VPG Reports Fiscal 2025 Second Quarter Results

MALVERN, Pa., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement and sensing technologies, today announced its results for its fiscal 2025 second quarter ended June 28, 2025. Second Fiscal Quarter Highlights (comparisons are to the comparable period a year ago): Net revenues of $75.2 million decreased 2.8%.Gross profit margin was 40.7% as compared to 41.9%Adjusted gross profit margin* was 41.0%, as compared to 41.9%Operating margin was 3.6% as compared to 7.6%.Adjusted operating margin* was 4.8%, as compared to 7.6%.Diluted net earnings per share of $0.02 compared to $0.34.Adjusted diluted net earnings per share* of $0.17 compared to $0.31.EBITDA* was $5.2 million with an EBITDA margin* of 7.0%.Adjusted EBITDA* was $7.9 million with an adjusted EBITDA margin* of 10.5%.Cash from Operating Activities was $6.0 million with Adjusted Free Cash Flow* of $4.7 million. Ziv Shoshani, Chief Executive Officer of VPG, commented, “We were pleased with the positive sequential trends in the quarter, which reflected a moderately improved business climate. Second quarter sales grew 4.8% sequentially, and total orders of $79.9 million grew 7.5% sequentially, our third consecutive quarter of order growth. This resulted in a book-to-bill of 1.06, as our Measurement Systems and Sensors reporting segments recorded book-to-bill ratios of 1.20 and 1.12, respectively.” Mr. Shoshani said: “Compared to the first quarter of 2025, we improved our adjusted gross margin, adjusted operating margin, and adjusted EBITDA, despite a $500 thousand negative impact from tariffs. This performance reflected a record quarterly gross margin for our Weighing Solutions segment. In July 2025, we completed the sale of a building as part of our ongoing cost reduction and efficiency initiatives, and we used the $10.8 million in net proceeds to pay down our outstanding bank revolver balance, which is expected to save approximately $700 thousand in annual interest expense.” Second Fiscal Quarter and Six-Month Financial Trends:The Company's second fiscal quarter 2025 net earnings attributable to VPG stockholders was $0.3 million or $0.02 per diluted share, compared to net earnings of $4.6 million, or $0.34 per diluted share, in the second fiscal quarter of 2024. In the six fiscal months ended June 28, 2025, net loss attributable to VPG stockholders were $0.7 million, or $0.05 per diluted share, compared to net earnings attributable to VPG stockholders of $10.5 million, or $0.78 per diluted share, in the six fiscal months ended June 29, 2024. The second fiscal quarter 2025 adjusted net earnings* were $2.3 million, or $0.17 of adjusted diluted net earnings per share*, compared to $4.2 million or $ 0.31 of adjusted diluted net earnings per share* in the second fiscal quarter of 2024. In the six fiscal months ended June 28, 2025, adjusted net earnings* were $2.7 million, or $0.21 of adjusted diluted net earnings per share*, compared to $9.8 million, or $0.73 of adjusted diluted net earnings per share* in the six fiscal months ended June 29, 2024. Segment Performance:The Sensors segment revenue of $26.6 million in the second fiscal quarter of 2025 decreased 8.0% from $28.9 million in the second fiscal quarter of 2024. Sequentially, revenue decreased 1.8% compared to $27.1 million in the first fiscal quarter of 2025. The year-over-year decrease in revenues was primarily attributable to lower sales of strain gages in our Other markets for consumer applications, which offset higher sales in the Test and Measurement market. Sequentially, the decrease primarily reflected lower sales of precision resistors in the Test and Measurement market. Gross profit margin for the Sensors segment was 32.0% for the second fiscal quarter of 2025, which decreased from 38.3% in the second fiscal quarter of 2024 and increased from 30.1%in the first fiscal quarter of 2025. Adjusted for $0.1 million of start-up costs related to manufacturing consolidations, adjusted gross margin* was 32.2% in the second fiscal quarter of 2025. Adjusted for $0.2 million of start-up costs related to manufacturing consolidations, adjusted gross margin was 30.8% in the first fiscal quarter of 2025. The year-over-year decrease in adjusted gross profit margin* was primarily due to lower volume, net tariffs costs, and manufacturing inefficiencies, partially offset by an increase in inventories. Sequentially, the higher adjusted gross profit margin* was primarily due to an increase inventories and favorable foreign currency exchange rates, which offset the impact of lower volume and net tariff costs. The Weighing Solutions segment revenue of $29.4 million in the second fiscal quarter of 2025 increased 7.2% compared to $27.4 million in the second fiscal quarter of 2024 and was 11.3% higher than $26.4 million in the first fiscal quarter of 2025. The year-over-year increase in revenues was mainly attributable to higher sales in the Transportation market, as well as in our Other markets. Sequentially, the increase in revenues was primarily due to higher sales in the Transportation and Industrial Weighing markets, and in our Other markets for medical and precision agriculture applications. Gross profit margin for the Weighing Solutions segment was 39.6% for the second fiscal quarter of 2025. Gross profit margin increased compared to 37.6% in the second fiscal quarter of 2024 and 36.8% in the first fiscal quarter of 2025. Adjusted for $0.2 million of start-up costs related to new product introductions, adjusted gross margin* was 40.2% in the second quarter of 2025. The year-over-year increase in gross profit margin was primarily due to higher volume, favorable foreign exchange rates, and cost reductions. The sequential increase in gross profit margin primarily reflected higher volume and favorable foreign exchange rates, which offset the impact of net tariff costs. The Measurement Systems segment revenue of $19.2 million in the second fiscal quarter of 2025 decreased 8.9% year-over-year from $21.0 million in the second fiscal quarter of 2024 and was 5.1% higher than $18.2 million in the first fiscal quarter of 2025. The year-over-year decrease was primarily attributable to decreased revenue in the Steel market, which offset higher sales in the Transportation and Avionics, Military and Space ("AMS") markets. Sequentially, the increase in revenue was primarily due to higher sales in the AMS market, which offset lower sales to the Transportation and Steel markets. Gross profit margin for the Measurement Systems segment was 54.6%, compared to 52.4% in the second fiscal quarter of 2024, and 50.3% in the first fiscal quarter of 2025. The year-over-year increase in gross profit margin was primarily due to favorable product mix. The sequentially higher gross profit margin primarily reflected higher volume and favorable product mix. Near-Term Outlook“Given our backlog and the current market conditions, we expect net revenues to be in the range of $73 million to $81 million for the third fiscal quarter of 2025, at constant second fiscal quarter 2025 foreign currency exchange rates,” concluded Mr. Shoshani. *Use of Non-GAAP Financial Information: We define “adjusted gross profit margin” as gross profit margin before start-up costs. We define “adjusted operating margin” as operating margin before start-up costs, restructuring costs and severance costs. We define “adjusted net earnings” and “adjusted diluted net earnings per share” as net earnings attributable to VPG stockholders before start-up costs, restructuring costs and severance 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, start-up costs, restructuring costs and severance costs, and foreign currency exchange gains and losses. “Adjusted free cash flow” for the second fiscal quarter of 2025 is defined as the amount of cash generated from operating activities ($6.0 million) in excess of capital expenditures ($1.3 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 Quarterly Reports on Forms 10-Q. Conference Call and Webcast:A conference call will be held on Tuesday, August 5, 2025 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 010019, 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 958597. 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 and 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; significant developments from the recent and potential changes in tariffs and trade regulation; 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 or disruption 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; our ability to execute our 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, 2024. 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 June 28, 2025 June 29, 2024 Net revenues $75,161 $77,359 Costs of products sold 44,567 44,952 Gross profit 30,594 32,407 Selling, general and administrative expenses 27,701 26,501 Restructuring costs 185 — Operating income 2,708 5,906 Other (expense) income : Interest expense (550) (649)Other (1,262) 1,701 Other (expense) income (1,812) 1,052 Income before taxes 896 6,958 Income tax expense 592 2,316 Net earnings 304 4,642 Less: net earnings attributable to noncontrolling interests 56 39 Net earnings attributable to VPG stockholders $248 $4,603 Basic earnings per share attributable to VPG stockholders $0.02 $0.34 Diluted earnings per share attributable to VPG stockholders $0.02 $0.34 Weighted average shares outstanding - basic 13,263 13,348 Weighted average shares outstanding - diluted 13,309 13,389 VISHAY PRECISION GROUP, INC.Consolidated Condensed Statements of Operations(Unaudited - In thousands, except per share amounts) Six Fiscal Months Ended June 28, 2025 June 29, 2024 Net revenues $146,902 $158,142 Costs of products sold 89,262 90,641 Gross profit 57,640 67,501 Selling, general and administrative expenses 54,412 53,895 Restructuring costs 580 782 Operating income 2,648 12,824 Other (expense) income : Interest expense (1,101) (1,277)Other (1,938) 3,561 Other (expense) income (3,039) 2,284 (Loss) Income before taxes (391) 15,108 Income tax expense 260 4,634 Net (loss) earnings (651) 10,474 Less: net earnings (loss) attributable to noncontrolling interests 43 (20)Net (loss) earnings attributable to VPG stockholders $(694) $10,494 Basic (loss) earnings per share attributable to VPG stockholders $(0.05) $0.78 Diluted (loss) earnings per share attributable to VPG stockholders $(0.05) $0.78 Weighted average shares outstanding - basic 13,259 13,376 Weighted average shares outstanding - diluted 13,259 13,428 VISHAY PRECISION GROUP, INC.Consolidated Condensed Balance Sheets(In thousands) June 28, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $90,375 $79,272 Accounts receivable, net 51,985 51,200 Inventories: Raw materials 32,279 33,013 Work in process 30,730 27,187 Finished goods 23,320 23,960 Inventories, net 86,329 84,160 Prepaid expenses and other current assets 18,953 17,088 Assets held for sale 5,229 5,229 Total current assets 252,871 236,949 Property and equipment: Land 2,412 2,316 Buildings and improvements 78,570 68,125 Machinery and equipment 136,575 132,938 Software 10,858 10,351 Construction in progress 2,335 11,246 Accumulated depreciation (153,411) (145,475)Property and equipment, net 77,339 79,501 Goodwill 47,376 46,819 Intangible assets, net 40,194 41,815 Operating lease right-of-use assets 23,113 24,316 Other assets 24,661 21,535 Total assets $465,554 $450,935 VISHAY PRECISION GROUP, INC.Consolidated Condensed Balance Sheets(In thousands) June 28, 2025 December 31, 2024 (Unaudited) Liabilities and equity Current liabilities: Trade accounts payable $10,344 $9,890 Payroll and related expenses 19,715 18,546 Other accrued expenses 23,481 19,725 Income taxes 247 880 Current portion of operating lease liabilities 4,321 3,998 Total current liabilities 58,108 53,039 Long-term debt 31,526 31,441 Deferred income taxes 3,868 3,779 Operating lease liabilities 19,212 19,928 Other liabilities 14,879 14,193 Accrued pension and other postretirement costs 6,706 6,695 Total liabilities 134,299 129,075 Equity: Common stock 1,339 1,336 Class B convertible common stock 103 103 Treasury stock (25,335) (25,335)Capital in excess of par value 203,537 202,783 Retained earnings 191,283 191,977 Accumulated other comprehensive loss (39,716) (48,897)Total Vishay Precision Group, Inc. stockholders' equity 331,211 321,967 Noncontrolling interests 44 (107)Total equity 331,255 321,860 Total liabilities and equity $465,554 $450,935 VISHAY PRECISION GROUP, INC.Consolidated Condensed Statements of Cash Flows(Unaudited - In thousands) Six Fiscal Months Ended June 28, 2025 June 29, 2024 Operating activities Net (loss) earnings $(651) $10,474 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 7,889 7,859 Loss (gain) on sale of property and equipment 33 (155)Share-based compensation expense 1,057 953 Inventory write-offs for obsolescence 1,649 1,163 Deferred income taxes (881) 483 Foreign currency impacts and other items 397 (3,602)Net changes in operating assets and liabilities: Accounts receivable 1,614 4,925 Inventories (1,525) (4,155)Prepaid expenses and other current assets (1,214) (2,733)Trade accounts payable 329 1,081 Other current liabilities 3,294 (1,293)Other non-current assets and liabilities, net (1,012) (841)Accrued pension and other postretirement costs, net 232 (289)Net cash provided by operating activities 11,211 13,870 Investing activities Capital expenditures (2,760) (5,178)Proceeds from sale of property and equipment 20 347 Net cash used in investing activities (2,740) (4,831) Financing activities Purchase of treasury stock — (5,887)Distributions to noncontrolling interests 108 (40)Payments of employee taxes on certain share-based arrangements (256) (854)Net cash used in financing activities (148) (6,781)Effect of exchange rate changes on cash and cash equivalents 2,780 (2,095)Increase in cash and cash equivalents 11,103 163 Cash and cash equivalents at beginning of period 79,272 83,965 Cash and cash equivalents at end of period $90,375 $84,128 Supplemental disclosure of investing transactions: Capital expenditures accrued but not yet paid $732 $972 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) Gross Profit Operating Income Net Earnings Attributable to VPG Stockholders Diluted Earnings Per share Three months ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 As reported - GAAP $30,594 $32,407 $2,708 $5,906 $248 $4,603 $0.02 $0.34 As reported - GAAP Margins 40.7% 41.9% 3.6% 7.6% —% Start-up costs 257 — 257 — 257 — 0.02 — Restructuring costs — — 185 — 185 — 0.02 — Severance cost — — 443 — 443 — 0.03 — Foreign currency exchange loss (gain) — — — — 1,763 (1,289) 0.13 (0.10)Less: Tax effect of reconciling items and discrete tax items — — — — 624 (836) 0.05 (0.06)As Adjusted - Non GAAP $30,851 $32,407 $3,593 $5,906 $2,272 $4,150 $0.17 $0.31 As Adjusted - Non GAAP Margins 41.0% 41.9% 4.8% 7.6% Gross Profit Operating Income Net (Loss) Earnings Attributable to VPG Stockholders Diluted Earnings Per share Six Fiscal Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 As reported - GAAP $57,640 $67,501 $2,648 $12,824 $(694) $10,494 $(0.05) $0.78 As reported - GAAP Margins 39.2% 42.7% 1.8% 8.1% Start-up costs 720 — 720 — 720 — 0.06 — Restructuring costs — — 580 782 580 782 0.04 0.06 Severance cost — — 443 347 443 347 0.03 0.03 Foreign currency exchange loss (gain) — — — — 2,735 (2,878) 0.21 (0.21)Less: Tax effect of reconciling items and discrete tax items — — — — 1,044 (1,074) 0.08 (0.08)As Adjusted - Non GAAP $58,360 $67,501 $4,391 $13,953 $2,740 $9,819 $0.21 $0.73 As Adjusted - Non GAAP Margins 39.2% 42.7% 2.2% 8.8% VISHAY PRECISION GROUP, INC.Reconciliation of Adjusted Gross Profit by segment(Unaudited - In thousands) Fiscal Quarter Ended June 28, 2025 June 29, 2024 March 29, 2025 Sensors Net revenues $26,563 $28,869 $27,056 As reported - GAAP $8,487 $11,066 $8,147 As reported - GAAP Margins 32.0% 38.3% 30.1%Start-up costs 79 — 187 As Adjusted - Non GAAP $8,566 $11,066 $8,334 As Adjusted - Non GAAP Margins 32.2% 38.3% 30.8% Weighing Solutions Net revenues $29,428 $27,447 $26,438 As reported - GAAP $11,646 $10,310 $9,717 As reported - GAAP Margins 39.6% 37.6% 36.8%Start-up costs 178 — 276 As Adjusted - Non GAAP $11,825 $10,310 $9,993 As Adjusted - Non GAAP Margins 40.2% 37.6% 37.8% Measurement Systems Net revenues $19,170 $21,043 $18,246 As reported - GAAP $10,461 $11,031 $9,182 As reported - GAAP Margins 54.6% 52.4% 50.3%As Adjusted - Non GAAP $10,461 $11,031 $9,182 As Adjusted - Non GAAP Margins 54.6% 52.4% 50.3% VISHAY PRECISION GROUP, INC.Reconciliation of Adjusted EBITDA(Unaudited - In thousands) Fiscal Quarter Ended June 28, 2025 June 29, 2024 March 29,2025Net earnings (loss) earnings attributable to VPG stockholders $248 $4,603 $(942)Interest Expense 550 649 550 Income tax (benefit) expense 592 2,316 (332)Depreciation 2,872 2,992 3,056 Amortization 982 924 979 EBITDA 5,244 11,484 3,311 EBITDA MARGIN 7.0% 14.8% 4.6%Restructuring costs 185 — 395 Severance cost 443 — — Start-up costs 257 — 463 Foreign currency exchange loss(gain) 1,763 (1,289) 972 ADJUSTED EBITDA $7,892 $10,196 $5,141 ADJUSTED EBITDA MARGIN 10.5% 13.2% 7.2%

VPG Reports Fiscal 2025 Second Quarter Results

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