For Immediate Release
VPG Reports Fiscal 2017 First Quarter Results
MALVERN, Pa. (May 9, 2017) - Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and systems, today announced its results for its fiscal 2017 first quarter.
First Quarter Highlights:
Revenues grow to $59.8 million, up 5.6% versus last year and up 7.1% sequentially
Diluted EPS increase to $0.15 compared to prior year’s $0.04
Adjusted diluted EPS increase to $0.19* compared to prior year $0.13
Cash from operations grows to $2.9 million; free cash flow of $1.1 million*
Book-to-bill of 1.06 reflects improving conditions in several end-markets
Ziv Shoshani, chief executive officer of VPG, commented, “We are encouraged by a solid first quarter with all segments contributing to year-over-year and sequential revenue growth. We are pleased to see indications of an improved business environment in a number of our key end markets - including test and measurement, avionics, military and space, and steel - as reflected in a positive book-to-bill of 1.06 at the end of the first quarter. Our ongoing restructuring is driving profitability and cash flow improvements and we will continue to work to capture efficiency opportunities, better serve our customers and enhance our financial performance. We have begun 2017 well and, as we progress through the year, we believe we have an excellent opportunity to leverage our end market growth and drive value to our shareholders.”
First quarter 2017 net earnings attributable to VPG stockholders grew to $2.0 million, or $0.15 per diluted share, compared to $0.5 million, or $0.04 per diluted share, in the first fiscal quarter of 2016. Foreign currency exchange rates for the first quarter of 2017, as compared to the prior year period, had a negative impact on net income of $0.9 million, or $0.07 per diluted share.
First quarter 2017 adjusted net earnings attributable to VPG stockholders grew by 48.2% to $2.5 million, or $0.19 per diluted share, compared to adjusted net earnings attributable to VPG stockholders of $1.7 million, or $0.13 per diluted share, for the comparable prior year period.
The reconciliation table within this release reconciles the Company's non- GAAP measures, which are provided for comparison with other results, and the most directly comparable U.S. GAAP measures.
Foil Technology Products segment revenues grew 5.5% to $27.8 million in the first quarter of 2017, up from $26.3 million in the first quarter of 2016; sequential growth was 9.3% up from $25.4 million in the fourth quarter of 2016. The year-over-year increase in revenues was attributable to higher volume of $1.7 million, of which $1.1 million is attributable to Pacific Instruments, acquired on April 6, 2016; sequential growth was due to higher volume mainly in precision resistors in the test and measurement market.
Gross profit margin for the segment was 41.4% for the first quarter of 2017 compared to 42.3% in the first quarter of 2016 and 40.6% in the fourth quarter of 2016 (40.8% excluding the Pacific acquisition purchase accounting adjustment of $0.1 million). The gross profit margin for the quarter was down compared to the prior year due to a negative exchange rate impact and inventory reduction, partially offset by an increase in volume. The sequential gross profit margin increase is mainly due to the increase in volume.
Force Sensors segment revenues increased 4.3% to $15.5 million in the first quarter of 2017, up from $14.8 million in the first quarter of 2016; sequential growth was 4.7% up from $14.8 million in the fourth quarter of 2016. The year-over-year increase in revenues was attributable to higher volumes with OEM customers in the precision agriculture and construction end markets, offset by a negative exchange rate. The increase in sequential revenues was attributable to higher volumes with OEM customers in the construction end market. Gross profit margin in the first quarter increased to 23.9% from 18.4% in the
The following information was filed by Vishay Precision Group, Inc. (VPG) on Tuesday, May 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.