VPG Reports Fiscal 2024 Third Quarter Results

Core Viewpoint - Vishay Precision Group, Inc. reported a decline in revenues and profitability for the third fiscal quarter of 2024, with mixed market trends impacting performance across different segments [1][2]. Financial Performance - Revenues for the third fiscal quarter were $75.7 million, a decrease of 11.8% year-over-year [1]. - Gross profit margin was 40.0%, down from 41.9% in the same quarter last year [1]. - Adjusted gross profit margin also decreased to 40.0% from 42.1% [1]. - Operating margin fell to 5.1% compared to 9.6% a year ago [1]. - The company reported a diluted net loss per share of $(0.10), compared to earnings of $0.46 per share in the previous year [1][3]. - Adjusted diluted net earnings per share were $0.19, down from $0.47 [1][4]. Segment Performance - The Sensors segment generated $28.2 million in revenue, a decrease of 13.3% year-over-year [6]. - The Weighing Solutions segment reported $25.2 million in revenue, down 13.1% compared to the previous year [8]. - The Measurement Systems segment had revenues of $22.4 million, an 8.2% decrease year-over-year [10]. - Gross profit margin for the Sensors segment was 31.0%, down from 35.9% a year ago [7]. - The Weighing Solutions segment's gross profit margin was 35.1%, down from 38.7% [9]. - The Measurement Systems segment saw an increase in gross profit margin to 56.8%, up from 53.6% [11]. Orders and Market Trends - Total orders for the third quarter were $68.6 million, a decline of 6.7% sequentially, resulting in a book-to-bill ratio of 0.91 [2]. - Mixed market trends were noted, with softness in cyclical markets like steel and consumer, while orders in test and measurement and avionics, military & space were higher [2]. Outlook - The company expects net revenues for the fourth fiscal quarter of 2024 to be in the range of $70 million to $78 million, assuming constant foreign currency exchange rates [12].