Vishay Precision Group(VPG)

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VPG Appoints Erez Lorber as New Independent Director
GlobeNewswire News Room· 2024-08-15 20:30
Core Insights - Vishay Precision Group, Inc. has appointed Erez Lorber as an independent member of its Board of Directors, effective immediately [1][2] Group 1: Appointment Details - Erez Lorber brings extensive technology expertise and a successful track record as an entrepreneur and senior executive [2] - Lorber's previous roles include CEO of Questar Auto Technologies and chief operating officer at Storedot, focusing on AI technology and fast-charging EV batteries [2] - He holds an undergraduate degree from Temple University and an MBA from Tel Aviv University [3] Group 2: Company Overview - Vishay Precision Group is a leader in precision measurement and sensing technologies, enhancing product performance across various markets [4]
Vishay Precision Group(VPG) - 2024 Q2 - Earnings Call Presentation
2024-08-06 14:22
Financial Performance - Net revenues for 2Q24 were $77.4 million, a 14.8% decrease year-over-year and a 4.2% decrease sequentially[8, 16] - Adjusted gross margin for 2Q24 was 41.9%, down from 42.7% year-over-year and 43.4% in 1Q24[9, 10, 16] - Adjusted net earnings per diluted share for 2Q24 were $0.31, compared to $0.42 in 1Q24[12, 16] - Adjusted EBITDA for 2Q24 was $10.2 million[13, 16] - End-of-period backlog was $104.9 million[15] Segment Performance - Sensors' 2Q24 revenues decreased 1.9% sequentially[19, 24] - Sensors' gross margin of 38.3% in 2Q24 increased from 36.5% sequentially[22, 24] - Weighing Solutions' 2Q24 revenues decreased 4.8% sequentially and 12.2% year-over-year[26, 31] - Weighing Solutions' gross margin was 37.6%, a decrease from 39.1%[29, 31] - Measurement Systems' 2Q24 revenues were $21.0 million, a 6.6% sequential decrease[33, 39] - Measurement Systems' gross margin was 52.4%, down from 58.1% sequentially[36, 39] Capital Allocation - The company repurchased 3.1 million of stock in 2Q24[42] - Since August 2022, the company has repurchased $14.5 million of common stock[42]
Vishay Precision (VPG) Q2 Earnings and Revenues Lag Estimates
ZACKS· 2024-08-06 12:41
Vishay Precision (VPG) came out with quarterly earnings of $0.31 per share, missing the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.12%. A quarter ago, it was expected that this precision sensors and systems producer would post earnings of $0.32 per share when it actually produced earnings of $0.42, delivering a surprise of 31.25%. Over the ...
VPG Reports Fiscal 2024 Second Quarter Results
GlobeNewswire News Room· 2024-08-06 10:30
Core Viewpoint - Vishay Precision Group, Inc. reported a decline in revenues and profitability for the second fiscal quarter of 2024, reflecting mixed market trends and cautious ordering from distributor customers [2][3]. Financial Performance - Revenues for the second fiscal quarter were $77.4 million, a decrease of 14.8% year-over-year [2]. - Gross profit margin was 41.9%, down from 42.6% a year ago [2]. - Operating margin fell to 7.6% from 13.0% reported in the same quarter last year [2]. - Diluted net earnings per share were $0.34, compared to $0.60 a year ago [2][4]. - Adjusted net earnings for the second quarter were $4.2 million, or $0.31 per adjusted diluted share, down from $8.0 million, or $0.58 per adjusted diluted share in the prior year [5]. Segment Performance - The Sensors segment reported revenue of $28.9 million, a decrease of 20.4% year-over-year [7]. - The Weighing Solutions segment revenue was $27.4 million, down 12.2% compared to the previous year [9]. - The Measurement Systems segment revenue decreased by 9.6% year-over-year to $21.0 million [11]. - Gross profit margin for the Sensors segment was 38.3%, down from 40.1% a year ago [8]. - The Weighing Solutions segment's gross profit margin was 37.6%, a decrease from 38.7% in the previous year [10]. - The Measurement Systems segment had a gross profit margin of 52.4%, slightly up from 51.8% a year ago [12]. Cash Flow and Outlook - Cash from operating activities was $7.5 million, with adjusted free cash flow of $4.9 million [2]. - The company expects net revenues for the third fiscal quarter of 2024 to be in the range of $70 million to $78 million [13].
Vishay Precision Group(VPG) - 2024 Q1 - Earnings Call Transcript
2024-05-07 18:01
Financial Data and Key Metrics Changes - The company reported Q1 2024 revenues of $80.8 million, a decline of 9.1% year-over-year and 9.8% sequentially from Q4 2023 [15][28] - Gross margin reached a record high of 43.4%, up from 43.0% in the previous quarter, driven by improved manufacturing efficiency and cost reductions [28] - Adjusted EBITDA was $12.3 million, representing a margin of 15.3%, down from 18.5% in Q4 2023 [33] Business Line Data and Key Metrics Changes - **Sensors Segment**: Revenue of $29.4 million, down 19.9% year-over-year and 14.1% sequentially, with orders at $26.7 million, an 8.9% decrease [18][19] - **Weighing Solutions Segment**: Sales of $28.8 million, a decline of 9.5% year-over-year and 5.2% sequentially, with orders flat at $27.5 million [21][22] - **Measurement Systems Segment**: Revenue of $22.5 million, an increase of 11.1% year-over-year but a decrease of 9.3% sequentially, with orders of $21.1 million, up 16.4% from Q4 2023 [23][24] Market Data and Key Metrics Changes - Orders in avionics, military and space, transportation, and consumer applications showed sequential growth, while industrial weighing and test measurement markets experienced weaker bookings [16][17] - The company noted that some customers are working down their inventory levels, impacting demand recovery expectations [17] Company Strategy and Development Direction - The company is focusing on both organic and inorganic growth initiatives to target larger, faster-growing markets, particularly in electrification, industrial automation, and defense technologies [7][8] - Investments in operational capabilities and efficiencies are aimed at addressing higher volume opportunities and achieving new levels of profitability [13][14] Management's Comments on Operating Environment and Future Outlook - Management indicated that the expected recovery in demand has been pushed to the latter part of the year due to current macroeconomic conditions [17] - The company anticipates net revenue for Q2 2024 to be in the range of $75 million to $85 million, reflecting current market conditions and backlog [36] Other Important Information - The company repurchased $2.8 million of stock in Q1 2024, continuing its stock repurchase program initiated in August 2022 [25][26] - A restructuring charge of $782,000 was recorded in Q1, related to severance and headcount reductions in the Sensors segment [32] Q&A Session Summary Question: Expectations for growth investments and OpEx projections - Management acknowledged being slightly behind on hiring for business development and engineering but expects to meet growth targets [38][39] Question: Sustainability of gross margin expectations - Management confirmed that the target of a 45% gross margin remains viable and is currently ahead of plan [40][41] Question: Details on the measurement systems segment and eVTOL customer - The eVTOL sector is a new market for the company, with expectations of at least 20% year-over-year growth as they work with key customers [42][43] Question: Order trends in avionics, military, and space segments - Management noted that while there is a current trough in revenue, they expect large orders to be placed in the second half of the year as funding is released [44][47]
Vishay Precision Group(VPG) - 2024 Q1 - Quarterly Results
2024-05-07 12:02
Exhibit 99.1 For Immediate Release VPG Reports Fiscal 2024 First Quarter Results MALVERN, Pa. (May 7, 2024) - Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, today announced its results for its 2024 first fiscal quarter ended March 30, 2024. First Fiscal Quarter Highlights: Ziv Shoshani, Chief Executive Officer of VPG, commented, "First-quarter revenue was within our guidance, reflecting mixed trends across our businesses. Orders were flat sequentially r ...
Vishay Precision Group(VPG) - 2023 Q4 - Annual Report
2024-02-29 20:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-34679 Vishay Precision Group, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0986328 (State or other juri ...
Vishay Precision Group(VPG) - 2023 Q4 - Earnings Call Transcript
2024-02-14 16:56
Vishay Precision Group, Inc. (NYSE:VPG) Q4 2023 Earnings Conference Call February 14, 2024 9:00 AM ET Company Participants Steve Cantor - Senior Director of Investor Relations Ziv Shoshani - President and Chief Executive Officer William Clancy - Executive Vice President and Chief Financial Officer Conference Call Participants Griffin Boss - B. Riley Securities John Franzreb - Sidoti & Company, LLC Operator Good morning, everyone, and welcome to the VPG Fourth Quarter and FY2023 Earnings Call. My name is [Ch ...
Vishay Precision Group(VPG) - 2023 Q4 - Earnings Call Presentation
2024-02-14 14:05
4Q23 Earnings Call February 14, 2024 VPG - focused on precision measurement and sensing technologies that make the world AND MORE PRODUCTIVE Safe Harbor Statement From time to time, information provided by us, including, but not limited to, statements in this presentation, 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, an ...
Vishay Precision Group(VPG) - 2023 Q3 - Earnings Call Transcript
2023-11-08 01:17
Vishay Precision Group, Inc. (NYSE:VPG) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET Company Participants Steve Cantor - Senior Director of Investor Relations Ziv Shoshani - President and Chief Executive Officer Bill Clancy - Chief Financial Officer Conference Call Participants John Franzreb - Sidoti & Company Griffin Boss - B. Riley Operator Hello, everyone, and welcome to the VPG's Third Quarter Fiscal 2023 Earnings Call. My name is Nadia, and I'll be coordinating the call today. [Operator ...