 | July 1, 2023 | March 30, 2024 | |||||||||
| Sensors | |||||||||||
| As reported - GAAP | $ | 11,066 | $ | 14,549 | $ | 10,732 | |||||
| As reported - GAAP Margins | 38.3 | % | 40.1 | % | 36.5 | % | |||||
| As Adjusted - Non GAAP | $ | 11,066 | $ | 14,549 | $ | 10,732 | |||||
| As Adjusted - Non GAAP Margins | 38.3 | % | 40.1 | % | 36.5 | % | |||||
| Weighing Solutions | |||||||||||
| As reported - GAAP | $ | 10,310 | $ | 12,107 | $ | 11,266 | |||||
| As reported - GAAP Margins | 37.6 | % | 38.7 | % | 39.1 | % | |||||
| As Adjusted - Non GAAP | $ | 10,310 | $ | 12,107 | $ | 11,266 | |||||
| As Adjusted - Non GAAP Margins | 37.6 | % | 38.7 | % | 39.1 | % | |||||
| Measurement Systems | |||||||||||
| As reported - GAAP | $ | 11,031 | $ | 12,056 | $ | 13,094 | |||||
| As reported - GAAP Margins | 52.4 | % | 51.8 | % | 58.1 | % | |||||
| Acquisition purchase accounting adjustments | — | 41 | — | ||||||||
| As Adjusted - Non GAAP | $ | 11,031 | $ | 12,097 | $ | 13,094 | |||||
| As Adjusted - Non GAAP Margins | 52.4 | % | 52.0 | % | 58.1 | % | |||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted EBITDA | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| June 29, 2024 | July 1, 2023 | March 30, 2024 | |||||||||
| Net earnings attributable to VPG stockholders | $ | 4,603 | $ | 8,236 | $ | 5,891 | |||||
| Interest Expense | 649 | 1,079 | 628 | ||||||||
| Income tax expense | 2,316 | 3,384 | 2,318 | ||||||||
| Depreciation | 2,992 | 2,933 | 3,016 | ||||||||
| Amortization | 924 | 934 | 927 | ||||||||
| EBITDA | 11,484 | $ | 16,566 | $ | 12,780 | ||||||
| EBITDA MARGIN | 14.8 | % | 18.2 | % | 15.8 | % | |||||
| Acquisition purchase accounting adjustments | — | 41 | — | ||||||||
| Restructuring costs | — | 162 | 782 | ||||||||
| Foreign currency exchange gain | (1,289 | ) | (794 | ) | (1,589 | ) | |||||
| ADJUSTED EBITDA | $ | 10,196 | $ | 15,975 | $ | 12,320 | |||||
| ADJUSTED EBITDA MARGIN | 13.2 | % | 17.6 | % | 15.3 | % | |||||
FAQ
What were VPG's Q2 2024 revenue and earnings per share?
How did VPG's Q2 2024 results compare to the previous year?
What is VPG's revenue guidance for Q3 2024?
How did VPG's book-to-bill ratio perform in Q2 2024?
