Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and sensor-based systems, today announced its
results for its fiscal 2020 third quarter ended September 26,
2020.
Third Quarter Highlights:
- Revenues of $67.5 million increased 0.2% from a year ago.
- Gross profit margin, on both an as-reported and adjusted*
basis, was 40.5% as compared to 38.3% reported a year ago.
- Operating margin was 12.0% as compared to 9.2% reported a year
ago.
- Adjusted operating margin* was 11.7%, as compared to 10.0%
reported a year ago.
- Diluted earnings per share of $0.41 as compared to $0.33
reported a year ago.
- Adjusted diluted earnings per share* of $0.40, as compared to
$0.37 reported a year ago.
- Cash from operating activities was $6.1 million with adjusted
free cash flow* of $1.4 million.
Ziv Shoshani, Chief Executive Officer of VPG,
commented, "Our third-quarter sales reflected sequential growth
across all three of our reporting segments and was driven by
ongoing strength in our advanced sensors products. Our Force
Sensors operation in India, which had been impacted by
COVID-related constraints, is now operating at full capacity.
Orders in the third quarter grew sequentially driven primarily by
strength in our consumer-related markets, and the partial recovery
in some of our other end-markets which continue to face headwinds
from the pandemic."
Mr. Shoshani said: "I am pleased with our financial
performance for the third quarter, as we achieved solid margins,
grew our earnings per share and continued to generate strong cash
from operations. This performance reflects both the short-term cost
controls we have in place as well as the cost-savings initiatives
we have implemented across the business over the past few
years."
Third Quarter and Nine Month Financial
Trends:
The Company's third fiscal quarter 2020 net
earnings attributable to VPG stockholders were $5.6 million, or
$0.41 per diluted share, compared to $4.5 million, or $0.33 per
diluted share, in the third fiscal quarter of 2019. Foreign
currency exchange rates for the third quarter of 2020 increased net
income by $0.2 million, or $0.01 per diluted share, relative to the
prior year period.
In the nine fiscal months ended September 26, 2020
net earnings attributable to VPG stockholders were $10.7 million,
or $0.78 per diluted share, compared to $18.3 million, or $1.35 per
diluted share, in the nine fiscal months ended September 28,
2019. Foreign currency exchange rates for the nine fiscal months
ended September 26, 2020 decreased net income by $0.5 million, or
$0.04 per diluted share, relative to the prior year period.
The third fiscal quarter 2020 adjusted net
earnings* attributable to VPG stockholders were $5.5 million, or
$0.40 per diluted share, compared to $5.0 million, or $0.37 per
diluted share in the third fiscal quarter of 2019.
In the nine fiscal months ended September 26, 2020
adjusted net earnings* attributable to VPG stockholders were $12.0
million, or $0.88 per diluted share, compared to $19.4 million, or
$1.43 per diluted share in the nine fiscal months ended
September 28, 2019.
Segments
Foil Technology Products segment revenues increased
2.5% to $32.9 million in the third fiscal quarter of 2020, up from
$32.1 million in the third fiscal quarter of 2019; sequentially,
revenue increased 3.5% compared to $31.8 million in the second
quarter of 2020. The year-over-year and sequential increases in
revenues were primarily attributable to an increase in our advanced
sensors product line primarily in our consumer-related markets and
an increase in our Pacific Instruments product line in the
avionics, military and space market, which partially offset a
decrease in precision resistor sales in the test and measurement
market.
Gross profit margin for the Foil Technology
Products segment was 41.1% (or, 41.6% adjusted to exclude the
impact of COVID-19) for the third fiscal quarter of 2020, an
increase compared to 37.3% in the third fiscal quarter of 2019, and
a decrease compared to 41.8% (or, 41.7% adjusted to exclude the
impact of COVID-19) in the second fiscal quarter of 2020. The
year-over-year increase in adjusted gross profit margin was
primarily due to manufacturing efficiencies and cost controls.
Sequentially, adjusted gross profit margin was comparable to the
second quarter.
Force Sensors segment revenues decreased 14.5% to
$13.9 million in the third fiscal quarter of 2020, compared to
$16.2 million in the third fiscal quarter of 2019, reflecting the
impact of the COVID-19 pandemic on our India facility.
Sequentially, revenue increased 55.5% compared to $8.9 million in
the second quarter of 2020 as a result of COVID-19 mitigation
restrictions being lifted as of July 1, 2020 by the Indian
government and the subsequent ramping up of production without
limitations at our India operations during the third quarter of
2020. The sequential revenue increase reflected higher sales in the
industrial weighing and our other markets.
Gross profit margin for the Force Sensors segment
was 30.5% (or, 31.2% adjusted to exclude the impact of COVID-19)
for the third fiscal quarter of 2020, which was an increase
compared to 30.4% in the third fiscal quarter of 2019, and 11.6%
(or, 19.6% adjusted to exclude the impact of COVID-19) in the
second fiscal quarter of 2020. The year-over-year increase in
adjusted gross profit margin was primarily due to cost controls and
a positive impact of foreign exchange, partially offset by lower
volume due to the COVID-19 impacts mentioned above and a reduction
in export grants. Sequentially, adjusted gross profit margin
increased primarily due to higher volume.
Weighing and Control Systems segment revenues
increased 8.8% year-over-year to $20.8 million in the third fiscal
quarter of 2020, up from $19.1 million in the third fiscal quarter
of 2019. Sequentially, revenue increased 12.5% from $18.4 million
in the second fiscal quarter of 2020. The year-over-year increase
in revenues was primarily attributable to the additional revenues
of Dynamic Systems Inc. ("DSI") acquired in November 2019, which
was partially offset by lower volume of our onboard weighing
products for the transportation market and lower KELK steel-related
sales. The sequential increase in revenue was primarily
attributable to the DSI product line and an increase in sales of
our onboard weighing products for the transportation market, which
was partially offset by lower KELK steel-related sales.
The third fiscal quarter 2020 gross profit margin
for the Weighing and Control Systems segment was 46.2% (or, 44.9%
adjusted to exclude the purchasing accounting adjustments related
to the DSI acquisition and the impact of COVID-19), compared to
46.6% from the third fiscal quarter of 2019, and 47.6% (or, 47.3%
adjusted to exclude the purchase accounting adjustments related to
the DSI acquisition and the impact of COVID-19) in the second
fiscal quarter of 2020. The year-over-year decrease in adjusted
gross profit margin was mostly due to unfavorable product mix,
partially offset by higher volume. The sequential decrease in
adjusted gross profit margin was due to unfavorable product mix and
a reduction in inventory, partially offset by higher volume.
Impacts From the Global COVID-19
Pandemic:
As the COVID-19 pandemic began to unfold around the
world, the Company took measures to protect its employees and
customers. Those measures included suspending business travel,
enabling certain employees to work from home, implementing
workplace distancing, and adjusting work shifts to minimize
employees’ contact with other employees. While the majority of the
Company’s operations were able to operate despite the impacts from
the COVID-19 pandemic, the Company’s Force Sensors manufacturing
facility in India had operated at partial capacity as a result of
government-mandated restrictions. In the third quarter of 2020,
these restrictions reduced Force Sensors revenue by approximately
$2.5 million and Force Sensors operating income by approximately
$1.0 million due to the lower volume. For the first nine months of
2020, these restrictions impacted Force Sensors revenue in
aggregate by approximately $10 million from pre-COVID runrate
levels and reduced its operating income by approximately $4 million
due to the lower revenue. The Company received approval from the
Indian government to operate its facility without limitation on
July 1, 2020, and as of the end of the third quarter the facility
was operating at full capacity.
As of November 3, 2020, all of the Company’s
facilities are operating without limitations with the Company
implementing COVID-19 best practices with respect to working
conditions and enabling some employees to work remotely where
possible. Nonetheless, given the impacts to date and the ongoing
uncertainty concerning the magnitude of the impact and duration of
the COVID-19 pandemic, the ongoing economic disruption may continue
to adversely affect the Company’s business and financial
results.
Near-Term Outlook“Despite the
ongoing uncertainties and economic impacts of the global pandemic,
we expect net revenues to grow sequentially and be in the range of
$69 million to $75 million for the fourth fiscal quarter of 2020,
at constant third fiscal quarter 2020 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
DSI acquisition and the impacts of COVID-19 costs. We define
"adjusted operating margin" as operating margin before purchase
accounting adjustments, COVID-19 costs, restructuring costs, and
executive severance costs. We define "adjusted net earnings” and
"adjusted net earnings per share" as net earnings attributable to
VPG stockholders before purchase accounting adjustments, COVID-19
costs, restructuring costs, executive severance costs, and
associated tax effects. "Adjusted free cash flow" for the third
fiscal quarter of 2020 is defined as the amount of cash generated
from operating activities ($6.1 million), in excess of our capital
expenditures ($4.8 million), net of proceeds, if any, from the sale
of assets ($0.1 million). Management believes that these non-GAAP
measures are useful to investors because each presents what
management views as our core operating performance 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 today (November 3)
at 10:00 a.m. ET (9:00 a.m. CT). To access the conference call,
interested parties may call 1-888-317-6003 or internationally
1-412-317-6061 and use passcode 4268514, or log on to the investor
relations page of the VPG website at www.vpgsensors.com. A replay
will be available approximately one hour after the completion of
the call by calling toll-free 1-877-344-7529 or internationally
1-412-317-0088 and by using the passcode 10148294. The replay will
also be available on the investor relations page of the VPG website
at www.vpgsensors.com for a limited time.
About VPG
Vishay Precision Group, Inc. (VPG) is an
internationally recognized designer, manufacturer and marketer of:
components based on its resistive foil technology; sensors; and
sensor-based measurement systems specializing in the growing
markets of stress, force, weight, pressure, and current
measurements. VPG is a market leader of foil technology products,
providing ongoing technology innovations in precision foil
resistors and foil strain gages, which are the foundation of the
company's force sensors products and its’ weighing and control
systems. The product portfolio consists of a variety of
well-established brand names recognized for precision and quality
in the marketplace. To learn more, visit VPG at
www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us,
including but not limited to statements in this report, or other
statements made by or on our behalf, may contain "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; difficulties or delays in identifying,
negotiating and completing acquisitions and integrating acquired
companies (including DSI); 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; 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; the Company’s 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;
the Company’s ability to execute its business continuity,
operational and budget plans in light of the COVID-19 pandemic; 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, 2019 and Quarterly
Report on Form 10-Q for the fiscal quarter ended March 28, 2020. 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 |
|
September 26, 2020 |
|
September 28, 2019 |
Net revenues |
$ |
67,525 |
|
|
$ |
67,421 |
|
Costs of products sold |
40,176 |
|
|
41,631 |
|
Gross profit |
27,349 |
|
|
25,790 |
|
Gross profit margin |
40.5 |
% |
|
38.3 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
19,144 |
|
|
19,057 |
|
Executive severance costs |
— |
|
|
— |
|
Restructuring costs |
84 |
|
|
547 |
|
Operating income |
8,121 |
|
|
6,186 |
|
Operating margin |
12.0 |
% |
|
9.2 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
(309 |
) |
|
(324 |
) |
Other |
(39 |
) |
|
547 |
|
Other income (expense) |
(348 |
) |
|
223 |
|
|
|
|
|
Income before taxes |
7,773 |
|
|
6,409 |
|
|
|
|
|
Income tax expense |
2,109 |
|
|
1,879 |
|
|
|
|
|
Net earnings |
5,664 |
|
|
4,530 |
|
Less: net earnings attributable to noncontrolling interests |
66 |
|
|
21 |
|
Net earnings attributable to
VPG stockholders |
$ |
5,598 |
|
|
$ |
4,509 |
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.41 |
|
|
$ |
0.33 |
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.41 |
|
|
$ |
0.33 |
|
|
|
|
|
Weighted average shares
outstanding - basic |
13,575 |
|
|
13,523 |
|
Weighted average shares
outstanding - diluted |
13,637 |
|
|
13,607 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Operations |
|
|
|
(Unaudited - In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Nine fiscal months ended |
|
September 26, 2020 |
|
September 28, 2019 |
Net revenues |
$ |
194,367 |
|
|
$ |
214,816 |
|
Costs of products sold |
118,843 |
|
|
127,366 |
|
Gross profit |
75,524 |
|
|
87,450 |
|
Gross profit margin |
38.9 |
% |
|
40.7 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
58,075 |
|
|
59,401 |
|
Executive severance costs |
— |
|
|
611 |
|
Restructuring costs |
713 |
|
|
547 |
|
Operating income |
16,736 |
|
|
26,891 |
|
Operating margin |
8.6 |
% |
|
12.5 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
(1,037 |
) |
|
(1,071 |
) |
Other |
(629 |
) |
|
(385 |
) |
Other income (expense) |
(1,666 |
) |
|
(1,456 |
) |
|
|
|
|
Income before taxes |
15,070 |
|
|
25,435 |
|
|
|
|
|
Income tax expense |
4,367 |
|
|
6,999 |
|
|
|
|
|
Net earnings |
10,703 |
|
|
18,436 |
|
Less: net earnings attributable to noncontrolling interests |
34 |
|
|
119 |
|
Net earnings attributable to
VPG stockholders |
$ |
10,669 |
|
|
$ |
18,317 |
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.79 |
|
|
$ |
1.36 |
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.78 |
|
|
$ |
1.35 |
|
|
|
|
|
Weighted average shares
outstanding - basic |
13,562 |
|
|
13,512 |
|
Weighted average shares
outstanding - diluted |
13,611 |
|
|
13,588 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
September 26, 2020 |
|
December 31, 2019 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
89,795 |
|
|
$ |
86,910 |
|
Accounts receivable, net |
44,966 |
|
|
43,198 |
|
Inventories: |
|
|
|
Raw materials |
22,770 |
|
|
21,701 |
|
Work in process |
24,627 |
|
|
23,128 |
|
Finished goods |
19,062 |
|
|
22,066 |
|
Inventories, net |
66,459 |
|
|
66,895 |
|
|
|
|
|
Prepaid expenses and other current assets |
15,613 |
|
|
15,558 |
|
Total current assets |
216,833 |
|
|
212,561 |
|
|
|
|
|
Property and equipment, at
cost: |
|
|
|
Land |
4,217 |
|
|
4,243 |
|
Buildings and improvements |
64,586 |
|
|
52,708 |
|
Machinery and equipment |
113,519 |
|
|
111,492 |
|
Software |
9,718 |
|
|
9,384 |
|
Construction in progress |
2,261 |
|
|
2,485 |
|
Accumulated depreciation |
(125,583 |
) |
|
(119,042 |
) |
Property and equipment,
net |
68,718 |
|
|
61,270 |
|
|
|
|
|
Goodwill |
34,724 |
|
|
35,018 |
|
Intangible assets, net |
32,170 |
|
|
34,198 |
|
Operating lease right-of-use
assets |
21,846 |
|
|
8,691 |
|
Other assets |
18,415 |
|
|
18,675 |
|
Total assets |
$ |
392,706 |
|
|
$ |
370,413 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
September 26, 2020 |
|
December 31, 2019 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
9,108 |
|
|
$ |
8,869 |
|
Payroll and related expenses |
15,945 |
|
|
16,312 |
|
Other accrued expenses |
16,482 |
|
|
16,126 |
|
Income taxes |
1,153 |
|
|
261 |
|
Current portion of operating lease liabilities |
4,179 |
|
|
2,827 |
|
Current portion of long-term debt |
52 |
|
|
44,516 |
|
Total current liabilities |
46,919 |
|
|
88,911 |
|
|
|
|
|
Long-term debt, less current
portion |
40,604 |
|
|
17 |
|
Deferred income taxes |
3,477 |
|
|
3,478 |
|
Operating lease
liabilities |
18,385 |
|
|
5,811 |
|
Other liabilities |
14,894 |
|
|
14,775 |
|
Accrued pension and other
postretirement costs |
15,883 |
|
|
15,669 |
|
Total liabilities |
140,162 |
|
|
128,661 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Equity: |
|
|
|
Common stock |
1,317 |
|
|
1,312 |
|
Class B convertible common stock |
103 |
|
|
103 |
|
Treasury stock |
(8,765 |
) |
|
(8,765 |
) |
Capital in excess of par value |
197,514 |
|
|
197,125 |
|
Retained earnings |
99,957 |
|
|
89,288 |
|
Accumulated other comprehensive loss |
(37,742 |
) |
|
(37,703 |
) |
Total Vishay Precision Group,
Inc. stockholders' equity |
252,384 |
|
|
241,360 |
|
Noncontrolling interests |
160 |
|
|
392 |
|
Total equity |
252,544 |
|
|
241,752 |
|
Total liabilities and
equity |
$ |
392,706 |
|
|
$ |
370,413 |
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Cash Flows |
|
|
|
(Unaudited - In thousands) |
|
|
|
|
Nine Fiscal Months Ended |
|
September 26, 2020 |
|
September 28, 2019 |
Operating
activities |
|
|
|
Net earnings |
$ |
10,703 |
|
|
$ |
18,436 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
9,334 |
|
|
8,639 |
|
Loss from extinguishment of debt |
30 |
|
|
— |
|
Gain on sale of property and equipment |
(140 |
) |
|
(100 |
) |
Reclassification of foreign currency translation adjustment related
to disposal of subsidiary |
— |
|
|
(827 |
) |
Share-based compensation expense |
1,137 |
|
|
1,592 |
|
Inventory write-offs for obsolescence |
1,873 |
|
|
1,937 |
|
Deferred income taxes |
127 |
|
|
605 |
|
Other |
364 |
|
|
(2 |
) |
Net changes in operating
assets and liabilities: |
|
|
|
Accounts receivable, net |
(1,541 |
) |
|
8,348 |
|
Inventories, net |
(1,214 |
) |
|
(4,138 |
) |
Prepaid expenses and other current assets |
(75 |
) |
|
(5,788 |
) |
Trade accounts payable |
605 |
|
|
(1,353 |
) |
Other current liabilities |
1,631 |
|
|
(2,727 |
) |
Net cash provided by operating
activities |
22,834 |
|
|
24,622 |
|
|
|
|
|
Investing
activities |
|
|
|
Capital expenditures |
(15,815 |
) |
|
(8,621 |
) |
Proceeds from sale of property
and equipment |
423 |
|
|
265 |
|
Adjustment to purchase price
of a business |
156 |
|
|
— |
|
Net cash used in investing
activities |
(15,236 |
) |
|
(8,356 |
) |
|
|
|
|
Financing
activities |
|
|
|
Principal payments on
long-term debt |
(3,459 |
) |
|
(3,461 |
) |
Debt issuance costs |
(402 |
) |
|
— |
|
Purchase of noncontrolling
interest |
(253 |
) |
|
— |
|
Contributions from
(distributions to) noncontrolling interests |
35 |
|
|
(45 |
) |
Payments of employee taxes on
certain share-based arrangements |
(813 |
) |
|
(854 |
) |
Net cash used in financing
activities |
(4,892 |
) |
|
(4,360 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
179 |
|
|
(766 |
) |
Increase in cash and cash
equivalents |
2,885 |
|
|
11,140 |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
86,910 |
|
|
90,159 |
|
Cash and cash equivalents at
end of period |
$ |
89,795 |
|
|
$ |
101,299 |
|
|
|
|
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures
purchased |
$ |
(15,395 |
) |
|
$ |
(7,383 |
) |
Capital expenditures accrued
but not yet paid |
$ |
762 |
|
|
$ |
613 |
|
Supplemental
disclosure of financing transactions: |
|
|
|
Non-cash extinguishment of
long-term debt facility (see Note 7) |
$ |
(7,020 |
) |
|
$ |
— |
|
Non-cash refinancing of
revolving facility (see Note 7) |
$ |
7,020 |
|
|
$ |
— |
|
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 |
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
As reported - GAAP |
$ |
27,349 |
|
|
$ |
25,790 |
|
|
$ |
8,121 |
|
|
$ |
6,186 |
|
|
$ |
5,598 |
|
|
$ |
4,509 |
|
|
$ |
0.41 |
|
|
$ |
0.33 |
|
As reported - GAAP
Margins |
40.5 |
% |
|
38.3 |
% |
|
12.0 |
% |
|
9.2 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
4 |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
COVID-19 impact |
(22 |
) |
|
|
|
(320 |
) |
|
|
|
(320 |
) |
|
|
|
(0.03 |
) |
|
|
Executive Severance costs |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
Restructuring costs |
|
|
— |
|
|
84 |
|
|
547 |
|
|
84 |
|
|
547 |
|
|
0.01 |
|
|
0.04 |
|
Less: Tax effect of
reconciling items and discrete tax items |
|
|
— |
|
|
|
|
— |
|
|
(84 |
) |
|
80 |
|
|
(0.01 |
) |
|
— |
|
As Adjusted - Non GAAP |
$ |
27,331 |
|
|
$ |
25,790 |
|
|
$ |
7,889 |
|
|
$ |
6,733 |
|
|
$ |
5,450 |
|
|
$ |
4,976 |
|
|
$ |
0.40 |
|
|
$ |
0.37 |
|
As Adjusted - Non GAAP
Margins |
40.5 |
% |
|
38.3 |
% |
|
11.7 |
% |
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Nine fiscal months
ended |
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
|
September 26, 2020 |
|
September 28, 2019 |
As reported - GAAP |
$ |
75,524 |
|
|
$ |
87,450 |
|
|
$ |
16,736 |
|
|
$ |
26,891 |
|
|
$ |
10,669 |
|
|
$ |
18,317 |
|
|
$ |
0.78 |
|
|
$ |
1.35 |
|
As reported - GAAP
Margins |
38.9 |
% |
|
40.7 |
% |
|
8.6 |
% |
|
12.5 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
560 |
|
|
— |
|
|
560 |
|
|
— |
|
|
560 |
|
|
— |
|
|
0.04 |
|
|
— |
|
COVID-19 impact |
536 |
|
|
|
|
123 |
|
|
|
|
123 |
|
|
|
|
0.01 |
|
|
|
Executive Severance costs |
— |
|
|
— |
|
|
|
|
611 |
|
|
|
|
611 |
|
|
— |
|
|
0.04 |
|
Restructuring costs |
— |
|
|
— |
|
|
713 |
|
|
547 |
|
|
713 |
|
|
547 |
|
|
0.05 |
|
|
0.04 |
|
Less: Tax effect of
reconciling items and discrete tax items |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59 |
|
|
80 |
|
|
— |
|
|
— |
|
As Adjusted - Non GAAP |
$ |
76,620 |
|
|
$ |
87,450 |
|
|
$ |
18,132 |
|
|
$ |
28,049 |
|
|
$ |
12,006 |
|
|
$ |
19,395 |
|
|
0.88 |
|
|
$ |
1.43 |
|
As Adjusted - Non GAAP
Margins |
39.4 |
% |
|
40.7 |
% |
|
9.3 |
% |
|
13.1 |
% |
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted Gross Profit by segment |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
September 26, 2020 |
|
September 28, 2019 |
|
June 27, 2020 |
Foil Technology
Products |
|
|
|
|
|
As reported - GAAP |
$ |
13,515 |
|
|
$ |
11,970 |
|
|
$ |
13,286 |
|
As reported - GAAP
Margins |
41.1 |
% |
|
37.3 |
% |
|
41.8 |
% |
COVID-19 impact |
159 |
|
|
— |
|
|
(39 |
) |
As Adjusted - Non GAAP |
$ |
13,674 |
|
|
$ |
11,970 |
|
|
$ |
13,247 |
|
As Adjusted - Non GAAP
Margins |
41.6 |
% |
|
37.3 |
% |
|
41.7 |
% |
|
|
|
|
|
|
Force
Sensors |
|
|
|
|
|
As reported - GAAP |
$ |
4,235 |
|
|
$ |
4,932 |
|
|
$ |
1,038 |
|
As reported - GAAP
Margins |
30.5 |
% |
|
30.4 |
% |
|
11.6 |
% |
COVID-19 impact |
94 |
|
|
— |
|
|
706 |
|
As Adjusted - Non GAAP |
$ |
4,329 |
|
|
$ |
4,932 |
|
|
$ |
1,744 |
|
As Adjusted - Non GAAP
Margins |
31.2 |
% |
|
30.4 |
% |
|
19.6 |
% |
|
|
|
|
|
|
Weighing and Control
Systems |
|
|
|
|
|
As reported - GAAP |
$ |
9,599 |
|
|
$ |
8,888 |
|
|
$ |
8,786 |
|
As reported - GAAP
Margins |
46.2 |
% |
|
46.6 |
% |
|
47.6 |
% |
Acquisition purchase
accounting adjustments |
4 |
|
|
— |
|
|
41 |
|
COVID-19 impact |
(275 |
) |
|
— |
|
|
(109 |
) |
As Adjusted - Non GAAP |
$ |
9,328 |
|
|
$ |
8,888 |
|
|
$ |
8,718 |
|
As Adjusted - Non GAAP
Margins |
44.9 |
% |
|
46.6 |
% |
|
47.3 |
% |
Contact:
Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
steve.cantor@vpgsensors.com
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