Vishay Precision Group Announces Fiscal Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Vishay Precision Group Announces Fiscal Q2 2024 Financial Results
Overview MALVERN, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, today announced its financial results for the second quarter of fiscal 2024, which ended on June 29, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | YoY Change | QoQ Change | Consensus Estimates | Difference |
|---|---|---|---|---|---|---|---|
| Total Revenue | $77.4M | $90.8M | $80.8M | -14.8% | -4.2% | $79.61M | -2.8% |
| Gross Profit Margin | 41.9% | 42.6% | - | -0.7% | - | - | - |
| Adjusted Gross Profit Margin* | 41.9% | 42.7% | - | -0.8% | - | - | - |
| Operating Margin | 7.6% | 13.0% | - | -5.4% | - | - | - |
| Adjusted Operating Margin* | 7.6% | 13.2% | - | -5.6% | - | - | - |
| Diluted EPS | $0.34 | $0.60 | - | -43.3% | - | $0.33 | +3.0% |
| Adjusted Diluted EPS* | $0.31 | $0.58 | - | -46.6% | - | - | - |
| EBITDA* | $11.5M | - | - | - | - | - | - |
| Adjusted EBITDA* | $10.2M | - | - | - | - | - | - |
| Cash from Operating Activities | $7.5M | - | - | - | - | - | - |
| Adjusted Free Cash Flow* | $4.9M | - | - | - | - | - | - |
Interpretation : Vishay Precision Group's Q2 2024 financial results show a decline in revenue and margins both year-over-year and quarter-over-quarter, missing consensus revenue estimates slightly but exceeding EPS estimates. The lower revenue and profitability are attributed to mixed market trends and cautious ordering by distributors.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Q1 2024 Revenue | YoY Change | QoQ Change | Gross Profit Margin Q2 2024 | Gross Profit Margin Q2 2023 | Gross Profit Margin Q1 2024 |
|---|---|---|---|---|---|---|---|---|
| Sensors | $28.9M | $36.3M | $29.4M | -20.4% | -1.9% | 38.3% | 40.1% | 36.5% |
| Weighing Solutions | $27.4M | $31.3M | $28.8M | -12.2% | -4.8% | 37.6% | 38.7% | 39.1% |
| Measurement Systems | $21.0M | $23.3M | $22.5M | -9.6% | -6.6% | 52.4% | 51.8% | 58.1% |
Interpretation : All three operating segments experienced revenue declines both year-over-year and quarter-over-quarter. The Sensors segment was particularly impacted, while Measurement Systems showed better gross profit margins year-over-year despite a revenue drop. Weighing Solutions sustained a steady decline in revenues and profit margins.
Comments from Company Officers Ziv Shoshani, Chief Executive Officer of VPG, highlighted mixed market trends during the quarter, with improvements in cyclic markets like Steel and consumer, offset by reduced demand in the Test & Measurement and Avionics, Military & Space markets. He emphasized the company's strong balance sheet and commitment to cost-reduction initiatives while focusing on long-term growth.
Dividends and Share Repurchase Program The earnings release did not mention any announcements regarding dividends or share repurchase programs.
Forward Guidance VPG projects net revenues to be in the range of $70 million to $78 million for the third fiscal quarter of 2024, assuming constant foreign currency exchange rates.
Stock Price Movement Following the release of the earnings report, VPG's stock saw a decrease of approximately 1.54%.
This article provides a concise summary of the company's performance based on the provided earnings report, covering significant financial metrics, segment performance, comments from the CEO, and forward guidance.