Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision
measurement sensing technologies, today announced its results for
its fiscal 2023 first quarter ended April 1, 2023.
First Fiscal Quarter
Highlights:
- Revenues of $88.9 million increased 1.4% from a year ago.
- Gross profit margin was 41.9%, as compared to 40.2% reported a
year ago.
- Adjusted gross profit margin* was 41.9%, as compared to 41.0%
reported a year ago.
- Operating margin was 11.2%, as compared to 9.5% reported a year
ago.
- Adjusted operating margin* was 11.4%, as compared to 10.5%
reported a year ago.
- Diluted net earnings per share of $0.51 compared to $0.46
reported a year ago.
- Adjusted diluted net earnings per share* of $0.52 compared to
$0.49 reported a year ago.
- EBITDA* was $14.0 million with an EBITDA margin* of 15.8%.
- Adjusted EBITDA* was $14.1 million with an adjusted EBITDA
margin* of 15.9%.
- Cash from operating activities was $8.4 million with adjusted
free cash flow* of $4.9 million.
Ziv Shoshani, Chief Executive Officer of VPG, commented, "Our
performance for the first quarter of 2023 marked a solid start for
the year. We achieved revenue in line with our expectations, and
increased our gross margin both sequentially and year-over-year.
Orders of $83.1 million grew 13.1% sequentially, reflecting
strengthening trends through the first quarter. We ended the
quarter with a strong backlog of $150.4 million.
Mr. Shoshani said: "Our strong balance sheet and cash generation
supports our ongoing strategic initiatives aimed at capturing a
broader set of opportunities for our sensing and precision
measurement technologies, while maintaining tight control of our
costs and increasing our operating efficiencies."
First Fiscal Quarter Financial
Trends:
The Company's first fiscal quarter 2023 net earnings
attributable to VPG stockholders were $7.0 million, or $0.51 per
diluted share, compared to $6.4 million, or $0.46 per diluted
share, in the first fiscal quarter of 2022.
The first fiscal quarter 2023 adjusted net earnings*
attributable to VPG stockholders were $7.0 million, or $0.52 per
adjusted diluted net earnings per share*, compared to $6.6 million,
or $0.49 per adjusted diluted net earnings per share* in the first
fiscal quarter of 2022.
Segment Performance:
The Sensors segment revenue of $36.7 million in the first fiscal
quarter of 2023 decreased 2.7% from $37.8 million in the first
fiscal quarter of 2022; sequentially, revenue increased 1.1%
compared to $36.3 million in the fourth quarter of 2022. The
year-over-year decrease in revenues was primarily attributable to
lower sales of advanced sensors products primarily in Other markets
(mainly for consumer applications), partially offset by increases
in precision resistors revenues and advanced sensors in Avionics,
Military and Space (AMS) and in precision resistors in the Test and
Measurement market. Sequentially, the increase primarily reflected
higher revenue of precision resistors in the AMS market partially
offset by lower advanced sensors revenue in Other markets (mainly
for consumer applications).
Gross profit margin for the Sensors segment was 41.2% for the
first fiscal quarter of 2023. Gross profit margin increased
compared to 37.8% (or 38.6% adjusted to exclude the impact of $0.3
million of advanced sensors facility start-up costs) in the first
fiscal quarter of 2022, and increased compared to 37.6% in the
fourth fiscal quarter of 2022. The year-over-year increase in
adjusted gross profit margin* was primarily due to higher selling
prices and favorable foreign currency exchange rates. Sequentially,
the higher adjusted gross profit margin* was primarily due to
manufacturing efficiencies and favorable foreign currency exchange
rates.
The Weighing Solutions segment revenue of $31.9 million in the
first fiscal quarter of 2023 decreased 2.8% compared to $32.8
million in the first fiscal quarter of 2022 and was 3.7% lower than
$33.1 million in the fourth quarter of 2022. The year-over-year
decrease in revenues was mainly attributable to lower sales of load
cells in the Industrial Weighing market, partially offset by higher
revenues in our Other markets for precision agriculture and
construction applications. Sequentially, the decrease in revenues
was attributable to lower sales in the Industrial Weighing market,
partially offset by an increase in revenues in the Transportation
market.
Gross profit margin for the Weighing Solutions segment was 34.9%
for the first fiscal quarter of 2023, which decreased compared to
36.9% in the first fiscal quarter of 2022, and increased compared
to 33.4% in the fourth fiscal quarter of 2022. The year-over-year
decrease in adjusted gross profit margin* was primarily due to
higher materials costs, lower volume and unfavorable product mix,
mainly offset by selling price increases and favorable foreign
currency exchange rates. The sequential increase in adjusted gross
profit margin* was primarily due to favorable foreign currency
exchange rates, partially offset by lower volume.
The Measurement Systems segment revenue of $20.3 million in the
first fiscal quarter of 2023 increased 18.3% year-over-year from
$17.1 million in the first fiscal quarter of 2022 and was 24.4%
lower than $26.8 million in the fourth fiscal quarter of 2022. The
year-over-year increase was primarily attributable to increased
revenue in the Steel market. Sequentially, the decrease in revenue
was primarily due to the lower revenue of products in the Steel
market and at Diversified Technical Systems Inc. ("DTS") products
in the Transportation market.
Gross profit margin for the Measurement Systems segment was
53.9% (or 54.1% adjusted to exclude the $0.05 million of purchase
accounting adjustments related to the DTS acquisition), compared to
51.8% (or 54.1% adjusted to exclude the purchase accounting
adjustment related to the DTS acquisition of $0.4 million), in the
first fiscal quarter of 2022, and 55.9% (or 56.8% adjusted to
exclude the $0.2 million of purchase accounting adjustments related
to the DTS acquisition) in the fourth fiscal quarter of 2022. The
year-over-year adjusted gross profit margin* was flat, as higher
volume and higher selling prices were offset mainly by unfavorable
foreign exchange rates and higher materials costs. The sequentially
lower adjusted gross profit margin* reflected lower volume and
higher material costs, offset by higher selling prices.
Near-Term Outlook
“We expect net revenues to be in the range of $83 million to $93
million for the second fiscal quarter of 2023, at constant first
fiscal quarter 2023 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 and DSI
acquisitions, and start-up costs related to our new advanced
sensors facility, and COVID-19 costs. We define "adjusted operating
margin" as operating margin before purchase accounting adjustments
related to the DTS and DSI acquisitions, start-up costs related to
our new advanced sensors facility, COVID-19 costs, and
restructuring costs. We define "adjusted net earnings” and
"adjusted diluted net earnings per share" as net earnings
attributable to VPG stockholders before purchase accounting
adjustments related to the DTS and DSI acquisitions, start-up costs
related to our new advanced sensors facility, COVID-19 costs,
restructuring 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 adjustments related to
the DTS and DSI acquisitions, start-up costs related to our new
advanced sensors facility, COVID-19, restructuring costs, foreign
currency exchange gains and losses, and associated tax effects.
"Adjusted free cash flow" for the first fiscal quarter of 2023 is
defined as the amount of cash generated from operating activities
($8.4 million), in excess of our capital expenditures ($3.5
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 its Quarterly Reports on Forms 10-Q.
Conference Call and Webcast:
A conference call will be held on Tuesday, May 9, 2023 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 +1-929-526-1599
and use passcode 165286, 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 476028. 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 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; 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,
health (including the COVID-19 pandemic) and military instability
in the countries in which we operate; 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, 2022. 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 CantorVishay Precision Group,
Inc.781-222-3516info@vpgsensors.com
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Operations |
|
|
|
(Unaudited - In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
April 1, 2023 |
|
April 2, 2022 |
Net revenues |
$ |
88,864 |
|
|
$ |
87,665 |
|
Costs of products sold |
|
51,665 |
|
|
|
52,415 |
|
Gross profit |
|
37,199 |
|
|
|
35,250 |
|
Gross profit margin |
|
41.9 |
% |
|
|
40.2 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
27,159 |
|
|
|
26,674 |
|
Restructuring costs |
|
116 |
|
|
|
261 |
|
Operating income |
|
9,924 |
|
|
|
8,315 |
|
Operating margin |
|
11.2 |
% |
|
|
9.5 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(997 |
) |
|
|
(329 |
) |
Other |
|
275 |
|
|
|
439 |
|
Other income (expense) |
|
(722 |
) |
|
|
110 |
|
|
|
|
|
Income before taxes |
|
9,202 |
|
|
|
8,425 |
|
|
|
|
|
Income tax expense |
|
2,220 |
|
|
|
1,741 |
|
|
|
|
|
Net earnings |
|
6,982 |
|
|
|
6,684 |
|
Less: net earnings
attributable to noncontrolling interests |
|
18 |
|
|
|
328 |
|
Net earnings attributable to
VPG stockholders |
$ |
6,964 |
|
|
$ |
6,356 |
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.51 |
|
|
$ |
0.47 |
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.51 |
|
|
$ |
0.46 |
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
13,586 |
|
|
|
13,637 |
|
Weighted average shares
outstanding - diluted |
|
13,652 |
|
|
|
13,675 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
April 1, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
93,281 |
|
|
$ |
88,562 |
|
Accounts receivable, net |
|
59,347 |
|
|
|
60,068 |
|
Inventories: |
|
|
|
Raw materials |
|
32,983 |
|
|
|
31,852 |
|
Work in process |
|
29,453 |
|
|
|
26,401 |
|
Finished goods |
|
24,995 |
|
|
|
26,407 |
|
Inventories, net |
|
87,431 |
|
|
|
84,660 |
|
|
|
|
|
Prepaid expenses and other current assets |
|
17,352 |
|
|
|
18,516 |
|
Total current assets |
|
257,411 |
|
|
|
251,806 |
|
|
|
|
|
Property and equipment: |
|
|
|
Land |
|
4,138 |
|
|
|
4,117 |
|
Buildings and improvements |
|
72,019 |
|
|
|
71,613 |
|
Machinery and equipment |
|
127,333 |
|
|
|
125,301 |
|
Software |
|
9,674 |
|
|
|
9,539 |
|
Construction in progress |
|
10,472 |
|
|
|
10,075 |
|
Accumulated depreciation |
|
(136,642 |
) |
|
|
(133,518 |
) |
Property and equipment,
net |
|
86,994 |
|
|
|
87,127 |
|
|
|
|
|
Goodwill |
|
45,567 |
|
|
|
45,544 |
|
Intangible assets, net |
|
47,298 |
|
|
|
48,217 |
|
Operating lease right-of-use
assets |
|
24,189 |
|
|
|
24,342 |
|
Other assets |
|
19,310 |
|
|
|
19,706 |
|
Total assets |
$ |
480,769 |
|
|
$ |
476,742 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
April 1, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
11,184 |
|
|
$ |
13,792 |
|
Payroll and related expenses |
|
21,704 |
|
|
|
21,966 |
|
Other accrued expenses |
|
22,364 |
|
|
|
20,306 |
|
Income taxes |
|
1,002 |
|
|
|
4,064 |
|
Current portion of operating lease liabilities |
|
4,108 |
|
|
|
4,208 |
|
Total current liabilities |
|
60,362 |
|
|
|
64,336 |
|
|
|
|
|
Long-term debt, less current
portion |
|
60,803 |
|
|
|
60,799 |
|
Deferred income taxes |
|
3,929 |
|
|
|
4,212 |
|
Operating lease
liabilities |
|
19,817 |
|
|
|
20,043 |
|
Other liabilities |
|
13,044 |
|
|
|
13,053 |
|
Accrued pension and other
postretirement costs |
|
7,921 |
|
|
|
7,777 |
|
Total liabilities |
|
165,876 |
|
|
|
170,220 |
|
|
|
|
|
Equity: |
|
|
|
Common stock |
|
1,328 |
|
|
|
1,325 |
|
Class B convertible common stock |
|
103 |
|
|
|
103 |
|
Treasury stock |
|
(11,504 |
) |
|
|
(11,504 |
) |
Capital in excess of par value |
|
201,065 |
|
|
|
201,164 |
|
Retained earnings |
|
163,323 |
|
|
|
156,359 |
|
Accumulated other comprehensive loss |
|
(39,395 |
) |
|
|
(40,900 |
) |
Total Vishay Precision Group,
Inc. stockholders' equity |
|
314,920 |
|
|
|
306,547 |
|
Noncontrolling interests |
|
(27 |
) |
|
|
(25 |
) |
Total equity |
|
314,893 |
|
|
|
306,522 |
|
Total liabilities and
equity |
$ |
480,769 |
|
|
$ |
476,742 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Cash Flows |
|
|
|
(Unaudited - In thousands) |
|
|
|
|
|
|
|
|
Three Fiscal Months Ended |
|
April 1, 2023 |
|
April 2, 2022 |
Operating
activities |
|
|
|
Net earnings |
$ |
6,982 |
|
|
$ |
6,684 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
3,858 |
|
|
|
3,823 |
|
Gain on sale of property and equipment |
|
— |
|
|
|
7 |
|
Reclassification of foreign currency translation adjustment related
to disposal of subsidiary |
|
— |
|
|
|
191 |
|
Share-based compensation expense |
|
681 |
|
|
|
497 |
|
Inventory write-offs for obsolescence |
|
425 |
|
|
|
396 |
|
Deferred income taxes |
|
383 |
|
|
|
25 |
|
Foreign currency impacts and other items |
|
(1,022 |
) |
|
|
(844 |
) |
Net changes in operating
assets and liabilities: |
|
|
|
Accounts receivable |
|
1,201 |
|
|
|
(1,546 |
) |
Inventories |
|
(2,854 |
) |
|
|
(3,755 |
) |
Prepaid expenses and other current assets |
|
1,260 |
|
|
|
(2,367 |
) |
Trade accounts payable |
|
(1,713 |
) |
|
|
(358 |
) |
Other current liabilities |
|
(695 |
) |
|
|
(2,641 |
) |
Other non current assets and liabilities, net |
|
(201 |
) |
|
|
(131 |
) |
Accrued pension and other postretirement costs, net |
|
138 |
|
|
|
(254 |
) |
Net cash provided by (used in)
operating activities |
|
8,443 |
|
|
|
(273 |
) |
|
|
|
|
Investing
activities |
|
|
|
Capital expenditures |
|
(3,501 |
) |
|
|
(4,303 |
) |
Proceeds from sale of property
and equipment |
|
— |
|
|
|
10 |
|
Net cash used in investing
activities |
|
(3,501 |
) |
|
|
(4,293 |
) |
|
|
|
|
Financing
activities |
|
|
|
Distributions to
noncontrolling interests |
|
(20 |
) |
|
|
(246 |
) |
Payments of employee taxes on
certain share-based arrangements |
|
(825 |
) |
|
|
(435 |
) |
Net cash used in financing
activities |
|
(845 |
) |
|
|
(681 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
622 |
|
|
|
(907 |
) |
Increase (decrease) in cash
and cash equivalents |
|
4,719 |
|
|
|
(6,154 |
) |
|
|
|
|
Cash and cash equivalents at
beginning of period |
|
88,562 |
|
|
|
84,335 |
|
Cash and cash equivalents at
end of period |
$ |
93,281 |
|
|
$ |
78,181 |
|
|
|
|
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures accrued
but not yet paid |
$ |
806 |
|
|
$ |
850 |
|
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 |
April 1, 2023 |
|
April 2, 2022 |
|
April 1, 2023 |
|
April 2, 2022 |
|
April 1, 2023 |
|
April 2, 2022 |
|
April 1, 2023 |
|
April 2, 2022 |
As reported - GAAP |
$ |
37,199 |
|
|
$ |
35,250 |
|
|
$ |
9,924 |
|
|
$ |
8,315 |
|
|
$ |
6,964 |
|
|
$ |
6,356 |
|
|
$ |
0.51 |
|
$ |
0.46 |
|
As reported - GAAP
Margins |
|
41.9 |
% |
|
|
40.2 |
% |
|
|
11.2 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
49 |
|
|
|
371 |
|
|
|
49 |
|
|
|
371 |
|
|
|
49 |
|
|
|
371 |
|
|
|
— |
|
|
0.03 |
|
COVID-19 impact |
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
0.01 |
|
Start-up costs |
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
0.01 |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
116 |
|
|
|
261 |
|
|
|
116 |
|
|
|
261 |
|
|
|
0.01 |
|
|
0.02 |
|
Foreign currency exchange
(gain)/loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(62 |
) |
|
|
(554 |
) |
|
|
— |
|
|
(0.04 |
) |
Less: Tax effect of
reconciling items and discrete tax items |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
32 |
|
|
|
76 |
|
|
|
— |
|
|
— |
|
As Adjusted - Non GAAP |
$ |
37,248 |
|
|
$ |
35,909 |
|
|
$ |
10,089 |
|
|
$ |
9,235 |
|
|
$ |
7,035 |
|
|
$ |
6,646 |
|
|
$ |
0.52 |
|
$ |
0.49 |
|
As Adjusted - Non GAAP
Margins |
|
41.9 |
% |
|
|
41.0 |
% |
|
|
11.4 |
% |
|
|
10.5 |
% |
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted Gross Profit by segment |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
April 1, 2023 |
|
April 2, 2022 |
|
December 31, 2022 |
Sensors |
|
|
|
|
|
As reported - GAAP |
$ |
15,144 |
|
|
$ |
14,286 |
|
|
$ |
13,645 |
|
As reported - GAAP
Margins |
|
41.2 |
% |
|
|
37.8 |
% |
|
|
37.6 |
% |
Start-up costs |
|
— |
|
|
|
150 |
|
|
|
— |
|
COVID-19 impact |
$ |
— |
|
|
$ |
121 |
|
|
$ |
— |
|
As Adjusted - Non GAAP |
$ |
15,144 |
|
|
$ |
14,557 |
|
|
$ |
13,645 |
|
As Adjusted - Non GAAP
Margins |
|
41.2 |
% |
|
|
38.6 |
% |
|
|
37.6 |
% |
|
|
|
|
|
|
Weighing
Solutions |
|
|
|
|
|
As reported - GAAP |
$ |
11,129 |
|
|
$ |
12,079 |
|
|
$ |
11,043 |
|
As reported - GAAP
Margins |
|
34.9 |
% |
|
|
36.9 |
% |
|
|
33.4 |
% |
As Adjusted - Non GAAP |
$ |
11,129 |
|
|
$ |
12,079 |
|
|
$ |
11,043 |
|
As Adjusted - Non GAAP
Margins |
|
34.9 |
% |
|
|
36.9 |
% |
|
|
33.4 |
% |
|
|
|
|
|
|
Measurement
Systems |
|
|
|
|
|
As reported - GAAP |
$ |
10,926 |
|
|
$ |
8,885 |
|
|
$ |
15,009 |
|
As reported - GAAP
Margins |
|
53.9 |
% |
|
|
51.8 |
% |
|
|
55.9 |
% |
Acquisition purchase
accounting adjustments |
|
49 |
|
|
|
371 |
|
|
|
240 |
|
COVID-19 impact |
$ |
— |
|
|
$ |
17 |
|
|
$ |
— |
|
As Adjusted - Non GAAP |
$ |
10,975 |
|
|
$ |
9,273 |
|
|
$ |
15,249 |
|
As Adjusted - Non GAAP
Margins |
|
54.1 |
% |
|
|
54.1 |
% |
|
|
56.8 |
% |
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted EBITDA |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
Fiscal quarter ended |
|
April 1, 2023 |
|
April 2, 2022 |
|
December 31, 2022 |
Net earnings attributable to VPG stockholders |
$ |
6,964 |
|
|
$ |
6,356 |
|
|
$ |
8,834 |
|
Interest Expense |
|
997 |
|
|
|
329 |
|
|
|
876 |
|
Income tax expense |
|
2,220 |
|
|
|
1,741 |
|
|
|
1,884 |
|
Depreciation |
|
2,919 |
|
|
|
2,853 |
|
|
|
2,882 |
|
Amortization |
|
939 |
|
|
|
970 |
|
|
|
952 |
|
EBITDA |
|
14,039 |
|
|
$ |
12,249 |
|
|
$ |
15,428 |
|
EBITDA MARGIN |
|
15.8 |
% |
|
|
14.0 |
% |
|
|
16.0 |
% |
Acquisition purchase
accounting adjustments |
|
49 |
|
|
|
371 |
|
|
|
240 |
|
Restructuring costs |
|
116 |
|
|
|
261 |
|
|
|
188 |
|
COVID-19 impact |
|
— |
|
|
|
138 |
|
|
|
— |
|
Start-up costs |
|
— |
|
|
|
150 |
|
|
|
— |
|
Foreign currency exchange
(gain)/loss |
|
(62 |
) |
|
|
(554 |
) |
|
|
1,616 |
|
ADJUSTED EBITDA |
$ |
14,142 |
|
|
$ |
12,615 |
|
|
$ |
17,472 |
|
ADJUSTED EBITDA MARGIN |
|
15.9 |
% |
|
|
14.4 |
% |
|
|
18.2 |
% |
Vishay Precision (NYSE:VPG)
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