Vishay Precision Group(US:VPG)2024-08-06 14:22Financial 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]