VPG Reports Fiscal 2024 Third Quarter Results
Vishay Precision Group (VPG) reported fiscal 2024 third quarter results with revenues of $75.7 million, showing an 11.8% decrease year-over-year. The company experienced a net loss of $(1.4) million, or $(0.10) per diluted share, compared to earnings of $6.3 million, or $0.46 per share in Q3 2023. Operating margin declined to 5.1% from 9.6%, while gross profit margin decreased to 40.0% from 41.9%. Total orders were $68.6 million with a book-to-bill ratio of 0.91. The company expects Q4 2024 revenues between $70-78 million. Performance was impacted by soft cyclical markets in steel and consumer sectors, while test and measurement and avionics showed improvement.
Vishay Precision Group (VPG) ha riportato i risultati del terzo trimestre del fiscal 2024, con entrate di 75,7 milioni di dollari, mostrando una diminuzione dell'11,8% rispetto all'anno precedente. L'azienda ha subito una perdita netta di $(1,4) milioni, ovvero $(0,10) per azione diluita, rispetto a utili di 6,3 milioni di dollari, o $0,46 per azione nel terzo trimestre del 2023. Il margine operativo è sceso al 5,1% dal 9,6%, mentre il margine di profitto lordo è diminuito al 40,0% dal 41,9%. Gli ordini totali sono stati di 68,6 milioni di dollari, con un rapporto book-to-bill di 0,91. L'azienda prevede entrate nel quarto trimestre del 2024 tra 70-78 milioni di dollari. Le performance sono state influenzate da mercati ciclici deboli nei settori dell'acciaio e dei consumatori, mentre i settori dei test e misurazioni e dell'avionica hanno mostrato miglioramenti.
Vishay Precision Group (VPG) informó los resultados del tercer trimestre del ejercicio fiscal 2024, con ingresos de $75.7 millones, lo que representa una disminución del 11.8% en comparación con el año anterior. La compañía experimentó una pérdida neta de $(1.4) millones, o $(0.10) por acción diluida, en comparación con ganancias de $6.3 millones, o $0.46 por acción en el tercer trimestre de 2023. El margen operativo cayó al 5.1% desde el 9.6%, mientras que el margen de beneficio bruto disminuyó al 40.0% desde el 41.9%. Los pedidos totales fueron de $68.6 millones, con una relación book-to-bill de 0.91. La compañía espera ingresos para el cuarto trimestre de 2024 entre $70 y $78 millones. El rendimiento se vio afectado por mercados cíclicos suaves en los sectores del acero y de consumo, mientras que las pruebas y mediciones y la aviónica mostraron mejoras.
비샤이 프리시전 그룹 (VPG)는 2024 회계연도 3분기 결과를 발표하며 7,570만 달러의 매출을 기록했고, 이는 전년 대비 11.8% 감소한 수치입니다. 회사는 $(1.4)백만 달러의 순손실을 겪었으며, 이는 주당 $(0.10)로 2023년 3분기에는 630만 달러의 이익, 즉 주당 $0.46을 기록한 것과 비교됩니다. 운영 마진은 9.6%에서 5.1%로 감소하였고, 총 이익률은 41.9%에서 40.0%로 감소하였습니다. 총 주문은 6,860만 달러였으며, 수주 대비 출하 비율은 0.91입니다. 회사는 2024년 4분기 매출을 7,000만 달러에서 7,800만 달러 사이로 예상하고 있습니다. 성과는 철강 및 소비자 부문에서의 부진한 경기 영향으로 영향을 받았지만, 테스트 및 계측 및 항공 전자 분야에서 개선이 있었습니다.
Vishay Precision Group (VPG) a rapporté les résultats du troisième trimestre de l'exercice fiscal 2024 avec des revenus de 75,7 millions de dollars, ce qui représente une diminution de 11,8% par rapport à l'année précédente. L'entreprise a enregistré une perte nette de $(1,4) million, soit $(0,10) par action diluée, comparativement à un bénéfice de 6,3 millions de dollars, soit 0,46 $ par action au troisième trimestre de 2023. La marge opérationnelle a chuté à 5,1% contre 9,6%, tandis que la marge brute a diminué à 40,0% contre 41,9%. Les commandes totales s'élevaient à 68,6 millions de dollars, avec un ratio book-to-bill de 0,91. L'entreprise prévoit des revenus pour le quatrième trimestre 2024 compris entre 70 et 78 millions de dollars. Les performances ont été impactées par des marchés cycliques faibles dans les secteurs de l'acier et de la consommation, tandis que les domaines des tests et de la mesure ainsi que l'aéronautique ont montré des améliorations.
Vishay Precision Group (VPG) berichtete über die Ergebnisse des dritten Quartals des Geschäftsjahres 2024 mit Einnahmen von 75,7 Millionen US-Dollar, was einem Rückgang von 11,8% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von $(1,4) Millionen oder $(0,10) pro verwässerter Aktie, verglichen mit einem Gewinn von 6,3 Millionen US-Dollar oder 0,46 US-Dollar pro Aktie im dritten Quartal 2023. Die operative Marge sank auf 5,1% von 9,6%, während die Bruttogewinnmarge auf 40,0% von 41,9% fiel. Die Gesamtbestellungen beliefen sich auf 68,6 Millionen US-Dollar mit einem Buch-zu-Rechnung-Verhältnis von 0,91. Das Unternehmen erwartet für das vierte Quartal 2024 Einnahmen zwischen 70 und 78 Millionen US-Dollar. Die Leistung wurde durch schwache zyklische Märkte im Stahl- und Verbrauchersektor beeinträchtigt, während Test- und Messgeräte sowie Avionik Verbesserungen zeigten.
- Maintained solid gross profit margin of 40.0%
- Measurement Systems segment showed improved gross profit margin of 56.8%
- Strong balance sheet position maintained
- Revenue declined 11.8% year-over-year to $75.7 million
- Net loss of $(1.4) million compared to $6.3 million profit last year
- Operating margin decreased to 5.1% from 9.6%
- Book-to-bill ratio declined to 0.91
- Orders decreased 6.7% sequentially
Insights
VPG's Q3 2024 results show concerning trends with
The decline spans across all segments, with Sensors down
MALVERN, Pa., Nov. 05, 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 third quarter ended September 28, 2024.
Third Fiscal Quarter Highlights (comparisons are to the comparable period a year ago):
- Revenues of
$75.7 million decreased11.8% . - Gross profit margin was
40.0% , as compared to41.9% . - Adjusted gross profit margin* was
40.0% , as compared to42.1% . - Operating margin was
5.1% , as compared to9.6% . - Adjusted operating margin* was
5.2% , as compared to11.2% . - Diluted net loss per share of
$(0.10) compared to$0.46 . - Adjusted diluted net earnings per share* of
$0.19 compared to$0.47 . - EBITDA* was
$5.1 million with an EBITDA margin* of6.7% . - Adjusted EBITDA* was
$8.1 million with an adjusted EBITDA margin* of10.7% .
Ziv Shoshani, Chief Executive Officer of VPG, commented, "Total revenue in the third quarter was fairly stable sequentially, as trends across our markets remained mixed. Some of our cyclical markets such as steel and consumer were soft, while orders in test and measurement and avionics, military & space were higher. Total orders of
Mr. Shoshani said: "We continue to focus on our long-term strategies for organic growth, as well as to look for additional opportunities to add high-quality businesses to our platform like our recent acquisition of Nokra. As we continue to streamline our operations mainly in the Sensors and Weighing Solutions segments, we believe our operating model and our solid balance sheet positions us to achieve significant operating returns and cash flow as revenues recover."
Third Fiscal Quarter and Nine Month Financial Trends:
The Company's third fiscal quarter 2024 net loss attributable to VPG stockholders was
In the nine fiscal months ended September 28, 2024, net earnings attributable to VPG stockholders were
The third fiscal quarter 2024 adjusted net earnings* were
In the nine fiscal months ended September 28, 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 and DSI acquisition. We define "adjusted operating margin" as operating margin before purchase accounting adjustment related to the DTS and DSI acquisitions, and restructuring costs 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 and DSI acquisitions, restructuring costs 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 and DSI acquisitions, restructuring costs and severance costs, and foreign currency exchange gains and losses.
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, November 5, 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 148407, 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 378501. 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 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 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 | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Net revenues | $ | 75,727 | $ | 85,854 | |||
| Costs of products sold | 45,467 | 49,919 | |||||
| Gross profit | 30,260 | 35,935 | |||||
| Gross profit margin | 40.0 | % | 41.9 | % | |||
| Selling, general and administrative expenses | 26,337 | 26,558 | |||||
| Restructuring costs | 82 | 1,153 | |||||
| Operating income | 3,841 | 8,224 | |||||
| Operating margin | 5.1 | % | 9.6 | % | |||
| Other (expense) income : | |||||||
| Interest expense | (648 | ) | (1,119 | ) | |||
| Other | (2,646 | ) | 1,671 | ||||
| Other (expense) income | (3,294 | ) | 552 | ||||
| Income before taxes | 546 | 8,776 | |||||
| Income tax expense | 1,874 | 2,419 | |||||
| Net (loss) earnings | (1,328 | ) | 6,357 | ||||
| Less: net earnings attributable to noncontrolling interests | 23 | 77 | |||||
| Net (loss) earnings attributable to VPG stockholders | $ | (1,351 | ) | $ | 6,280 | ||
| Basic (loss) earnings per share attributable to VPG stockholders | $ | (0.10 | ) | $ | 0.46 | ||
| Diluted (loss) earnings per share attributable to VPG stockholders | $ | (0.10 | ) | $ | 0.46 | ||
| Weighted average shares outstanding - basic | 13,254 | 13,600 | |||||
| Weighted average shares outstanding - diluted | 13,254 | 13,686 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Statements of Operations | |||||||
| (Unaudited - In thousands, except per share amounts) | |||||||
| Nine fiscal months ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Net revenues | $ | 233,869 | $ | 265,520 | |||
| Costs of products sold | 136,108 | 153,674 | |||||
| Gross profit | 97,761 | 111,846 | |||||
| Gross profit margin | 41.8 | % | 42.1 | % | |||
| Selling, general and administrative expenses | 80,232 | 80,472 | |||||
| Restructuring costs | 864 | 1,431 | |||||
| Operating income | 16,665 | 29,943 | |||||
| Operating margin | 7.1 | % | 11.3 | % | |||
| Other (expense) income : | |||||||
| Interest expense | (1,925 | ) | (3,195 | ) | |||
| Other | 915 | 2,965 | |||||
| Other (expense) income | (1,010 | ) | (230 | ) | |||
| Income before taxes | 15,654 | 29,713 | |||||
| Income tax expense | 6,508 | 8,023 | |||||
| Net earnings | 9,146 | 21,690 | |||||
| Less: net earnings attributable to noncontrolling interests | 3 | 210 | |||||
| Net earnings attributable to VPG stockholders | $ | 9,143 | $ | 21,480 | |||
| Basic earnings per share attributable to VPG stockholders | $ | 0.68 | $ | 1.58 | |||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.68 | $ | 1.57 | |||
| Weighted average shares outstanding - basic | 13,367 | 13,596 | |||||
| Weighted average shares outstanding - diluted | 13,405 | 13,670 | |||||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Balance Sheets | |||||||
| (In thousands) | |||||||
| September 28, 2024 | December 31, 2023 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 81,077 | $ | 83,965 | |||
| Accounts receivable, net | 52,821 | 56,438 | |||||
| Inventories: | |||||||
| Raw materials | 34,027 | 33,973 | |||||
| Work in process | 28,275 | 26,594 | |||||
| Finished goods | 26,000 | 27,572 | |||||
| Inventories, net | 88,302 | 88,139 | |||||
| Prepaid expenses and other current assets | 20,137 | 14,520 | |||||
| Total current assets | 242,337 | 243,062 | |||||
| Property and equipment: | |||||||
| Land | 4,186 | 4,154 | |||||
| Buildings and improvements | 73,759 | 72,952 | |||||
| Machinery and equipment | 133,281 | 131,738 | |||||
| Software | 10,198 | 9,619 | |||||
| Construction in progress | 10,761 | 11,379 | |||||
| Accumulated depreciation | (145,391 | ) | (139,206 | ) | |||
| Property and equipment, net | 86,794 | 90,636 | |||||
| Goodwill | 45,610 | 45,734 | |||||
| Intangible assets, net | 41,807 | 44,634 | |||||
| Operating lease right-of-use assets | 25,239 | 26,953 | |||||
| Other assets | 20,739 | 20,547 | |||||
| Total assets | $ | 462,526 | $ | 471,566 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Balance Sheets | |||||||
| (In thousands) | |||||||
| September 28, 2024 | December 31, 2023 | ||||||
| (Unaudited) | |||||||
| Liabilities and equity | |||||||
| Current liabilities: | |||||||
| Trade accounts payable | $ | 9,986 | $ | 11,698 | |||
| Payroll and related expenses | 17,819 | 18,971 | |||||
| Other accrued expenses | 21,989 | 22,427 | |||||
| Income taxes | 1,150 | 4,524 | |||||
| Current portion of operating lease liabilities | 4,053 | 4,004 | |||||
| Total current liabilities | 54,997 | 61,624 | |||||
| Long-term debt | 31,383 | 31,856 | |||||
| Deferred income taxes | 3,645 | 3,490 | |||||
| Operating lease liabilities | 20,645 | 22,625 | |||||
| Other liabilities | 14,145 | 14,770 | |||||
| Accrued pension and other postretirement costs | 7,054 | 7,276 | |||||
| Total liabilities | 131,869 | 141,641 | |||||
| Equity: | |||||||
| Common stock | 1,336 | 1,330 | |||||
| Class B convertible common stock | 103 | 103 | |||||
| Treasury stock | (25,335 | ) | (17,460 | ) | |||
| Capital in excess of par value | 202,872 | 202,672 | |||||
| Retained earnings | 191,209 | 182,066 | |||||
| Accumulated other comprehensive loss | (39,564 | ) | (38,869 | ) | |||
| Total Vishay Precision Group, Inc. stockholders' equity | 330,621 | 329,842 | |||||
| Noncontrolling interests | 36 | 83 | |||||
| Total equity | 330,657 | 329,925 | |||||
| Total liabilities and equity | $ | 462,526 | $ | 471,566 | |||
| VISHAY PRECISION GROUP, INC. | |||||||
| Consolidated Condensed Statements of Cash Flows | |||||||
| (Unaudited - In thousands) | |||||||
| Nine Fiscal Months Ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Operating activities | |||||||
| Net earnings | $ | 9,146 | $ | 21,690 | |||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 11,771 | 11,559 | |||||
| Loss (gain) on sale of property and equipment | (154 | ) | 38 | ||||
| Share-based compensation expense | 1,060 | 1,885 | |||||
| Inventory write-offs for obsolescence | 1,722 | 1,567 | |||||
| Deferred income taxes | 512 | 691 | |||||
| Foreign currency impacts and other items | (1,213 | ) | (2,755 | ) | |||
| Net changes in operating assets and liabilities: | |||||||
| Accounts receivable | 3,340 | 1,604 | |||||
| Inventories | (1,816 | ) | (7,811 | ) | |||
| Prepaid expenses and other current assets | (5,576 | ) | 1,990 | ||||
| Trade accounts payable | (743 | ) | (1,151 | ) | |||
| Other current liabilities | (3,921 | ) | (1,082 | ) | |||
| Other non current assets and liabilities, net | (767 | ) | (170 | ) | |||
| Accrued pension and other postretirement costs, net | (322 | ) | (945 | ) | |||
| Net cash provided by operating activities | 13,039 | 27,110 | |||||
| Investing activities | |||||||
| Capital expenditures | (6,965 | ) | (9,848 | ) | |||
| Proceeds from sale of property and equipment | 647 | 50 | |||||
| Net cash used in investing activities | (6,318 | ) | (10,798 | ) | |||
| Financing activities | |||||||
| Payments on revolving facility | — | (7,000 | ) | ||||
| Debt issuance costs | (569 | ) | — | ||||
| Purchase of treasury stock | (7,815 | ) | (1,196 | ) | |||
| Distributions to noncontrolling interests | (50 | ) | (138 | ) | |||
| Payments of employee taxes on certain share-based arrangements | (860 | ) | (825 | ) | |||
| Net cash used in financing activities | (9,294 | ) | (9,159 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (315 | ) | (1,083 | ) | |||
| (Decrease) Increase in cash and cash equivalents | (2,888 | ) | 6,070 | ||||
| Cash and cash equivalents at beginning of period | 83,965 | 88,562 | |||||
| Cash and cash equivalents at end of period | $ | 81,077 | $ | 94,632 | |||
| Supplemental disclosure of investing transactions: | |||||||
| Capital expenditures accrued but not yet paid | $ | 1,354 | $ | 1,204 | |||
| Supplemental disclosure of financing transactions: | |||||||
| Excise tax on net share repurchases accrued but not yet paid | 60 | — | |||||
| 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 (Loss) Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | ||||||||||||||||||||||||||||
| Three months ended | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||||||||||
| As reported - GAAP | $ | 30,260 | $ | 35,935 | $ | 3,841 | $ | 8,224 | $ | (1,351 | ) | $ | 6,280 | $ | (0.10 | ) | $ | 0.46 | |||||||||||||
| As reported - GAAP Margins | 40.0 | % | 41.9 | % | 5.1 | % | 9.6 | % | |||||||||||||||||||||||
| Acquisition purchase accounting adjustments | — | 214 | — | 214 | — | 214 | — | 0.02 | |||||||||||||||||||||||
| Restructuring costs | — | — | 82 | 1,153 | 82 | 1,153 | 0.01 | 0.08 | |||||||||||||||||||||||
| Foreign currency exchange gain (loss) | — | — | — | — | 2,912 | (1,283 | ) | 0.22 | (0.09 | ) | |||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (839 | ) | (77 | ) | (0.06 | ) | — | ||||||||||||||||||||
| As Adjusted - Non GAAP | $ | 30,260 | $ | 36,149 | $ | 3,923 | $ | 9,591 | $ | 2,482 | $ | 6,441 | $ | 0.19 | $ | 0.47 | |||||||||||||||
| As Adjusted - Non GAAP Margins | 40.0 | % | 42.1 | % | 5.2 | % | 11.2 | % | |||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
| Nine fiscal months ended | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||||||||||
| As reported - GAAP | $ | 97,761 | $ | 111,846 | $ | 16,665 | $ | 29,943 | $ | 9,143 | $ | 21,480 | $ | 0.68 | $ | 1.57 | |||||||||||||||
| As reported - GAAP Margins | 41.8 | % | 42.1 | % | 7.1 | % | 11.3 | % | |||||||||||||||||||||||
| Acquisition purchase accounting adjustments | — | 304 | — | 304 | — | 304 | — | 0.02 | |||||||||||||||||||||||
| Restructuring costs | — | — | 864 | 1,431 | 864 | 1,431 | 0.06 | 0.11 | |||||||||||||||||||||||
| Severance cost | — | — | 347 | — | 347 | — | 0.03 | — | |||||||||||||||||||||||
| Foreign currency exchange gain (loss) | — | — | — | — | 34 | (2,139 | ) | — | (0.16 | ) | |||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items | — | — | — | — | (1,913 | ) | (357 | ) | (0.14 | ) | (0.03 | ) | |||||||||||||||||||
| As Adjusted - Non GAAP | $ | 97,761 | $ | 112,150 | $ | 17,876 | $ | 31,678 | $ | 12,301 | $ | 21,433 | $ | 0.92 | $ | 1.57 | |||||||||||||||
| As Adjusted - Non GAAP Margins | 41.8 | % | 42.2 | % | 7.6 | % | 11.9 | % | |||||||||||||||||||||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted Gross Profit by segment | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| September 28, 2024 | September 30, 2023 | June 29, 2024 | |||||||||
| Sensors | |||||||||||
| As reported - GAAP | $ | 8,730 | $ | 11,681 | $ | 11,066 | |||||
| As reported - GAAP Margins | 31.0 | % | 35.9 | % | 38.3 | % | |||||
| As Adjusted - Non GAAP | $ | 8,730 | $ | 11,681 | $ | 11,066 | |||||
| As Adjusted - Non GAAP Margins | 31.0 | % | 35.9 | % | 38.3 | % | |||||
| Weighing Solutions | |||||||||||
| As reported - GAAP | $ | 8,840 | $ | 11,207 | $ | 10,310 | |||||
| As reported - GAAP Margins | 35.1 | % | 38.7 | % | 37.6 | % | |||||
| As Adjusted - Non GAAP | $ | 8,840 | $ | 11,207 | $ | 10,310 | |||||
| As Adjusted - Non GAAP Margins | 35.1 | % | 38.7 | % | 37.6 | % | |||||
| Measurement Systems | |||||||||||
| As reported - GAAP | $ | 12,690 | $ | 13,047 | $ | 11,031 | |||||
| As reported - GAAP Margins | 56.8 | % | 53.6 | % | 52.4 | % | |||||
| Acquisition purchase accounting adjustments | — | 214 | — | ||||||||
| As Adjusted - Non GAAP | $ | 12,690 | $ | 13,261 | $ | 11,031 | |||||
| As Adjusted - Non GAAP Margins | 56.8 | % | 54.5 | % | 52.4 | % | |||||
| VISHAY PRECISION GROUP, INC. | |||||||||||
| Reconciliation of Adjusted EBITDA | |||||||||||
| (Unaudited - In thousands) | |||||||||||
| Fiscal quarter ended | |||||||||||
| September 28, 2024 | September 30, 2023 | June 29, 2024 | |||||||||
| Net (loss) earnings attributable to VPG stockholders | $ | (1,351 | ) | $ | 6,280 | $ | 4,603 | ||||
| Interest Expense | 648 | 1,119 | 649 | ||||||||
| Income tax expense | 1,874 | 2,419 | 2,316 | ||||||||
| Depreciation | 2,988 | 2,954 | 2,992 | ||||||||
| Amortization | 925 | 880 | 924 | ||||||||
| EBITDA | 5,084 | $ | 13,652 | $ | 11,484 | ||||||
| EBITDA MARGIN | 6.7 | % | 15.9 | % | 14.8 | % | |||||
| Acquisition purchase accounting adjustments | — | 214 | — | ||||||||
| Restructuring costs | 82 | 1,153 | — | ||||||||
| Foreign currency exchange gain (loss) | 2,912 | (1,283 | ) | (1,289 | ) | ||||||
| ADJUSTED EBITDA | $ | 8,079 | $ | 13,736 | $ | 10,195 | |||||
| ADJUSTED EBITDA MARGIN | 10.7 | % | 16.0 | % | 13.2 | % | |||||
FAQ
What was VPG's revenue in Q3 fiscal 2024?
What is VPG's earnings guidance for Q4 2024?
What was VPG's book-to-bill ratio in Q3 2024?
How did VPG's operating margin change in Q3 2024?
