VPG Reports Fiscal 2024 Second Quarter Results

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].