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:
- Revenues of $80.8 million decreased 9.1% from a year ago.
- Gross profit margin was 43.4%, as compared to 41.9% reported a
year ago.
- Operating margin was 8.6%, as compared to 11.2% reported a year
ago.
- Adjusted operating margin* was 10.0%, as compared to 11.4%
reported a year ago.
- Diluted net earnings per share of $0.44 compared to $0.51
reported a year ago.
- Adjusted diluted net earnings per share* of $0.42 compared to
$0.52 reported a year ago.
- EBITDA* was $12.8 million with an EBITDA margin* of 15.8%.
- Adjusted EBITDA* was $12.3 million with an adjusted EBITDA
margin* of 15.3%.
- Cash from operating activities was $6.4 million with adjusted
free cash flow* of $4.2 million.
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
reflecting continuing soft demand mainly in industrial and
semiconductor test equipment. Our current outlook is for improved
demand in the latter part of the second half of this year, as
customers replenish currently low inventory levels, and we expect
to receive initial orders from our business development
activities."
Mr. Shoshani said: "We achieved a record gross margin of 43.4%,
despite the sequentially lower revenue, which reflected the benefit
of our investments in operational excellence over the past several
years. We achieved an adjusted EBITDA margin of 15.3%, and we
generated solid levels of cash from operations and free cash flow.
During the first quarter, we continued to execute our capital
allocation strategy. We repurchased $2.8 million of our common
stock under the stock repurchase plan authorized by our board of
directors. With our solid balance sheet and our diversified
end-markets, we continue to focus on our business development
initiatives to capture larger and faster growing opportunities for
our leading precision measurement and sensing technologies."
First Fiscal Quarter Financial
Trends:The Company's first fiscal quarter 2024 net
earnings attributable to VPG stockholders were $5.9 million, or
$0.44 per diluted share, compared to $7.0 million, or $0.51 per
diluted share, in the three fiscal months ended April 1,
2023.
The first fiscal quarter 2024 adjusted net earnings*
attributable to VPG stockholders were $5.7 million, or $0.42 per
adjusted diluted net earnings per share*, compared to $7.0 million,
or $0.52 per adjusted diluted net earnings per share* in the three
fiscal months ended April 1, 2023.
Segment Performance:
The Sensors segment revenue of $29.4 million in the first fiscal
quarter of 2024 decreased 19.9% from $36.7 million in the first
fiscal quarter of 2023, and decreased 14.1% compared to $34.3
million in the fourth fiscal quarter of 2023. The year-over-year
decrease was primarily attributable to lower sales of precision
resistors in the Test and Measurement market and lower sales of
precision resistors and strain gages in the Avionics, Military and
Space ("AMS") market. Sequentially, the decrease primarily
reflected lower revenue of precision resistors in the Test and
Measurement and AMS end markets.
Gross profit margin for the Sensors segment was 36.5% for the
first fiscal quarter of 2024. Gross profit margin decreased
compared to 41.2% in the first fiscal quarter of 2023, and
decreased compared to 40.2% in the fourth fiscal quarter of 2023.
The year-over-year decline in gross profit margin was primarily due
to lower sales volume. The sequential decrease was due to lower
sales volume, partially offset by improved efficiencies.
The Weighing Solutions segment revenue of $28.8 million in the
first fiscal quarter of 2024 decreased 9.5% compared to $31.9
million in the first fiscal quarter of 2023 and was 5.2% lower than
$30.4 million in the fourth fiscal quarter of 2023. The
year-over-year and sequential decreases in revenues were mainly
attributable to lower OEM sales of force sensors in our Other
markets for precision agriculture and construction applications and
lower sales of force sensors in our Industrial Weighing market,
partially offset by increased sales in the Transportation
market.
Gross profit margin for the Weighing Solutions segment was 39.1%
for the first fiscal quarter of 2024, which increased compared to
34.9% in the first fiscal quarter of 2023, and increased compared
to 35.6% in the fourth fiscal quarter of 2023. The year-over-year
increase in gross profit margin was primarily due to favorable
product mix, cost reduction programs and favorable foreign currency
exchange, partially offset by lower sales volume. Sequentially, the
increase in gross profit margin reflected a reduction of inventory
in the fourth quarter which did not repeat in the first quarter, as
well as cost reduction programs which were partially offset by
lower sales volume.
The Measurement Systems segment revenue of $22.5 million in the
first fiscal quarter of 2024 increased 11.1% year-over-year from
$20.3 million in the first fiscal quarter of 2023 and was 9.3%
lower than $24.8 million in the fourth fiscal quarter of 2023. The
year-over-year increase was primarily attributable to increased
revenue in the Steel market as higher sales of KELK products were
partially offset by lower sales of Dynamic Systems Inc.
systems. Sequentially, the decrease in revenue was
primarily due to the lower sales of Diversified Technical Systems
("DTS") products in the AMS and Transportation markets, partially
offset by higher sales in the Steel market.
Gross profit margin for the Measurement Systems segment was
58.1%, compared to 53.9% (or 54.1% adjusted to exclude $49.0
thousand of purchase accounting adjustment related to the DTS
acquisition), in the first fiscal quarter of 2023, and 56.0% in the
fourth fiscal quarter of 2023. The year-over-year increase in
adjusted gross profit margin* was primarily attributable to higher
sales volume and favorable product mix. The sequentially higher
adjusted gross profit margin* reflected favorable product mix and
inventory adjustments which was partially offset by lower sales
volume.
Near-Term Outlook
“Given our backlog and the current market conditions, we expect
net revenues to be in the range of $75 million to $85 million for
the second fiscal quarter of 2024, at constant first fiscal quarter
2024 foreign currency exchange rates,” concluded Mr. Shoshani.
*Use of Non-GAAP Financial Information:
We define “adjusted gross profit margin" as gross profit margin
before purchase accounting adjustments related to the DTS
acquisition. We define "adjusted operating margin" as operating
margin before purchase accounting adjustment related to the DTS
acquisition, and restructuring and severance costs. We define
"adjusted net earnings” and "adjusted diluted net earnings per
share" as net earnings attributable to VPG stockholders before
purchase accounting adjustment related to the DTS acquisition,
restructuring and severance costs, foreign currency exchange gains
and losses, and associated tax effects. We define "EBITDA" as
earnings before interest, taxes, depreciation, and amortization. We
define "Adjusted EBITDA" as earnings before interest, taxes,
depreciation, and amortization before purchase accounting
adjustment related to the DTS acquisition, restructuring and
severance costs, and foreign currency exchange gains and losses.
"Adjusted free cash flow" for the first fiscal quarter of 2024 is
defined as the amount of cash generated from operating activities
($6.4 million), in excess of our capital expenditures ($2.6
million), net of proceeds, if any, from the sale of assets ($0.4
million).
Management believes that these non-GAAP measures are useful to
investors because each presents what management views as our core
operating results for the relevant period. The adjustments to the
applicable GAAP measures relate to occurrences or events that are
outside of our core operations, and management believes that the
use of these non-GAAP measures provides a consistent basis to
evaluate our operating profitability and performance trends across
comparable periods. These reconciling items are indicated on the
accompanying reconciliation schedules and are more fully described
in VPG’s financial statements presented in our Annual Report on
Form 10-K and its Quarterly Reports on Forms 10-Q.
Conference Call and Webcast:
A conference call will be held on Tuesday, May 7, 2024 at 9:00
a.m. ET (8:00 a.m. CT). To access the conference call, interested
parties may call 1-833-470-1428 or internationally +1-404-975-4839
and use passcode 241159, or log on to the investor relations page
of the VPG website at ir.vpgsensors.com. A replay will be available
approximately one hour after the completion of the call by calling
toll-free 1-866-813-9403 or internationally 1-929-458-6194 and by
using passcode 903827. The replay will also be available on the
“Events” page of investor relations section of the VPG website at
ir.vpgsensors.com.
About VPG:
Vishay Precision Group, Inc. (VPG) is a leader in precision
measurement and sensing technologies. Our sensors, weighing
solutions and measurement systems optimize and enhance our
customers’ product performance across a broad array of markets to
make our world safer, smarter, and more productive. To learn more,
visit VPG at www.vpgsensors.com and follow us on LinkedIn.
Forward-Looking Statements:
From time to time, information provided by us, including, but
not limited to, statements in this press release, 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, and contingencies, many of which
are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those
anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions; impact of inflation; potential issues respecting the
United States federal government debt ceiling; global labor and
supply chain challenges; difficulties or delays in identifying,
negotiating and completing acquisitions and integrating acquired
companies; the inability to realize anticipated synergies and
expansion possibilities; difficulties in new product development;
changes in competition and technology in the markets that we serve
and the mix of our products required to address these changes;
changes in foreign currency exchange rates; political, economic,
and health (including pandemics) instabilities; instability caused
by military hostilities in the countries in which we operate
(including Israel); difficulties in implementing our cost reduction
strategies, such as underutilization of production facilities,
labor unrest or legal challenges to our lay-off or termination
plans, operation of redundant facilities due to difficulties in
transferring production to achieve efficiencies; compliance issues
under applicable laws, such as export control laws, including the
outcome of our voluntary self-disclosure of export control
non-compliance; significant developments from the recent and
potential changes in tariffs and trade regulation; our efforts and
efforts by governmental authorities to mitigate the COVID-19
pandemic, such as travel bans, shelter-in-place orders and business
closures and the related impact on resource allocations,
manufacturing and supply chains; our status as a “critical”,
“essential” or “life-sustaining” business in light of COVID-19
business closure laws, orders and guidance being challenged by a
governmental body or other applicable authority; our ability to
execute our new corporate strategy and business continuity,
operational and budget plans; and other factors affecting our
operations, markets, products, services, and prices that are set
forth in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023. We caution you not to place undue reliance on
forward-looking statements, which speak only as of the date of this
report or as of the dates otherwise indicated in such
forward-looking statements. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Operations |
|
|
|
(Unaudited - In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
March 30, 2024 |
|
April 1, 2023 |
Net revenues |
$ |
80,783 |
|
|
$ |
88,864 |
|
Costs of products sold |
|
45,689 |
|
|
|
51,665 |
|
Gross profit |
|
35,094 |
|
|
|
37,199 |
|
Gross profit margin |
|
43.4 |
% |
|
|
41.9 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
27,394 |
|
|
|
27,159 |
|
Restructuring costs |
|
782 |
|
|
|
116 |
|
Operating income |
|
6,918 |
|
|
|
9,924 |
|
Operating margin |
|
8.6 |
% |
|
|
11.2 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(628 |
) |
|
|
(997 |
) |
Other |
|
1,860 |
|
|
|
275 |
|
Other income (expense) |
|
1,232 |
|
|
|
(722 |
) |
|
|
|
|
Income before taxes |
|
8,150 |
|
|
|
9,202 |
|
|
|
|
|
Income tax expense |
|
2,318 |
|
|
|
2,220 |
|
|
|
|
|
Net earnings |
|
5,832 |
|
|
|
6,982 |
|
Less: net (loss) earnings
attributable to noncontrolling interests |
|
(59 |
) |
|
|
18 |
|
Net earnings attributable to
VPG stockholders |
$ |
5,891 |
|
|
$ |
6,964 |
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.44 |
|
|
$ |
0.51 |
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.44 |
|
|
$ |
0.51 |
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
13,405 |
|
|
|
13,586 |
|
Weighted average shares
outstanding - diluted |
|
13,468 |
|
|
|
13,652 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
March 30, 2024 |
|
December 31, 2023 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
83,016 |
|
|
$ |
83,965 |
|
Accounts receivable, net |
|
52,184 |
|
|
|
56,438 |
|
Inventories: |
|
|
|
Raw materials |
|
35,363 |
|
|
|
33,973 |
|
Work in process |
|
27,638 |
|
|
|
26,594 |
|
Finished goods |
|
26,665 |
|
|
|
27,572 |
|
Inventories, net |
|
89,666 |
|
|
|
88,139 |
|
|
|
|
|
Prepaid expenses and other current assets |
|
16,098 |
|
|
|
14,520 |
|
Total current assets |
|
240,964 |
|
|
|
243,062 |
|
|
|
|
|
Property and equipment: |
|
|
|
Land |
|
4,130 |
|
|
|
4,154 |
|
Buildings and improvements |
|
72,542 |
|
|
|
72,952 |
|
Machinery and equipment |
|
130,071 |
|
|
|
131,738 |
|
Software |
|
9,696 |
|
|
|
9,619 |
|
Construction in progress |
|
11,737 |
|
|
|
11,379 |
|
Accumulated depreciation |
|
(139,645 |
) |
|
|
(139,206 |
) |
Property and equipment,
net |
|
88,531 |
|
|
|
90,636 |
|
|
|
|
|
Goodwill |
|
45,553 |
|
|
|
45,734 |
|
Intangible assets, net |
|
43,602 |
|
|
|
44,634 |
|
Operating lease right-of-use
assets |
|
26,927 |
|
|
|
26,953 |
|
Other assets |
|
20,624 |
|
|
|
20,547 |
|
Total assets |
$ |
466,201 |
|
|
$ |
471,566 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
March 30, 2024 |
|
December 31, 2023 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
10,792 |
|
|
$ |
11,698 |
|
Payroll and related expenses |
|
19,171 |
|
|
|
18,971 |
|
Other accrued expenses |
|
21,807 |
|
|
|
22,427 |
|
Income taxes |
|
3,713 |
|
|
|
4,524 |
|
Current portion of operating lease liabilities |
|
4,090 |
|
|
|
4,004 |
|
Current portion of long-term debt |
|
31,885 |
|
|
|
— |
|
Total current liabilities |
|
91,458 |
|
|
|
61,624 |
|
|
|
|
|
Long-term debt |
|
— |
|
|
|
31,856 |
|
Deferred income taxes |
|
3,478 |
|
|
|
3,490 |
|
Operating lease
liabilities |
|
22,353 |
|
|
|
22,625 |
|
Other liabilities |
|
14,048 |
|
|
|
14,770 |
|
Accrued pension and other
postretirement costs |
|
6,996 |
|
|
|
7,276 |
|
Total liabilities |
|
138,333 |
|
|
|
141,641 |
|
|
|
|
|
Equity: |
|
|
|
Common stock |
|
1,334 |
|
|
|
1,330 |
|
Class B convertible common stock |
|
103 |
|
|
|
103 |
|
Treasury stock |
|
(20,230 |
) |
|
|
(17,460 |
) |
Capital in excess of par value |
|
202,475 |
|
|
|
202,672 |
|
Retained earnings |
|
187,957 |
|
|
|
182,066 |
|
Accumulated other comprehensive loss |
|
(43,763 |
) |
|
|
(38,869 |
) |
Total Vishay Precision Group,
Inc. stockholders' equity |
|
327,876 |
|
|
|
329,842 |
|
Noncontrolling interests |
|
(8 |
) |
|
|
83 |
|
Total equity |
|
327,868 |
|
|
|
329,925 |
|
Total liabilities and
equity |
$ |
466,201 |
|
|
$ |
471,566 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Cash Flows |
|
|
|
(Unaudited - In thousands) |
|
|
|
|
|
|
|
|
Three Fiscal Months Ended |
|
March 30, 2024 |
|
April 1, 2023 |
Operating
activities |
|
|
|
Net earnings |
$ |
5,832 |
|
|
$ |
6,982 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
3,943 |
|
|
|
3,858 |
|
Gain on sale of property and equipment |
|
(149 |
) |
|
|
— |
|
Share-based compensation expense |
|
661 |
|
|
|
681 |
|
Inventory write-offs for obsolescence |
|
582 |
|
|
|
425 |
|
Deferred income taxes |
|
44 |
|
|
|
383 |
|
Foreign currency impacts and other items |
|
(2,253 |
) |
|
|
(1,022 |
) |
Net changes in operating
assets and liabilities: |
|
|
|
Accounts receivable |
|
3,086 |
|
|
|
1,201 |
|
Inventories |
|
(2,887 |
) |
|
|
(2,854 |
) |
Prepaid expenses and other current assets |
|
(1,766 |
) |
|
|
1,260 |
|
Trade accounts payable |
|
67 |
|
|
|
(1,713 |
) |
Other current liabilities |
|
242 |
|
|
|
(695 |
) |
Other non current assets and liabilities, net |
|
(792 |
) |
|
|
(201 |
) |
Accrued pension and other postretirement costs, net |
|
(205 |
) |
|
|
138 |
|
Net cash provided by operating
activities |
|
6,405 |
|
|
|
8,443 |
|
|
|
|
|
Investing
activities |
|
|
|
Capital expenditures |
|
(2,573 |
) |
|
|
(3,501 |
) |
Proceeds from sale of property
and equipment |
|
341 |
|
|
|
— |
|
Net cash used in investing
activities |
|
(2,232 |
) |
|
|
(3,501 |
) |
|
|
|
|
Financing
activities |
|
|
|
Purchase of treasury
stock |
|
(2,755 |
) |
|
|
— |
|
Distributions to
noncontrolling interests |
|
(32 |
) |
|
|
(20 |
) |
Payments of employee taxes on
certain share-based arrangements |
|
(858 |
) |
|
|
(825 |
) |
Net cash used in financing
activities |
|
(3,645 |
) |
|
|
(845 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
(1,477 |
) |
|
|
622 |
|
(Decrease) increase in cash
and cash equivalents |
|
(949 |
) |
|
|
4,719 |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
|
83,965 |
|
|
|
88,562 |
|
Cash and cash equivalents at
end of period |
$ |
83,016 |
|
|
$ |
93,281 |
|
|
|
|
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures accrued
but not yet paid |
$ |
1,480 |
|
|
$ |
806 |
|
Supplemental
disclosure of financing transactions: |
|
|
|
Excise tax on net share
repurchases accrued but not yet paid |
$ |
15 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated Adjusted Gross Profit,
Operating Income, Net Earnings Attributable to VPG Stockholders and
Diluted Earnings Per Share |
|
|
(Unaudited
- In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Three months
ended |
March 30,2024 |
|
April 1,2023 |
|
March 30,2024 |
|
April 1,2023 |
|
March 30,2024 |
|
April 1,2023 |
|
March 30,2024 |
|
April 1,2023 |
As reported - GAAP |
$ |
35,094 |
|
|
$ |
37,199 |
|
|
$ |
6,918 |
|
|
$ |
9,924 |
|
|
$ |
5,891 |
|
|
$ |
6,964 |
|
|
$ |
0.44 |
|
|
$ |
0.51 |
|
As reported - GAAP
Margins |
|
43.4 |
% |
|
|
41.9 |
% |
|
|
8.6 |
% |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
— |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
782 |
|
|
|
116 |
|
|
|
782 |
|
|
|
116 |
|
|
|
0.06 |
|
|
|
0.01 |
|
Severance cost |
|
— |
|
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Foreign currency exchange
(gain) loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,589 |
) |
|
|
(62 |
) |
|
|
(0.12 |
) |
|
|
— |
|
Less: Tax effect of
reconciling items and discrete tax items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(238 |
) |
|
|
32 |
|
|
|
(0.01 |
) |
|
|
— |
|
As Adjusted - Non GAAP |
$ |
35,094 |
|
|
$ |
37,248 |
|
|
$ |
8,047 |
|
|
$ |
10,089 |
|
|
$ |
5,669 |
|
|
$ |
7,035 |
|
|
$ |
0.42 |
|
|
$ |
0.52 |
|
As Adjusted - Non GAAP
Margins |
|
43.4 |
% |
|
|
41.9 |
% |
|
|
10.0 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted Gross Profit by segment |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
March 30, 2024 |
|
April 1, 2023 |
|
December 31, 2023 |
Sensors |
|
|
|
|
|
As reported - GAAP |
$ |
10,732 |
|
|
$ |
15,144 |
|
|
$ |
13,761 |
|
As reported - GAAP
Margins |
|
36.5 |
% |
|
|
41.2 |
% |
|
|
40.2 |
% |
As Adjusted - Non GAAP |
$ |
10,732 |
|
|
$ |
15,144 |
|
|
$ |
13,761 |
|
As Adjusted - Non GAAP
Margins |
|
36.5 |
% |
|
|
41.2 |
% |
|
|
40.2 |
% |
|
|
|
|
|
|
Weighing
Solutions |
|
|
|
|
|
As reported - GAAP |
$ |
11,266 |
|
|
$ |
11,129 |
|
|
$ |
10,834 |
|
As reported - GAAP
Margins |
|
39.1 |
% |
|
|
34.9 |
% |
|
|
35.6 |
% |
As Adjusted - Non GAAP |
$ |
11,266 |
|
|
$ |
11,129 |
|
|
$ |
10,834 |
|
As Adjusted - Non GAAP
Margins |
|
39.1 |
% |
|
|
34.9 |
% |
|
|
35.6 |
% |
|
|
|
|
|
|
Measurement
Systems |
|
|
|
|
|
As reported - GAAP |
$ |
13,094 |
|
|
$ |
10,926 |
|
|
$ |
13,906 |
|
As reported - GAAP
Margins |
|
58.1 |
% |
|
|
53.9 |
% |
|
|
56.0 |
% |
Acquisition purchase
accounting adjustments |
|
— |
|
|
|
49 |
|
|
|
31 |
|
As Adjusted - Non GAAP |
$ |
13,094 |
|
|
$ |
10,975 |
|
|
$ |
13,937 |
|
As Adjusted - Non GAAP
Margins |
|
58.1 |
% |
|
|
54.1 |
% |
|
|
56.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted EBITDA |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
Fiscal quarter ended |
|
March 30, 2024 |
|
April 1, 2023 |
|
December 31, 2023 |
Net earnings attributable to VPG stockholders |
$ |
5,891 |
|
|
$ |
6,964 |
|
|
$ |
4,227 |
|
Interest Expense |
|
628 |
|
|
|
997 |
|
|
|
779 |
|
Income tax expense |
|
2,318 |
|
|
|
2,220 |
|
|
|
4,403 |
|
Depreciation |
|
3,016 |
|
|
|
2,919 |
|
|
|
2,992 |
|
Amortization |
|
927 |
|
|
|
939 |
|
|
|
999 |
|
EBITDA |
|
12,780 |
|
|
$ |
14,039 |
|
|
$ |
13,400 |
|
EBITDA MARGIN |
|
15.8 |
% |
|
|
15.8 |
% |
|
|
15.0 |
% |
Acquisition purchase
accounting adjustments |
|
— |
|
|
|
49 |
|
|
|
31 |
|
Restructuring costs |
|
782 |
|
|
|
116 |
|
|
|
129 |
|
Severance cost |
|
347 |
|
|
|
— |
|
|
|
— |
|
Foreign currency exchange
(gain) loss |
|
(1,589 |
) |
|
|
(62 |
) |
|
|
2,961 |
|
ADJUSTED EBITDA |
$ |
12,320 |
|
|
$ |
14,142 |
|
|
$ |
16,521 |
|
ADJUSTED EBITDA MARGIN |
|
15.3 |
% |
|
|
15.9 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Steve CantorVishay Precision Group,
Inc.781-222-3516info@vpgsensors.com
Vishay Precision (NYSE:VPG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Vishay Precision (NYSE:VPG)
Gráfica de Acción Histórica
De May 2023 a May 2024