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Yahoo
06-05-2025
- Business
- Yahoo
VPG Reports Fiscal 2025 First Quarter Results
The Sensors segment revenue of $27.1 million in the first fiscal quarter of 2025 decreased 8.0% from $29.4 million in the first fiscal quarter of 2024. Sequentially, revenue increased 5.1% compared to $25.8 million in the fourth fiscal quarter of 2024. The year-over-year decrease in revenues was primarily attributable to lower sales of precision resistors in the Test and Measurement and Other markets, and lower sales of strain gages in our Other markets. Sequentially, the increase primarily reflected higher sales of strain gages and precision resistors in the Test and Measurement market. The first fiscal quarter 2025 adjusted net earnings* were $0.5 million, or $0.04 per adjusted diluted net earnings per share*, compared to $5.7 million, or $0.42 per adjusted diluted net earnings per share* in the first fiscal quarter of 2024. The Company's first fiscal quarter 2025 net loss attributable to VPG stockholders was $0.9 million, or $0.07 per diluted share, compared to net earnings of $5.9 million, or $0.44 per diluted share, in the first fiscal quarter of 2024. Mr. Shoshani said: "Compared to the fourth quarter of 2024, we achieved comparable adjusted gross margin, adjusted operating margin, and EBITDA on lower revenue levels. Our strong balance sheet and cash flow provide us with a solid foundation to proactively implement our long-term growth and cost-efficiency strategies." Ziv Shoshani, Chief Executive Officer of VPG, commented, "Despite the continuing challenging business environment, we achieved the second consecutive quarter of book-to-bill over 1.00. Total orders of $74.4 million grew 2.7% sequentially and resulted in a book-to-bill of 1.04, as our Sensors and Measurement Systems reporting segments recorded book-to-bill ratios above 1.00. As the global economy faces increasing volatility due to rapidly changing tariff and trade policies, we believe our manufacturing footprint and strategy position us to navigate the direct impacts of these policies. We continue to focus on our business development growth initiatives, and are pleased with the progress thus far in our humanoid robot opportunities, among others." MALVERN, Pa., May 06, 2025 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, today announced its results for its fiscal 2025 first quarter ended March 29, 2025. Story Continues Gross profit margin for the Sensors segment was 30.1% for the first fiscal quarter of 2025. Gross profit margin decreased compared to 36.5% in the first fiscal quarter of 2024 and 32.0% in the fourth fiscal quarter of 2024. Adjusted for $0.2 million in start-up costs related to manufacturing consolidations, adjusted gross margin* was 30.8% in the first fiscal quarter of 2025. The year-over-year decrease in adjusted gross profit margin* was primarily due to lower volume, unfavorable foreign currency exchange rates, and inventory reduction. Sequentially, the lower adjusted gross profit margin* was primarily due to higher one-time fixed costs and unfavorable foreign currency exchange rates, which were partially offset by an increase in volume. The Weighing Solutions segment revenue of $26.4 million in the first fiscal quarter of 2025 decreased 8.3% compared to $28.8 million in the first fiscal quarter of 2024 and was 2.7% higher than $25.7 million in the fourth fiscal quarter of 2024. The year-over-year decrease in revenues was mainly attributable to lower sales in the Industrial Weighing and Transportation markets, as well as in our Other markets. Sequentially, the increase in revenues was primarily attributable to higher sales in the Transportation and General Industrial markets, which offset lower revenue in the Industrial Weighing and Other markets. Gross profit margin for the Weighing Solutions segment was 36.8% for the first fiscal quarter of 2025, which decreased compared to 39.1% in the first fiscal quarter of 2024 and increased from 34.1% in the fourth fiscal quarter of 2024. Adjusted for $0.3 million in start-up costs related to new product introductions, adjusted gross margin* was 37.8% in the first quarter of 2025. The year-over-year decrease in gross profit margin was primarily due to lower volume, partially offset by the effect of cost reduction programs. The sequential increase in gross profit margin primarily reflected higher sales and the effect of our cost reduction programs. The Measurement Systems segment revenue of $18.2 million in the first fiscal quarter of 2025 decreased 19.0% year-over-year from $22.5 million in the first fiscal quarter of 2024 and was 13.8% lower than $21.2 million in the fourth fiscal quarter of 2024. The year-over-year decrease was primarily attributable to decreased revenue in the Steel, AMS, and Other markets, which was partially offset by higher sales in the Transportation market. Sequentially, the decrease in revenue was primarily due to lower sales in the Steel market and lower sales of Diversified Technical Systems Inc. ("DTS") products in the Avionics, Military and Space market. Gross profit margin for the Measurement Systems segment was 50.3%, compared to 58.1% in the first fiscal quarter of 2024, and 50.9% in the fourth fiscal quarter of 2024. Adjusted gross margin* for the fourth fiscal quarter of 2024, after adjusting for purchasing accounting impacts related to Nokra acquisition, was 51.2%. The year-over-year decrease in adjusted gross profit margin* was primarily due to lower volume and unfavorable product mix. The sequentially lower adjusted gross profit margin* primarily reflected lower volume. Near-Term Outlook 'Given our backlog and the current market conditions, we expect net revenues to be in the range of $70 million to $76 million for the second fiscal quarter of 2025, at constant first fiscal quarter 2025 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 Nokra acquisition and start-up costs. We define "adjusted operating margin" as operating margin before purchase accounting adjustment related to the Nokra, DTS and DSI acquisitions, start-up costs, acquisition costs, and restructuring costs 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 Nokra, DTS and DSI acquisitions, start-up costs, acquisition costs, restructuring costs 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 Nokra, DTS and DSI acquisitions, start-up costs, acquisition costs, restructuring costs and severance costs, and foreign currency exchange gains and losses. "Adjusted free cash flow" for the first fiscal quarter of 2025 is defined as the amount of cash generated from operating activities ($5.3 million) in excess of capital expenditures ($1.5 million), net of proceeds, if any, from the sale of assets ($0.0 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 Quarterly Reports on Forms 10-Q. Conference Call and Webcast: A conference call will be held on Tuesday, May 6, 2025 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 131775, or log on to the investor relations page of the VPG website at 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 849827. The replay will also be available on the 'Events' page of investor relations section of the VPG website at 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 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; significant developments from the recent and potential changes in tariffs and trade regulation; 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 regions or 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; 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, 2024. 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. Contact: Steve Cantor Vishay Precision Group, Inc. 781-222-3516 info@ VISHAY PRECISION GROUP, INC. Consolidated Condensed Statements of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarter ended March 29, 2025 March 30, 2024 Net revenues $ 71,741 $ 80,783 Costs of products sold 44,696 45,689 Gross profit 27,045 35,094 Gross profit margin 37.7 % 43.4 % Selling, general and administrative expenses 26,710 27,394 Restructuring costs 395 782 Operating (loss) income (60 ) 6,918 Operating margin (1.0) % 8.6 % Other (expense) income : Interest expense (550 ) (628 ) Other (677 ) 1,860 Other (expense) income (1,227 ) 1,232 (Loss) Income before taxes (1,287 ) 8,150 Income tax (benefit) expense (332 ) 2,318 Net (loss) earnings (955 ) 5,832 Less: net earnings attributable to noncontrolling interests (13 ) (59 ) Net (loss) earnings attributable to VPG stockholders $ (942 ) $ 5,891 Basic (loss) earnings per share attributable to VPG stockholders $ (0.07 ) $ 0.44 Diluted (loss) earnings per share attributable to VPG stockholders $ (0.07 ) $ 0.44 Weighted average shares outstanding - basic 13,257 13,405 Weighted average shares outstanding - diluted 13,257 13,468 VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) March 29, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 83,892 $ 79,272 Accounts receivable, net 50,241 51,200 Inventories: Raw materials 32,413 33,013 Work in process 29,444 27,187 Finished goods 22,079 23,960 Inventories, net 83,936 84,160 Prepaid expenses and other current assets 18,129 17,088 Assets held for sale 5,229 5,229 Total current assets 241,427 236,949 Property and equipment: Land 2,349 2,316 Buildings and improvements 77,690 68,125 Machinery and equipment 134,666 132,938 Software 10,434 10,351 Construction in progress 2,096 11,246 Accumulated depreciation (149,240 ) (145,475 ) Property and equipment, net 77,995 79,501 Goodwill 46,928 46,819 Intangible assets, net 40,908 41,815 Operating lease right-of-use assets 23,681 24,316 Other assets 22,902 21,535 Total assets $ 453,841 $ 450,935 VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) March 29, 2025 December 31, 2024 (Unaudited) Liabilities and equity Current liabilities: Trade accounts payable $ 9,757 $ 9,890 Payroll and related expenses 18,219 18,546 Other accrued expenses 21,348 19,725 Income taxes 71 880 Current portion of operating lease liabilities 4,114 3,998 Total current liabilities 53,509 53,039 Long-term debt 31,479 31,441 Deferred income taxes 3,811 3,779 Operating lease liabilities 19,134 19,928 Other liabilities 14,099 14,193 Accrued pension and other postretirement costs 6,794 6,695 Total liabilities 128,826 129,075 Equity: Common stock 1,338 1,336 Class B convertible common stock 103 103 Treasury stock (25,335 ) (25,335 ) Capital in excess of par value 203,071 202,783 Retained earnings 191,035 191,977 Accumulated other comprehensive loss (45,224 ) (48,897 ) Total Vishay Precision Group, Inc. stockholders' equity 324,988 321,967 Noncontrolling interests 27 (107 ) Total equity 325,015 321,860 Total liabilities and equity $ 453,841 $ 450,935 VISHAY PRECISION GROUP, INC. Consolidated Condensed Statements of Cash Flows (Unaudited - In thousands) Three Fiscal Months Ended March 29, 2025 March 30, 2024 Operating activities Net (loss) earnings $ (955 ) $ 5,832 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 4,035 3,943 Loss (gain) on sale of property and equipment — (149 ) Share-based compensation expense 545 661 Inventory write-offs for obsolescence 800 582 Deferred income taxes (489 ) 44 Foreign currency impacts and other items 478 (2,253 ) Net changes in operating assets and liabilities: Accounts receivable 1,823 3,086 Inventories 227 (2,887 ) Prepaid expenses and other current assets (848 ) (1,766 ) Trade accounts payable 253 67 Other current liabilities 292 242 Other non-current assets and liabilities, net (841 ) (792 ) Accrued pension and other postretirement costs, net (71 ) (205 ) Net cash provided by operating activities 5,249 6,405 Investing activities Capital expenditures (1,507 ) (2,573 ) Proceeds from sale of property and equipment — 341 Net cash used in investing activities (1,507 ) (2,232 ) Financing activities Purchase of treasury stock — (2,755 ) Distributions to noncontrolling interests 147 (32 ) Payments of employee taxes on certain share-based arrangements (256 ) (858 ) Net cash used in financing activities (109 ) (3,645 ) Effect of exchange rate changes on cash and cash equivalents 987 (1,477 ) Increase (decrease) in cash and cash equivalents 4,620 (949 ) Cash and cash equivalents at beginning of period 79,272 83,965 Cash and cash equivalents at end of period $ 83,892 $ 83,016 Supplemental disclosure of investing transactions: Capital expenditures accrued but not yet paid $ 454 $ 1,480 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 (Loss) Earnings Attributable to VPG Stockholders Diluted (Loss) Earnings Per share Three months ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 As reported - GAAP $ 27,045 $ 35,094 $ (60 ) $ 6,918 $ (942 ) $ 5,891 $ (0.07 ) $ 0.44 As reported - GAAP Margins 37.7 % 43.4 % (0.1) % 8.6 % Start-up costs 463 — 463 — 463 — 0.03 — Restructuring costs — — 395 782 395 782 0.03 0.06 Severance cost — — — 347 — 347 — 0.03 Foreign currency exchange gain (loss) — — — — 972 (1,589 ) 0.07 (0.12 ) Less: Tax effect of reconciling items and discrete tax items — — — — 420 (238 ) 0.03 (0.01 ) As Adjusted - Non GAAP $ 27,508 $ 35,094 $ 798 $ 8,047 $ 468 $ 5,669 $ 0.04 $ 0.42 As Adjusted - Non GAAP Margins 38.3 % 43.4 % 1.1 % 10.0 % VISHAY PRECISION GROUP, INC. Reconciliation of Adjusted Gross Profit by segment (Unaudited - In thousands) Fiscal quarter ended March 29, 2025 March 30, 2024 December 31, 2024 Sensors As reported - GAAP $ 8,146 $ 10,732 $ 8,229 As reported - GAAP Margins 30.1 % 36.5 % 32.0 % Start-up costs 187 — — As Adjusted - Non GAAP $ 8,333 $ 10,732 $ 8,229 As Adjusted - Non GAAP Margins 30.8 % 36.5 % 32.0 % Weighing Solutions As reported - GAAP $ 9,717 $ 11,266 $ 8,778 As reported - GAAP Margins 36.8 % 39.1 % 34.1 % Start-up costs 276 — — As Adjusted - Non GAAP $ 9,993 $ 11,266 $ 8,778 As Adjusted - Non GAAP Margins 37.8 % 39.1 % 34.1 % Measurement Systems As reported - GAAP $ 9,182 $ 13,094 $ 10,764 As reported - GAAP Margins 50.3 % 58.1 % 50.9 % Acquisition purchase accounting adjustments — — 79 As Adjusted - Non GAAP $ 9,182 $ 13,094 $ 10,843 As Adjusted - Non GAAP Margins 50.3 % 58.1 % 51.2 % VISHAY PRECISION GROUP, INC. Reconciliation of Adjusted EBITDA (Unaudited - In thousands) Fiscal quarter ended March 29, 2025 March 30, 2024 December 31, 2024 Net (loss) earnings attributable to VPG stockholders $ (942 ) $ 5,891 $ 768 Interest Expense 550 628 587 Income tax (benefit) expense (332 ) 2,318 1,222 Depreciation 3,056 3,016 3,026 Amortization 979 927 1,007 EBITDA 3,311 $ 12,780 $ 6,610 EBITDA MARGIN 4.6 % 15.8 % 9.1 % Impairment of goodwill and indefinite-lived intangibles — — — Acquisition purchase accounting adjustments — — 79 Acquisition costs — — 101 Restructuring costs 395 782 198 Severance cost — 347 — Start-up costs 463 — — Foreign currency exchange gain (loss) 972 (1,589 ) (1,913 ) ADJUSTED EBITDA $ 5,141 $ 12,320 $ 5,075 ADJUSTED EBITDA MARGIN 7.2 % 15.3 % 7.0 %
Yahoo
10-04-2025
- Business
- Yahoo
Vishay Precision Group Announces Date for Its First Quarter Fiscal 2025 Earnings Conference Call
MALVERN, Pa., April 10, 2025 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, will release its financial results for the first quarter fiscal 2025 before the opening of the market on Tuesday, May 6, 2025. Ziv Shoshani, chief executive officer, and Bill Clancy, chief financial officer, will host a conference call that day (Tuesday, May 6, 2025) at 9:00 a.m. U.S. eastern time. To access the conference call, interested parties should call 1-833-470-1428 or internationally +1-404-975-4839 and use passcode 131775, or may access the live webcast by visiting the 'Events' page of investor relations section of the VPG website at A webcast replay will be available for a limited time approximately one hour after the completion of the call by dialing toll-free 1-866-813-9403 or internationally +1-929-458-6194 and by using passcode 849827. The replay will also be available on the 'Events' page of investor relations section of the VPG website at for a limited time. About VPGVishay 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 and follow us on LinkedIn. Contact:Steve CantorSr. Director, Investor RelationsVishay Precision Groupinfo@
Yahoo
10-04-2025
- Business
- Yahoo
Electronic Components Stocks Q4 Recap: Benchmarking Vishay Precision (NYSE:VPG)
As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at electronic components stocks, starting with Vishay Precision (NYSE:VPG). Like many equipment and component manufacturers, electronic components companies are buoyed by secular trends such as connectivity and industrial automation. More specific pockets of strong demand include data centers and telecommunications, which can benefit companies whose optical and transceiver offerings fit those markets. But like the broader industrials sector, these companies are also at the whim of economic cycles. Consumer spending, for example, can greatly impact these companies' volumes. The 10 electronic components stocks we track reported a mixed Q4. As a group, revenues beat analysts' consensus estimates by 3.1% while next quarter's revenue guidance was 0.7% below. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 16.2% since the latest earnings results. Emerging from Vishay Intertechnology in 2010, Vishay Precision (NYSE:VPG) operates as a global provider of precision measurement and sensing technologies. Vishay Precision reported revenues of $72.65 million, down 18.8% year on year. This print fell short of analysts' expectations by 1.3%. Overall, it was a disappointing quarter for the company with a significant miss of analysts' EBITDA and EPS estimates. Ziv Shoshani, Chief Executive Officer of VPG, commented, "2024 proved to be a challenging year, as we faced macro and cyclical headwinds. Nonetheless, orders in the fourth fiscal quarter of $72.4 million grew 5.5% sequentially resulting in a book-to-bill ratio of 1.00. This marked the first fiscal quarter of sequential bookings growth in six quarters, driven by our Sensors and Weighing Solutions segments which achieved book-to-bill ratios above 1.00 and their highest bookings level in 2024. We continue to focus on our business development pipeline, and furthering our progress with key projects in industrial and medical robotics, data center and telecommunications applications, among others." Vishay Precision delivered the slowest revenue growth of the whole group. The stock is down 13% since reporting and currently trades at $20.87. Read our full report on Vishay Precision here, it's free. Pioneering technologies for radio frequency power delivery, Advanced Energy (NASDAQ:AEIS) provides power supplies, thermal management systems, and measurement and control instruments for various manufacturing processes. Advanced Energy reported revenues of $415.4 million, up 2.5% year on year, outperforming analysts' expectations by 5.5%. The business had an exceptional quarter with a solid beat of analysts' EBITDA estimates. The stock is down 16.7% since reporting. It currently trades at $92.61. Is now the time to buy Advanced Energy? Access our full analysis of the earnings results here, it's free. Originally a pioneer in the laser scanning industry during the late 1960s, Novanta (NASDAQ:NOVT) offers medicine and manufacturing technology to the medical, life sciences, and manufacturing industries. Novanta reported revenues of $238.1 million, up 12.5% year on year, falling short of analysts' expectations by 0.9%. It was a softer quarter as it posted full-year EBITDA guidance missing analysts' expectations. As expected, the stock is down 16% since the results and currently trades at $116.06. Read our full analysis of Novanta's results here. With its enamel-coated copper wire used in WWI for the Allied forces, Belden (NYSE:BDC) designs, manufactures, and sells electronic components to various industries. Belden reported revenues of $666 million, up 20.8% year on year. This print topped analysts' expectations by 1.7%. It was a strong quarter as it also put up an impressive beat of analysts' adjusted operating income estimates and a solid beat of analysts' Enterprise revenue estimates. The stock is down 17.7% since reporting and currently trades at $95.49. Read our full, actionable report on Belden here, it's free. Founded by 26-year-old Elliot Bernstein during the electronics boom after WW2, Bel Fuse (NASDAQ:BELF.A) provides electronic systems and devices to the telecommunications, networking, transportation, and industrial sectors. Bel Fuse reported revenues of $149.9 million, up 7% year on year. This number surpassed analysts' expectations by 18.6%. Overall, it was a strong quarter as it also produced an impressive beat of analysts' EBITDA estimates. Bel Fuse pulled off the biggest analyst estimates beat among its peers. The stock is down 18.2% since reporting and currently trades at $68. Read our full, actionable report on Bel Fuse here, it's free. Thanks to the Fed's series of rate hikes in 2022 and 2023, inflation has cooled significantly from its post-pandemic highs, drawing closer to the 2% goal. This disinflation has occurred without severely impacting economic growth, suggesting the success of a soft landing. The stock market thrived in 2024, spurred by recent rate cuts (0.5% in September and 0.25% in November), and a notable surge followed Donald Trump's presidential election win in November, propelling indices to historic highs. Nonetheless, the outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. The path forward holds both optimism and caution as new policies take shape. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. 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Associated Press
12-02-2025
- Business
- Associated Press
VPG Reports Fiscal 2024 Fourth Quarter and Twelve Months Results
MALVERN, Pa., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement technologies, today announced its results for its fiscal 2024 fourth quarter and twelve fiscal months ended December 31, 2024. Fourth Quarter Highlights: Revenues of $72.7 million decreased 18.8% from a year ago Gross profit margin was 38.2%, as compared to 43.0% a year ago Adjusted gross profit margin* was 38.3%, as compared to 43.0% a year ago Operating margin was 0.3%, as compared to 13.4% reported a year ago Adjusted operating margin* was 0.8%, as compared to 13.6% reported a year ago Diluted net earnings per share were $0.06, as compared to $0.31 reported a year ago Adjusted diluted net earnings per share* were $0.03, as compared to $0.61 reported a year ago EBITDA* was $6.6 million with an EBITDA margin* of 9.1% Adjusted EBITDA* was $5.1 million with an adjusted EBITDA margin* of 7.0% Cash from operating activities was $6.7 million with adjusted free cash flow* of $4.6 million 2024 Full Year Highlights: Revenues of $306.5 million decreased 13.7% year-over-year Gross profit margin was 41.0%, as compared to 42.3% a year ago Adjusted gross profit margin* was 41.0%, as compared to 42.4% a year ago Operating margin was 5.5%, as compared to 11.8% reported last year Adjusted operating margin* was 6.0%, as compared to 12.4% reported last year Diluted net earnings per share were $0.74, as compared to $1.88 reported a year ago Adjusted diluted net earnings per share* were $0.95, as compared to $2.17 reported a year ago EBITDA* was $36.0 million with an EBITDA margin* of 11.7% Adjusted EBITDA* was $35.7 million with an adjusted EBITDA margin* of 11.6% Cash from operating activities was $19.8 million with adjusted free cash flow* of $11.3 million Ziv Shoshani, Chief Executive Officer of VPG, commented, '2024 proved to be a challenging year, as we faced macro and cyclical headwinds. Nonetheless, orders in the fourth fiscal quarter of $72.4 million grew 5.5% sequentially resulting in a book-to-bill ratio of 1.00. This marked the first fiscal quarter of sequential bookings growth in six quarters, driven by our Sensors and Weighing Solutions segments which achieved book-to-bill ratios above 1.00 and their highest bookings level in 2024. We continue to focus on our business development pipeline, and furthering our progress with key projects in industrial and medical robotics, data center and telecommunications applications, among others. Our fourth-fiscal quarter results included approximately $700 thousand in one-time costs, primarily related to R&D projects and operational fixed costs. As we continue to adjust our costs to current revenue levels and implement ongoing cost-savings initiatives, we are positioned to deliver significant operating leverage as revenues strengthen. The integration of Nokra, the precision measurement business that we acquired on September 30, 2024, is on track. Our strong balance sheet and net cash position give us a solid platform as we continue to look to acquire additional high-quality businesses.' The Company's fourth fiscal quarter 2024 net earnings attributable to VPG stockholders were $0.8 million, or $0.06 per diluted share, compared to $4.2 million, or $0.31 per diluted share, in the fourth fiscal quarter of 2023. In the fiscal year ended December 31, 2024, net earnings attributable to VPG stockholders were $9.9 million, or $0.74 per diluted share, compared to $25.7 million, or $1.88 per diluted share, in the fiscal year ended December 31, 2023. The fourth fiscal quarter 2024 adjusted net earnings* attributable to VPG stockholders were $0.4 million, or $0.03 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $8.2 million, or $0.61 per diluted share, for the comparable prior year period. In the fiscal year ended December 31, 2024, adjusted net earnings* attributable to VPG stockholders were $12.7 million, or $0.95 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $29.7 million, or $2.17 per diluted share, for the comparable prior year period. Segment Performance The Sensors segment revenues of $25.8 million in the fourth fiscal quarter of 2024 decreased 24.8% from the prior year of $34.3 million and decreased 8.7% sequentially from $28.2 million in the third quarter of 2024. The year-over-year decrease in revenues was primarily attributable to lower sales of precision resistors in the Test & Measurement market and lower sales of advanced sensors in our Other markets for consumer applications. Sequentially, the decline in revenues primarily reflected lower sales of advanced sensors in our Other markets for consumer applications and lower precision resistor sales in the Test and Measurement market. Gross profit margin for the Sensors segment of 32.0% for the fourth fiscal quarter of 2024 was lower compared to 40.2% in the fourth fiscal quarter of 2023, and higher compared to 31.0% in the third fiscal quarter of 2024. The year-over-year decline in gross profit margin was primarily due to lower volume and unfavorable product mix, which was partially offset by improved manufacturing efficiencies. Sequentially, the increase in gross profit margin was primarily due to improved manufacturing efficiencies, which offset the impact of lower volume. The Weighing Solutions segment revenues of $25.7 million in the fourth fiscal quarter of 2024 decreased 15.4% from $30.4 million in the prior year and increased 2.2% from $25.2 million in the third fiscal quarter of 2024. The year-over-year decline in revenues was primarily attributable to lower revenues in our Other markets from OEM customers for precision agriculture and construction applications and lower revenues in the Transportation and General Industrial markets. The sequential increase in revenues reflected higher revenue in our Industrial Weighing market and in our Other markets, which offset lower revenue in the Transportation market. Gross profit margin for the Weighing Solutions segment of 34.1% for the fourth fiscal quarter of 2024 declined compared to 35.6% in the fourth fiscal quarter of 2023, and was lower than 35.1% in the third fiscal quarter of 2024. The year-over-year decline in gross profit margin was primarily due to lower volume. Sequentially, the decrease in gross profit margin was primarily due to higher materials costs and a reduction in inventory which offset higher volume. The Measurement Systems segment revenues in the fourth fiscal quarter of 2024 of $21.2 million decreased 14.8% from $24.8 million in the prior year and declined 5.3% sequentially from $22.4 million in the third fiscal quarter of 2024. The year-over-year decline in revenues was primarily attributable to lower sales of Dynamic Systems Inc. ('DSI') and Diversified Technical Systems, Inc. ('DTS') products. The sequential decline in revenue was primarily attributable to lower sales of DSI products, which was partially offset by the added revenue related to the acquisition of Nokra Optische Prüftechnik und Automation ('Nokra') on September 30, 2024. Gross profit margin for the Measurement Systems segment in the fourth fiscal quarter of 2024 was 50.9%, compared to 56.0% in the same quarter of 2023, and 56.8% in the third fiscal quarter of 2024. After adjusting for purchasing accounting impacts related to the DSI, DTS and Nokra acquisitions, adjusted gross margin for the fourth fiscal quarter of 2024 was 51.2% compared to 56.1% in the fourth fiscal quarter of 2023 and 56.8% in the third fiscal quarter of 2024. Year-over-year, the decline in adjusted gross profit margin* was primarily due to lower volume. Sequentially, the lower adjusted gross profit margin* in the fourth quarter of 2024 reflected lower volume and unfavorable product mix. Near-Term Outlook 'For the first fiscal quarter of 2025 at constant fourth fiscal quarter 2024 exchange rates, we expect net revenues to be in the range of $70 million to $76 million,' said 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 Nokra, DTS and DSI acquisitions. We define 'adjusted operating margin' as operating margin before purchase accounting adjustment related to the Nokra, DTS and DSI acquisitions, acquisition costs, and restructuring costs 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 Nokra, DTS and DSI acquisitions, acquisition costs, restructuring costs 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 Nokra, DTS and DSI acquisitions, acquisition costs, restructuring costs and severance costs, and foreign currency exchange gains and losses. 'Adjusted free cash flow' for the fourth fiscal quarter of 2024 is defined as the amount of cash generated from operating activities ($6.8 million), in excess of our capital expenditures ($2.2 million), net of proceeds, if any, from the sale of assets ($0.02 million). 'Adjusted free cash flow' for the fiscal year of 2024 is defined as the amount of cash generated from operating activities ($19.8 million) in excess of our capital expenditures ($9.2 million), net of proceeds, if any, from the sale of assets ($0.7 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 Quarterly Reports on Forms 10-Q. Conference Call and Webcast A conference call is scheduled for Wednesday, February 12, 2025 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 029591, or log on to the investor relations page of the VPG website at A replay will be available approximately one hour after the completion of the call by calling toll-free 1-866-813-9403 or internationally +44-204-525-0658 and using the passcode 703783. The replay will also be available on the investor relations page of the VPG website at for a limited time. About VPG Vishay Precision Group, Inc. (VPG) is a leader in precision measurement 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 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 regions or 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 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. Contact: Steve Cantor Vishay Precision Group, Inc. 781-222-3516 [email protected] VISHAY PRECISION GROUP, INC. Consolidated Statements of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarter ended December 31, 2024 December 31, 2023 Net revenues $ 72,653 $ 89,528 Costs of products sold 44,882 51,032 Gross profit 27,771 38,496 Gross profit margin 38.2 % 43.0 % Selling, general, and administrative expenses 27,273 26,356 Acquisition costs 101 — Restructuring costs 198 129 Operating income 199 12,011 Operating margin 0.3 % 13.4 % Other income (expense): Interest expense (587) (779) Other 2,297 (2,509) Other income (expense) - net 1,710 (3,288) Income before taxes 1,910 8,723 Income tax expense 1,222 4,403 Net earnings 688 4,320 Less: net (loss) earnings attributable to noncontrolling interests (80) 93 Net earnings attributable to VPG stockholders $ 768 $ 4,227 Basic earnings per share attributable to VPG stockholders $ 0.06 $ 0.31 Diluted earnings per share attributable to VPG stockholders $ 0.06 $ 0.31 Weighted average shares outstanding - basic 13,239 13,509 Weighted average shares outstanding - diluted 13,252 13,604 VISHAY PRECISION GROUP, INC. Consolidated Statements of Operations (Unaudited - In thousands, except per share amounts) Years ended December 31, 2024 December 31, 2023 Net revenues $ 306,522 $ 355,048 Costs of products sold 180,990 204,706 Gross profit 125,532 150,342 Gross profit margin 41.0 % 42.3 % Selling, general, and administrative expenses 107,505 106,828 Acquisition costs 101 — Restructuring costs 1,062 1,560 Operating income 16,864 41,954 Operating margin 5.5 % 11.8 % Other income (expense): Interest expense (2,512) (3,974) Other 3,212 456 Other income (expense) - net 700 (3,518) Income before taxes 17,564 38,436 Income tax expense 7,730 12,426 Net earnings 9,834 26,010 Less: net (loss) earnings attributable to noncontrolling interests (77) 303 Net earnings attributable to VPG stockholders $ 9,911 $ 25,707 Basic earnings per share attributable to VPG stockholders $ 0.74 $ 1.89 Diluted earnings per share attributable to VPG stockholders $ 0.74 $ 1.88 Weighted average shares outstanding - basic 13,353 13,574 Weighted average shares outstanding - diluted 13,385 13,653 VISHAY PRECISION GROUP, INC. Consolidated Balance Sheets (In thousands, except per share amounts) December 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 79,272 $ 83,965 Accounts receivable 51,200 56,438 Inventories: Raw materials 33,013 33,973 Work in process 27,187 26,594 Finished goods 23,960 27,572 Inventories 84,160 88,139 Prepaid expenses and other current assets 17,088 14,520 Assets held for sale 5,229 — Total current assets 236,949 243,062 Property and equipment: Land 2,316 4,154 Buildings and improvements 68,125 72,952 Machinery and equipment 132,938 131,738 Software 10,351 9,619 Construction in progress 11,246 11,379 Accumulated depreciation (145,475) (139,206) Property and equipment, net 79,501 90,636 Goodwill 46,819 45,734 Intangible assets, net 41,815 44,634 Operating lease right-of-use assets 24,316 26,953 Other assets 21,535 20,547 Total assets $ 450,935 $ 471,566 VISHAY PRECISION GROUP, INC. Consolidated Balance Sheets (In thousands, except per share amounts) December 31, 2024 December 31, 2023 (Unaudited) Liabilities and equity Current liabilities: Trade accounts payable $ 9,890 $ 11,698 Payroll and related expenses 18,546 18,971 Other accrued expenses 19,725 22,427 Income taxes 880 4,524 Current portion of operating lease liabilities 3,998 4,004 Total current liabilities 53,039 61,624 Long-term debt 31,441 31,856 Deferred income taxes 3,779 3,490 Operating lease liabilities 19,928 22,625 Other liabilities 14,193 14,770 Accrued pension and other postretirement costs 6,695 7,276 Total liabilities 129,075 141,641 Commitments and contingencies Equity: Common stock 1,336 1,330 Class B convertible common stock 103 103 Treasury stock (25,335) (17,460) Capital in excess of par value 202,783 202,672 Retained earnings 191,977 182,066 Accumulated other comprehensive loss (48,897) (38,869) Total Vishay Precision Group, Inc. stockholders' equity 321,967 329,842 Noncontrolling interests (107) 83 Total equity 321,860 329,925 Total liabilities and equity $ 450,935 $ 471,566 VISHAY PRECISION GROUP, INC. Consolidated Statements of Cash Flows (Unaudited - In thousands) Years ended December 31, 2024 December 31, 2023 Operating activities Net earnings $ 9,834 $ 26,010 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 15,805 15,550 Loss (gain) on disposal of property and equipment (148) 75 Gain on sale of short term investment — (14) Share-based compensation expense 971 2,290 Inventory write-offs for obsolescence 2,352 2,099 Deferred income taxes (972) (156) Foreign currency impacts and other items (3,147) 660 Net changes in operating assets and liabilities, net of acquisition: Accounts receivable 3,244 3,794 Inventories 2,139 (4,898) Prepaid expenses and other current assets (3,023) 4,172 Trade accounts payable (416) (2,658) Other current liabilities (5,634) 56 Other non current assets and liabilities, net (760) 439 Accrued pension and other postretirement costs, net (430) (1,526) Net cash provided by operating activities 19,815 45,893 Investing activities Capital expenditures (9,163) (15,154) Proceeds from sale of property and equipment 671 40 Purchase of short term investment — (1,000) Proceeds from sale of short term investment — 1,014 Purchase of business (4,409) — Net cash used in investing activities (12,901) (15,100) Financing activities Debt issuance costs (569) — Payments on revolving facility — (29,000) Purchase of treasury stock (7,816) (5,915) Distributions to noncontrolling interests (113) (195) Payment of excise tax on net share repurchases (41) — Payments of employee taxes on certain share-based arrangements (860) (825) Net cash used in financing activities (9,399) (35,935) Effect of exchange rate changes on cash and cash equivalents (2,208) 545 Decrease in cash and cash equivalents (4,693) (4,597) Cash and cash equivalents at beginning of year 83,965 88,562 Cash and cash equivalents at end of year $ 79,272 $ 83,965 Supplemental disclosure of investing transactions: Capital expenditures accrued but not yet paid $ 949 $ 2,317 Supplemental disclosure of financing transactions: Excise tax on net share repurchases accrued but not yet paid $ 60 $ 41 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 except per share data) Gross Profit Operating Income Net Earnings Attributable to VPG Stockholders Diluted Earnings Per share Fiscal Year Ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 As reported - GAAP $ 125,532 $ 150,342 $ 16,864 $ 41,954 $ 9,911 $ 25,707 0.74 $ 1.88 As reported - GAAP Margins 41.0 % 42.3 % 5.5 % 11.8 % Acquisition purchase accounting adjustments 79 335 79 335 79 335 0.01 0.02 Acquisition costs — — 101 — 101 — 0.01 — Restructuring costs — — 1,062 1,560 1,062 1,560 0.08 0.11 Severance cost — — 347 347 Foreign exchange (gain)/loss — — — — (1,879) 822 (0.14) 0.06 Less: Tax effect of reconciling items and discrete tax items — — — — (3,079) (1,245) (0.24) (0.10) As Adjusted - Non GAAP $ 125,611 $ 150,677 $ 18,453 $ 43,849 $ 12,700 $ 29,669 $ 0.95 $ 2.17 As Adjusted - Non GAAP Margins 41.0 % 42.4 % 6.0 % 12.4 % Gross Profit Operating Income Net Earnings Attributable to VPG Stockholders Diluted Earnings Per share Fiscal Quarter Ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 As reported - GAAP $ 27,771 $ 38,496 $ 199 $ 12,011 $ 768 $ 4,227 0.06 $ 0.31 As reported - GAAP Margins 38.2 % 43.0 % 0.3 % 13.4 % Acquisition purchase accounting adjustments 79 31 79 31 79 31 0.01 — Acquisition costs — — 101 — 101 — 0.01 — Restructuring costs — — 198 129 198 129 0.01 0.01 Foreign exchange (gain)/loss — — — — (1,913) 2,961 (0.15) 0.21 Severance cost — — — — — — — — Less: Tax effect of reconciling items and discrete tax items — — — — (1,167) (887) (0.10) (0.08) As Adjusted - Non GAAP $ 27,850 $ 38,527 $ 577 $ 12,171 $ 400 $ 8,235 $ 0.03 $ 0.61 As Adjusted - Non GAAP Margins 38.3 % 43.0 % 0.8 % 13.6 % VISHAY PRECISION GROUP, INC. Reconciliation of Adjusted Gross Profit by segment (Unaudited - In thousands) Fiscal quarter ended December 31, 2024 December 31, 2023 September 28, 2024 Sensors As reported - GAAP $ 8,229 $ 13,761 $ 8,730 As reported - GAAP Margins 32.0 % 40.2 % 31.0 % As Adjusted - Non GAAP $ 8,229 $ 13,761 $ 8,730 As Adjusted - Non GAAP Margins 32.0 % 40.2 % 31.0 % Weighing Solutions As reported - GAAP $ 8,778 $ 10,834 $ 8,840 As reported - GAAP Margins 34.1 % 35.6 % 35.1 % As Adjusted - Non GAAP $ 8,778 $ 10,834 $ 8,840 As Adjusted - Non GAAP Margins 34.1 % 35.6 % 35.1 % Measurement Systems As reported - GAAP $ 10,764 $ 13,906 $ 12,690 As reported - GAAP Margins 50.9 % 56.0 % 56.8 % Acquisition purchase accounting adjustments 79 31 — As Adjusted - Non GAAP $ 10,843 $ 13,937 $ 12,690 As Adjusted - Non GAAP Margins 51.2 % 56.1 % 56.8 % VISHAY PRECISION GROUP, INC. Reconciliation of Adjusted EBITDA (Unaudited - In thousands) Fiscal quarter ended December 31, 2024 December 31, 2023 September 28, 2024 Net earnings attributable to VPG stockholders $ 768 $ 4,227 $ (1,351) Interest Expense 587 779 648 Income tax expense 1,222 4,403 1,874 Depreciation 3,026 2,992 2,988 Amortization 1,007 999 925 EBITDA 6,610 $ 13,400 $ 5,084 EBITDA MARGIN 9.1 % 15.0 % 6.7 % Acquisition purchase accounting adjustments 79 31 — Acquisition costs 101 — — Restructuring costs 198 129 82 Foreign exchange loss/(gain) (1,913) 2,961 2,912 ADJUSTED EBITDA 5,075 16,521 8,078 ADJUSTED EBITDA MARGIN 7.0 % 18.5 % 10.7 % VISHAY PRECISION GROUP, INC. Reconciliation of Adjusted EBITDA (Unaudited - In thousands) Year ended December 31, 2024 December 31, 2023 Net earnings attributable to VPG stockholders $ 9,911 $ 25,707 Interest Expense 2,512 3,974 Income tax expense 7,730 12,426 Depreciation 12,022 11,798 Amortization 3,783 3,752 EBITDA 35,958 $ 57,657 EBITDA MARGIN 11.7 % 16.2 % Acquisition purchase accounting adjustments 79 335 Acquisition costs 101 — Restructuring costs 1,062 1,560 Severance cost 347 — Foreign exchange (gain) loss (1,879) 822 ADJUSTED EBITDA 35,668 60,374 ADJUSTED EBITDA MARGIN 11.6 % 17.0 %
