Vishay Precision Group(VPG) - 2024 Q4 - Annual Results

Financial Performance - In Q4 2024, VPG reported net earnings of $0.8 million, or$ 0.06 per diluted share, down from $4.2 million, or$ 0.31 per diluted share in Q4 2023[5]. - For the fiscal year 2024, revenues were $306.5 million, a decrease of 13.7% year-over-year, with a gross profit margin of 41.0% compared to 42.3% in 2023[6]. - Adjusted net earnings for Q4 2024 were$ 0.4 million, or $0.03 per diluted share, compared to$ 8.2 million, or $0.61 per diluted share in the same period last year[7]. - Net revenues for the fiscal quarter ended December 31, 2024, decreased to$ 72,653 thousand from $89,528 thousand in the same quarter of 2023, representing a decline of 18.8%[25]. - Gross profit margin for the fiscal quarter ended December 31, 2024, was 38.2%, down from 43.0% in the prior year quarter[25]. - Operating income for the fiscal year ended December 31, 2024, was$ 16,864 thousand, a decrease of 59.8% compared to $41,954 thousand in 2023[26]. - Net earnings attributable to VPG stockholders for the fiscal year ended December 31, 2024, were$ 9,911 thousand, down from $25,707 thousand in 2023, reflecting a decline of 61.4%[26]. - Basic earnings per share attributable to VPG stockholders for the fiscal year ended December 31, 2024, decreased to$ 0.74 from $1.89 in the previous year, a drop of 60.7%[26]. - The company reported a decrease in trade accounts payable from$ 11,698 in 2023 to $9,890 in 2024, a decline of about 15.5%[28]. - The diluted earnings per share for the year ended December 31, 2024, was$ 0.95, a decrease of 56.2% from $2.17 in 2023[30]. Segment Performance - The Sensors segment revenues in Q4 2024 were$ 25.8 million, down 24.8% from $34.3 million in Q4 2023, primarily due to lower sales in the Test & Measurement market[9]. - The Weighing Solutions segment revenues in Q4 2024 were$ 25.7 million, a decrease of 15.4% from $30.4 million in the prior year, but increased 2.2% sequentially[11]. - The Measurement Systems segment revenues in Q4 2024 were$ 21.2 million, down 14.8% from $24.8 million in the prior year, attributed to lower sales of DSI and DTS products[13]. Cost and Expenses - The company faced approximately$ 700 thousand in one-time costs in Q4 2024, mainly related to R&D projects and operational fixed costs[5]. - Selling, general, and administrative expenses for the fiscal year ended December 31, 2024, increased slightly to $107,505 thousand from$ 106,828 thousand in 2023[26]. - Restructuring costs for the fiscal year ended December 31, 2024, were $1,062 thousand, compared to$ 1,560 thousand in 2023, indicating a reduction of 32.0%[26]. - Interest expense for the fiscal year ended December 31, 2024, was $2,512 thousand, down from$ 3,974 thousand in 2023, a decrease of 36.8%[26]. Cash Flow and Capital Expenditures - Total cash provided by operating activities for the year ended December 31, 2024, was $19,815, a decline of 56.7% from$ 45,893 in 2023[29]. - Capital expenditures for the year ended December 31, 2024, were $9,163, a reduction of 39.5% compared to$ 15,154 in 2023[29]. - The company reported a net cash used in financing activities of $9,399 for the year ended December 31, 2024, compared to$ 35,935 in 2023[29]. Balance Sheet Highlights - Total current assets decreased from $236,949 in 2023 to$ 224,243 in 2024, a decline of approximately 5.4%[27]. - Total current liabilities decreased from $61,624 in 2023 to$ 53,039 in 2024, a reduction of about 13.9%[28]. - Total liabilities decreased from $141,641 in 2023 to$ 129,075 in 2024, representing a decrease of approximately 8.9%[28]. - Retained earnings increased from $182,066 in 2023 to$ 191,977 in 2024, an increase of about 5.0%[28]. - Total stockholders' equity decreased from $329,842 in 2023 to$ 321,967 in 2024, a decline of approximately 2.4%[28]. - Long-term debt slightly decreased from $31,856 in 2023 to$ 31,441 in 2024, a reduction of about 1.3%[28]. - The accumulated other comprehensive loss increased from $38,869 in 2023 to$ 48,897 in 2024, an increase of approximately 25.8%[28]. Future Outlook - VPG expects Q1 2025 net revenues to be in the range of $70 million to$ 76 million at constant Q4 2024 exchange rates[15]. - The integration of Nokra, acquired on September 30, 2024, is on track, supporting VPG's strategy for acquiring high-quality businesses[5].