Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision
measurement technologies, today announced its results for its
fiscal 2023 fourth quarter and twelve fiscal months ended
December 31, 2023.
Fourth Quarter Highlights:
- Revenues of $89.5 million decreased 7.0% from a year ago
- Gross profit margin was 43.0%, as compared to 41.2% a year
ago
- Adjusted gross profit margin* was 43.0%, as compared to 41.5% a
year ago
- Operating margin was 13.4%, as compared to 13.6% reported a
year ago
- Adjusted operating margin* was 13.6%, as compared to 14.0%
reported a year ago
- Diluted net earnings per share were $0.31, as compared to $0.65
reported a year ago
- Adjusted diluted net earnings per share* were $0.61, as
compared to $0.76 reported a year ago
- EBITDA* was $13.4 million with an EBITDA margin* of 15.0%
- Adjusted EBITDA* was $16.5 million with an adjusted EBITDA
margin* of 18.5%
- Cash from operating activities was $18.8 million with adjusted
free cash flow* of $13.5 million
2023 Full Year Highlights:
- Revenues of $355.0 million decreased 2.1% year-over-year
- Gross profit margin was 42.3%, as compared to 41.3% a year
ago
- Adjusted gross profit margin* was 42.4%, as compared to 41.8% a
year ago
- Operating margin was 11.8%, as compared to 12.1% reported last
year
- Adjusted operating margin* was 12.4%, as compared to 13.0%
reported last year
- Diluted net earnings per share were $1.88, as compared to $2.63
reported a year ago
- Adjusted diluted net earnings per share* were $2.17, as
compared to $2.62 reported a year ago
- EBITDA* was $57.7 million with an EBITDA margin* of 16.2%
- Adjusted EBITDA* was $60.4 million with an adjusted EBITDA
margin* of 17.0%
- Cash from operating activities was $45.9 million with adjusted
free cash flow* of $30.8 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, "We
achieved solid financial results and record adjusted free cash flow
in fiscal 2023, despite a more challenging macro environment in the
second half of the year. For the fourth quarter, we grew revenue
4.3% compared to the third quarter of 2023, and delivered adjusted
diluted net earnings per share* of $0.61. Reflecting our strong
cash flow, we delivered adjusted EBITDA* of $16.5 million, an
adjusted EBITDA margin* of 18.5%, and $13.5 million of adjusted
free cash flow*. We continued to deploy our capital to create
stockholder value in the fourth quarter with $4.7 million of stock
repurchases and the $22.0 million repayment of our revolving credit
facility that is expected to significantly reduce interest expense
in 2024.
Fourth quarter bookings of $75.2 million declined 2.2%
sequentially. While orders in our Measurement Systems segment
declined due to timing of customer projects, orders in our Sensors
and Weighing Solutions segment grew slightly, reflecting a modestly
improved business environment. We expect to see further improvement
in the second half of 2024 given our expanding pipeline of
long-term opportunities for our precision measurement and sensor
technologies, as we engage new and existing customers with
solutions that make the world safer, smarter, and more
productive."
The Company's fourth fiscal quarter 2023 net earnings
attributable to VPG stockholders were $4.2 million, or $0.31 per
diluted share, compared to $8.8 million, or $0.65 per diluted
share, in the fourth fiscal quarter of 2022.
In the fiscal year ended December 31, 2023, net earnings
attributable to VPG stockholders were $25.7 million, or $1.88 per
diluted share, compared to $36.1 million, or $2.63 per diluted
share, in the fiscal year ended December 31, 2022.
The fourth fiscal quarter 2023 adjusted net earnings*
attributable to VPG stockholders were $8.2 million, or $0.61 per
diluted share, compared to adjusted net earnings* attributable to
VPG stockholders of $10.4 million, or $0.76 per diluted share, for
the comparable prior year period.
In the fiscal year ended December 31, 2023, adjusted net
earnings* attributable to VPG stockholders were $29.7 million, or
$2.17 per diluted share, compared to adjusted net earnings*
attributable to VPG stockholders of $35.9 million, or $2.62 per
diluted share, for the comparable prior year period.
Segment PerformanceThe Sensors segment revenues
of $34.3 million in the fourth fiscal quarter of 2023 decreased
5.7% from the prior year of $36.3 million and increased 5.3%
sequentially from $32.5 million in the third quarter of 2023. The
year-over-year decrease in revenues was primarily attributable to
lower sales of advanced sensors in our Other markets for consumer
applications, and in our Avionics, Military and Space ("AMS")
market, and in our General Industrial market, which offset higher
sales of precision resistors in the Test and Measurement market.
Sequentially, the increase in revenues primarily reflected higher
precision resistor sales in the Test and Measurement market.
Gross profit margin for the Sensors segment of 40.2% for the
fourth fiscal quarter of 2023 was higher compared to 37.6% in the
fourth fiscal quarter of 2022, and higher compared to 35.9% in the
third fiscal quarter of 2023. The year-over-year increase in gross
profit margin was primarily due to favorable foreign exchange rates
and improved manufacturing efficiencies, which offset the impact of
lower volume. Sequentially, the increase in gross profit margin was
primarily due to higher volume and improved manufacturing
efficiencies.
The Weighing Solutions segment revenues of $30.4 million in the
fourth fiscal quarter of 2023 decreased 8.0% from $33.1 million in
the prior year and increased 5.1% from $29.0 million in the third
quarter of 2023. The year-over-year decline in revenues was
primarily attributable to lower revenues in our Industrial Weighing
market and lower revenues from OEM customers for precision
agriculture applications in our Other market segment. The
sequential increase in revenues was primarily attributable to
increased revenues from OEM customers for precision agriculture and
construction applications in our Other market segment and higher
revenue in our General Industrial market, partially offset by lower
sales in the Transportation market.
Gross profit margin for the Weighing Solutions segment was 35.6%
for the fourth fiscal quarter of 2023, an increase compared to
33.4% in the fourth fiscal quarter of 2022, and a decrease compared
to 38.7% in the third fiscal quarter of 2023. The year-over-year
increase in gross profit margin was primarily due to increased
selling prices, favorable foreign currency exchange rates, and
manufacturing efficiencies, partially offset by lower volume.
Sequentially, the decline in gross profit margin was primarily due
to a reduction in inventory and unfavorable product mix, partially
offset by higher volume.
The Measurement Systems segment revenues in the fourth fiscal
quarter of 2023 of $24.8 million decreased 7.5% from $26.8 million
in the prior year and increased 2.0% sequentially from $24.4
million in the third fiscal quarter of 2023. The
year-over-year decline in revenues was primarily attributable to
lower sales of Dynamic Systems Inc. ("DSI") and KELK products to
the steel market and lower sales of Diversified Technical Systems,
Inc. ("DTS") products to the Transportation market, which was
partially offset by higher sales of DTS products to the AMS market.
The sequential increase in revenue was primarily attributable to
higher sales of DTS products to the AMS market, which was partially
offset by lower sales of DSI and KELK products to the Steel
market.
Gross profit margin for the Measurement Systems segment was
56.0% for the fourth fiscal quarter of 2023, compared to 55.9% (or
56.8% adjusted to exclude the $0.2 million purchasing accounting
adjustments related to the DTS acquisition) in the fourth fiscal
quarter of 2022, and compared to 53.6% (or 54.5% adjusted to
exclude the $0.2 million of purchasing accounting adjustments
related to the DTS acquisition) from the third fiscal quarter of
2023. Year-over-year, the decline in adjusted gross profit margin*
was primarily due to lower volume. Sequentially, the higher
adjusted gross profit margin* in the fourth quarter of 2023
reflected higher volume and favorable product mix.
Near-Term Outlook“For the first fiscal quarter
of 2024 at constant fourth fiscal quarter 2023 exchange rates, we
expect net revenues to be in the range of $80 million to $90
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 DTS and DSI
acquisitions, 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 costs, restructuring costs, foreign currency
exchange gains and losses, and associated tax effects.
"Adjusted free cash flow" for the fourth fiscal quarter of 2023
is defined as the amount of cash generated from operating
activities ($18.8 million), in excess of our capital expenditures
($5.3 million), net of proceeds, if any, from the sale of assets
($0.0 million). "Adjusted free cash flow" for the fiscal year of
2023 is defined as the amount of cash generated from operating
activities ($45.9 million) in excess of our capital expenditures
($15.2 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 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 14, 2024
at 9:00 a.m. ET (8:00 a.m. CT). To access the conference call,
interested parties may call 1-833-470-1428 or internationally
+1-404-975-4839 and use passcode 809176, 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 +44-204-525-0658 and using the passcode 945428. The
replay will also be available on the investor relations page of the
VPG website at ir.vpgsensors.com 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
www.vpgsensors.com and follow us on LinkedIn.
Forward-Looking Statements
From time to time, information provided by us, including, but
not limited to, statements in this press release, or other
statements made by or on our behalf, may contain or constitute
"forward-looking" information within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks, uncertainties, and contingencies, many of which
are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those
anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions; impact of inflation; potential issues respecting the
United States federal government debt ceiling; global labor and
supply chain challenges; difficulties or delays in identifying,
negotiating and completing acquisitions and integrating acquired
companies; the inability to realize anticipated synergies and
expansion possibilities; difficulties in new product development;
changes in competition and technology in the markets that we serve
and the mix of our products required to address these changes;
changes in foreign currency exchange rates; political, economic,
and health (including pandemics) instabilities; instability caused
by military hostilities in the 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
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 Statements of
Operations |
|
|
|
(Unaudited - In thousands,
except per share amounts) |
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
December 31,2023 |
|
December 31,2022 |
Net revenues |
$ |
89,528 |
|
|
$ |
96,240 |
|
Costs of products sold |
|
51,032 |
|
|
|
56,542 |
|
Gross profit |
|
38,496 |
|
|
|
39,698 |
|
Gross profit margin |
|
43.0 |
% |
|
|
41.2 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
26,356 |
|
|
|
26,461 |
|
Restructuring costs |
|
129 |
|
|
|
188 |
|
Operating income |
|
12,011 |
|
|
|
13,049 |
|
Operating margin |
|
13.4 |
% |
|
|
13.6 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(779 |
) |
|
|
(876 |
) |
Other |
|
(2,509 |
) |
|
|
(1,448 |
) |
Other expense - net |
|
(3,288 |
) |
|
|
(2,324 |
) |
|
|
|
|
Income before taxes |
|
8,723 |
|
|
|
10,725 |
|
|
|
|
|
Income tax expense |
|
4,403 |
|
|
|
1,884 |
|
|
|
|
|
Net earnings |
|
4,320 |
|
|
|
8,841 |
|
Less: net earnings attributable to noncontrolling interests |
|
93 |
|
|
|
7 |
|
Net earnings attributable to VPG stockholders |
$ |
4,227 |
|
|
$ |
8,834 |
|
|
|
|
|
Basic earnings per share attributable to VPG stockholders |
$ |
0.31 |
|
|
$ |
0.65 |
|
Diluted earnings per share attributable to VPG stockholders |
$ |
0.31 |
|
|
$ |
0.65 |
|
|
|
|
|
Weighted average shares outstanding - basic |
|
13,509 |
|
|
|
13,579 |
|
Weighted average shares outstanding - diluted |
|
13,604 |
|
|
|
13,677 |
|
|
|
|
|
VISHAY PRECISION
GROUP, INC. |
|
|
|
Consolidated Statements of
Operations |
|
|
|
(Unaudited - In thousands,
except per share amounts) |
|
|
|
|
|
|
|
|
Years ended |
|
December 31,2023 |
|
December 31,2022 |
Net revenues |
$ |
355,048 |
|
|
$ |
362,580 |
|
Costs of products sold |
|
204,706 |
|
|
|
212,978 |
|
Gross profit |
|
150,342 |
|
|
|
149,602 |
|
Gross profit margin |
|
42.3 |
% |
|
|
41.3 |
% |
|
|
|
|
Selling, general, and
administrative expenses |
|
106,828 |
|
|
|
104,285 |
|
Restructuring costs |
|
1,560 |
|
|
|
1,518 |
|
Operating income |
|
41,954 |
|
|
|
43,799 |
|
Operating margin |
|
11.8 |
% |
|
|
12.1 |
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(3,974 |
) |
|
|
(2,269 |
) |
Other |
|
456 |
|
|
|
3,558 |
|
Other (expense) income - net |
|
(3,518 |
) |
|
|
1,289 |
|
|
|
|
|
Income before taxes |
|
38,436 |
|
|
|
45,088 |
|
|
|
|
|
Income tax expense |
|
12,426 |
|
|
|
8,535 |
|
|
|
|
|
Net earnings |
|
26,010 |
|
|
|
36,553 |
|
Less: net earnings
attributable to noncontrolling interests |
|
303 |
|
|
|
490 |
|
Net earnings attributable to
VPG stockholders |
$ |
25,707 |
|
|
$ |
36,063 |
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
1.89 |
|
|
$ |
2.65 |
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
1.88 |
|
|
$ |
2.63 |
|
|
|
|
|
Weighted average shares
outstanding - basic |
|
13,574 |
|
|
|
13,628 |
|
Weighted average shares
outstanding - diluted |
|
13,653 |
|
|
|
13,688 |
|
|
|
|
|
VISHAY PRECISION
GROUP, INC. |
|
|
|
Consolidated Balance
Sheets |
|
|
|
(In thousands, except per
share amounts) |
|
|
|
|
December 31,2023 |
|
December 31,2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
83,965 |
|
|
$ |
88,562 |
|
Accounts receivable |
|
56,438 |
|
|
|
60,068 |
|
Inventories: |
|
|
|
Raw materials |
|
33,973 |
|
|
|
31,852 |
|
Work in process |
|
26,594 |
|
|
|
26,401 |
|
Finished goods |
|
27,572 |
|
|
|
26,407 |
|
Inventories |
|
88,139 |
|
|
|
84,660 |
|
Prepaid expenses and other current assets |
|
14,520 |
|
|
|
18,516 |
|
Total current assets |
|
243,062 |
|
|
|
251,806 |
|
|
|
|
|
Property and equipment: |
|
|
|
Land |
|
4,154 |
|
|
|
4,117 |
|
Buildings and improvements |
|
72,952 |
|
|
|
71,613 |
|
Machinery and equipment |
|
131,738 |
|
|
|
125,301 |
|
Software |
|
9,619 |
|
|
|
9,539 |
|
Construction in progress |
|
11,379 |
|
|
|
10,075 |
|
Accumulated depreciation |
|
(139,206 |
) |
|
|
(133,518 |
) |
Property and equipment,
net |
|
90,636 |
|
|
|
87,127 |
|
|
|
|
|
Goodwill |
|
45,734 |
|
|
|
45,544 |
|
|
|
|
|
Intangible assets, net |
|
44,634 |
|
|
|
48,217 |
|
Operating lease right-of-use
assets |
|
26,953 |
|
|
|
24,342 |
|
Other assets |
|
20,547 |
|
|
|
19,706 |
|
Total assets |
$ |
471,566 |
|
|
$ |
476,742 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION
GROUP, INC. |
|
|
|
Consolidated Balance
Sheets |
|
|
|
(In thousands, except per
share amounts) |
|
|
|
|
December 31,2023 |
|
December 31,2022 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
11,698 |
|
|
$ |
13,792 |
|
Payroll and related expenses |
|
18,971 |
|
|
|
21,966 |
|
Other accrued expenses |
|
22,427 |
|
|
|
20,306 |
|
Income taxes |
|
4,524 |
|
|
|
4,064 |
|
Current portion of operating lease liabilities |
|
4,004 |
|
|
|
4,208 |
|
Total current liabilities |
|
61,624 |
|
|
|
64,336 |
|
|
|
|
|
Long-term debt |
|
31,856 |
|
|
|
60,799 |
|
Deferred income taxes |
|
3,490 |
|
|
|
4,212 |
|
Operating lease
liabilities |
|
22,625 |
|
|
|
20,043 |
|
Other liabilities |
|
14,770 |
|
|
|
13,053 |
|
Accrued pension and other
postretirement costs |
|
7,276 |
|
|
|
7,777 |
|
Total liabilities |
|
141,641 |
|
|
|
170,220 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Equity: |
|
|
|
Common stock |
|
1,330 |
|
|
|
1,325 |
|
Class B convertible common stock |
|
103 |
|
|
|
103 |
|
Treasury stock |
|
(17,460 |
) |
|
|
(11,504 |
) |
Capital in excess of par value |
|
202,672 |
|
|
|
201,164 |
|
Retained earnings |
|
182,066 |
|
|
|
156,359 |
|
Accumulated other comprehensive loss |
|
(38,869 |
) |
|
|
(40,900 |
) |
Total Vishay Precision Group, Inc. stockholders' equity |
|
329,842 |
|
|
|
306,547 |
|
Noncontrolling interests |
|
83 |
|
|
|
(25 |
) |
Total equity |
|
329,925 |
|
|
|
306,522 |
|
Total liabilities and
equity |
$ |
471,566 |
|
|
$ |
476,742 |
|
|
|
|
|
VISHAY PRECISION
GROUP, INC. |
|
|
|
Consolidated Statements of
Cash Flows |
|
|
|
(Unaudited - In
thousands) |
|
|
Years ended |
|
December 31,2023 |
|
December 31,2022 |
Operating
activities |
|
|
|
Net earnings |
$ |
26,010 |
|
|
$ |
36,553 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
15,550 |
|
|
|
15,353 |
|
Loss (gain) on disposal of property and equipment |
|
75 |
|
|
|
(117 |
) |
Gain on sale of short term investment |
|
(14 |
) |
|
|
— |
|
Reclassification of foreign currency translation adjustment related
to disposal of subsidiary |
|
— |
|
|
|
191 |
|
Share-based compensation expense |
|
2,290 |
|
|
|
2,439 |
|
Inventory write-offs for obsolescence |
|
2,099 |
|
|
|
1,650 |
|
Deferred income taxes |
|
(156 |
) |
|
|
(2,040 |
) |
Foreign currency impacts and other items |
|
660 |
|
|
|
(3,915 |
) |
Net changes in operating
assets and liabilities, net of acquisition: |
|
|
|
Accounts receivable |
|
3,794 |
|
|
|
(4,777 |
) |
Inventories |
|
(4,898 |
) |
|
|
(11,943 |
) |
Prepaid expenses and other current assets |
|
4,172 |
|
|
|
(2,808 |
) |
Trade accounts payable |
|
(2,658 |
) |
|
|
889 |
|
Other current liabilities |
|
56 |
|
|
|
3,393 |
|
Other non current assets and liabilities, net |
|
439 |
|
|
|
(1,413 |
) |
Accrued pension and other postretirement costs, net |
|
(1,526 |
) |
|
|
(426 |
) |
Net cash provided by operating
activities |
|
45,893 |
|
|
|
33,029 |
|
Investing
activities |
|
|
|
Capital expenditures |
|
(15,154 |
) |
|
|
(21,288 |
) |
Proceeds from sale of property
and equipment |
|
40 |
|
|
|
451 |
|
Purchase of short term
investment |
|
(1,000 |
) |
|
|
— |
|
Proceeds from sale of short
term investment |
|
1,014 |
|
|
|
— |
|
Net cash used in investing
activities |
|
(15,100 |
) |
|
|
(20,837 |
) |
Financing
activities |
|
|
|
Payments on revolving
facility |
|
(29,000 |
) |
|
|
— |
|
Purchase of treasury
stock |
|
(5,915 |
) |
|
|
(2,739 |
) |
Distributions to
noncontrolling interests |
|
(195 |
) |
|
|
(457 |
) |
Payments of employee taxes on
certain share-based arrangements |
|
(825 |
) |
|
|
(435 |
) |
Net cash used in financing
activities |
|
(35,935 |
) |
|
|
(3,631 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
545 |
|
|
|
(4,334 |
) |
(Decrease) increase in cash
and cash equivalents |
|
(4,597 |
) |
|
|
4,227 |
|
Cash and cash equivalents at
beginning of year |
|
88,562 |
|
|
|
84,335 |
|
Cash and cash equivalents at
end of year |
$ |
83,965 |
|
|
$ |
88,562 |
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures accrued
but not yet paid |
$ |
2,317 |
|
|
$ |
1,731 |
|
Supplemental
disclosure of financing transactions: |
|
|
|
Excise tax on net share
repurchases accrued but not yet paid |
$ |
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) |
|
GrossProfit |
|
OperatingIncome |
|
Net EarningsAttributable toVPG Stockholders |
|
DilutedEarnings Pershare |
Fiscal Year Ended December 31, |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
As reported - GAAP |
|
150,342 |
|
|
|
149,602 |
|
|
|
41,954 |
|
|
|
43,799 |
|
|
$ |
25,707 |
|
|
$ |
36,063 |
|
|
$ |
1.88 |
|
|
$ |
2.63 |
|
As reported - GAAP
Margins |
|
42.3 |
% |
|
|
41.3 |
% |
|
|
11.8 |
% |
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
335 |
|
|
|
1,550 |
|
|
|
335 |
|
|
|
1,550 |
|
|
|
335 |
|
|
|
1,550 |
|
|
|
0.02 |
|
|
|
0.11 |
|
COVID-19 impact |
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
0.01 |
|
Start-up costs |
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
0.01 |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
1,560 |
|
|
|
1,518 |
|
|
|
1,560 |
|
|
|
1,518 |
|
|
|
0.11 |
|
|
|
0.11 |
|
Foreign exchange
(gain)/loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
822 |
|
|
|
(3,579 |
) |
|
|
0.06 |
|
|
|
(0.26 |
) |
Less: Tax effect of
reconciling items and discrete tax items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,245 |
) |
|
|
(44 |
) |
|
|
(0.10 |
) |
|
|
(0.01 |
) |
As Adjusted - Non GAAP |
$ |
150,677 |
|
|
$ |
151,440 |
|
|
$ |
43,849 |
|
|
$ |
47,155 |
|
|
$ |
29,669 |
|
|
$ |
35,884 |
|
|
$ |
2.17 |
|
|
$ |
2.62 |
|
As Adjusted - Non GAAP
Margins |
|
42.4 |
% |
|
|
41.8 |
% |
|
|
12.4 |
% |
|
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
GrossProfit |
|
OperatingIncome |
|
Net EarningsAttributable toVPG Stockholders |
|
DilutedEarningsPer share |
Fiscal Quarter Ended December 31, |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
As reported - GAAP |
$ |
38,496 |
|
|
$ |
39,698 |
|
|
$ |
12,011 |
|
|
$ |
13,049 |
|
|
$ |
4,227 |
|
|
$ |
8,834 |
|
|
0.31 |
|
|
$ |
0.65 |
As reported - GAAP
Margins |
|
43.0 |
% |
|
|
41.2 |
% |
|
|
13.4 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
|
31 |
|
|
|
240 |
|
|
|
31 |
|
|
|
240 |
|
|
|
31 |
|
|
|
240 |
|
|
— |
|
|
|
0.02 |
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
129 |
|
|
|
188 |
|
|
|
129 |
|
|
|
188 |
|
|
0.01 |
|
|
|
0.01 |
Foreign exchange loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,961 |
|
|
|
1,616 |
|
|
0.21 |
|
|
|
0.11 |
Less: Tax effect of
reconciling items and discrete tax items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(887 |
) |
|
|
452 |
|
|
(0.08 |
) |
|
|
0.03 |
As Adjusted - Non GAAP |
$ |
38,527 |
|
|
$ |
39,938 |
|
|
$ |
12,171 |
|
|
$ |
13,477 |
|
|
$ |
8,235 |
|
|
$ |
10,426 |
|
$ |
0.61 |
|
|
$ |
0.76 |
As Adjusted - Non GAAP
Margins |
|
43.0 |
% |
|
|
41.5 |
% |
|
|
13.6 |
% |
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted Gross Profit by segment |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
December 31,2023 |
|
December 31,2022 |
|
September 30,2023 |
Sensors |
|
|
|
|
|
As reported - GAAP |
$ |
13,761 |
|
|
$ |
13,645 |
|
|
$ |
11,681 |
|
As reported - GAAP
Margins |
|
40.2 |
% |
|
|
37.6 |
% |
|
|
35.9 |
% |
As Adjusted - Non GAAP |
$ |
13,761 |
|
|
$ |
13,645 |
|
|
$ |
11,681 |
|
As Adjusted - Non GAAP
Margins |
|
40.2 |
% |
|
|
37.6 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
Weighing
Solutions |
|
|
|
|
|
As reported - GAAP |
$ |
10,834 |
|
|
$ |
11,043 |
|
|
$ |
11,207 |
|
As reported - GAAP
Margins |
|
35.6 |
% |
|
|
33.4 |
% |
|
|
38.7 |
% |
As Adjusted - Non GAAP |
$ |
10,834 |
|
|
$ |
11,043 |
|
|
$ |
11,207 |
|
As Adjusted - Non GAAP
Margins |
|
35.6 |
% |
|
|
33.4 |
% |
|
|
38.7 |
% |
|
|
|
|
|
|
Measurement
Systems |
|
|
|
|
|
As reported - GAAP |
$ |
13,906 |
|
|
$ |
15,009 |
|
|
$ |
13,047 |
|
As reported - GAAP
Margins |
|
56.0 |
% |
|
|
55.9 |
% |
|
|
53.6 |
% |
Acquisition purchase
accounting adjustments |
|
31 |
|
|
|
240 |
|
|
|
214 |
|
As Adjusted - Non GAAP |
$ |
13,937 |
|
|
$ |
15,249 |
|
|
$ |
13,261 |
|
As Adjusted - Non GAAP
Margins |
|
56.1 |
% |
|
|
56.8 |
% |
|
|
54.5 |
% |
|
|
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
|
|
Reconciliation of
Adjusted EBITDA |
|
|
|
|
(Unaudited - In
thousands) |
|
|
|
|
|
|
Fiscal quarter ended |
|
December 31,2023 |
|
December 31,2022 |
|
September 30,2023 |
Net earnings attributable to VPG stockholders |
$ |
4,227 |
|
|
$ |
8,834 |
|
|
$ |
6,280 |
|
Interest Expense |
|
779 |
|
|
|
876 |
|
|
|
1,119 |
|
Income tax expense |
|
4,403 |
|
|
|
1,884 |
|
|
|
2,419 |
|
Depreciation |
|
2,992 |
|
|
|
2,882 |
|
|
|
2,954 |
|
Amortization |
|
999 |
|
|
|
952 |
|
|
|
880 |
|
EBITDA |
|
13,400 |
|
|
$ |
15,428 |
|
|
$ |
13,652 |
|
EBITDA MARGIN |
|
15.0 |
% |
|
|
16.0 |
% |
|
|
15.9 |
% |
Acquisition purchase
accounting adjustments |
|
31 |
|
|
|
240 |
|
|
|
214 |
|
Restructuring costs |
|
129 |
|
|
|
188 |
|
|
|
1,153 |
|
Foreign exchange
loss/(gain) |
|
2,961 |
|
|
|
1,616 |
|
|
|
(1,283 |
) |
ADJUSTED EBITDA |
|
16,521 |
|
|
|
17,472 |
|
|
|
13,736 |
|
ADJUSTED EBITDA MARGIN |
|
18.5 |
% |
|
|
18.2 |
% |
|
|
16.0 |
% |
|
|
|
VISHAY
PRECISION GROUP, INC. |
|
|
Reconciliation of
Adjusted EBITDA |
|
|
(Unaudited - In
thousands) |
|
|
|
|
Year ended |
|
December 31,2023 |
|
December 31,2022 |
Net earnings attributable to VPG stockholders |
$ |
25,707 |
|
|
$ |
36,063 |
|
Interest Expense |
|
3,974 |
|
|
|
2,269 |
|
Income tax expense |
|
12,426 |
|
|
|
8,535 |
|
Depreciation |
|
11,798 |
|
|
|
11,504 |
|
Amortization |
|
3,752 |
|
|
|
3,849 |
|
EBITDA |
|
57,657 |
|
|
$ |
62,220 |
|
EBITDA MARGIN |
|
16.2 |
% |
|
|
17.2 |
% |
Acquisition purchase
accounting adjustments |
|
335 |
|
|
|
1,550 |
|
Restructuring costs |
|
1,560 |
|
|
|
1,518 |
|
COVID-19 impact |
|
— |
|
|
|
138 |
|
Start-up costs |
|
— |
|
|
|
150 |
|
Foreign exchange (gain)
loss |
|
822 |
|
|
|
(3,579 |
) |
ADJUSTED EBITDA |
|
60,374 |
|
|
|
61,997 |
|
ADJUSTED EBITDA MARGIN |
|
17.0 |
% |
|
|
17.1 |
% |
Vishay Precision (NYSE:VPG)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Vishay Precision (NYSE:VPG)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024