Vishay Precision Group, Inc. · NYSE:VPG
Vishay Precision — Q3 2022 Earnings Presentation
17 slides from Vishay Precision's earnings presentation, Nov 8, 2022
Slide 1: Vishay Precision Group Third Fiscal Quarter 2022 Earnings
Vishay Precision Group Third Fiscal Quarter 2022 Earnings November 8, 2022 PERFORMANCE THROUGH PRECISION 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement From time to time, information provided by us, including, but not limited to, statements in this presentation, 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 Ac
Slide 3: Third Quarter 2022 Overview
Third Quarter 2022 Overview • VPG achieved another solid quarter of performance • 3Q22 revenue grew both sequentially and year-over-year. • Orders grew from 2Q22. • Positive outlook for 4Q22 supported by healthy backlog of $171.7 million. • Strong balance sheet and free cash flow support internal gr
Slide 4: Fiscal Third Quarter 2022 Highlights
Fiscal Third Quarter 2022 Highlights Consolidated Financial Highlights (in $ millions) • Revenue of $90.1 million, grew 9.9% from the prior year and 1.6% sequentially. • Excluding F/X impacts, revenue grew 17.5% from the prior year and 3.7% sequentially. • Adj. net earnings per diluted share of $0.6
Slide 5: Sensors Segment: Third Quarter 2022 Highlights
Sensors Segment: Third Quarter 2022 Highlights (in $ millions) • 2Q22 revenues decreased 6.0% sequentially and were up 23.3% from a year ago. • Excluding F/X impacts, 3Q22 revenues decreased 4.2% sequentially and were up 35.1% from a year ago. • 3Q22 Sensors' gross margin of 40.5% ($ in millions, ex
Slide 6: Weighing Solutions Segment: Third Quarter 2022 Highlights
Weighing Solutions Segment: Third Quarter 2022 Highlights (in $ millions) • 3Q22 revenues grew 10.3% sequentially and 2.4% from the prior year. • Excluding F/X impact, 3Q22 revenues grew 13.6% sequentially and 10.3% from the prior year. • Higher sequential sales of OEM force sensors driven in part b
Slide 7: Measurement Systems Segment: Third Quarter 2022 Highlights
Measurement Systems Segment: Third Quarter 2022 Highlights (in $ millions) • 3Q22 revenues increased 4.5% sequentially due to higher revenue for new metal alloy development systems and vehicle safety crash test systems. • The 1.0% increase in revenue compared to the prior year was due to the higher
Slide 8: Business Model, Cash Generation, and Balance Sheet Support Growth Focused Capital Allocation
VPG’s Business Model, Cash Generation, and Balance Sheet Support Growth Focused Capital Allocation Strategy Capital Allocation Priorities: 1 Internal Investments • Manufacturing capacity expansion and optimization • New product and market development • Strategic, profitable niche businesses with str
Slide 9: Financial Results
Financial Results Fiscal quarter ended ($ in millions, except margin data and per share amounts) October 1, 2022 October 2, 2021 July 2, 2022 Net revenues $ 90.1 $ 82.0 $ 88.6 Gross profit $ 37.3 $ 31.8 $ 37.3 Organic Gross profit margin Growth 41.4 % 38.8 % Acquisitions 42.1 % Adjusted gross profit
Slide 10: Selected Balance Sheet Items
Selected Balance Sheet Items ($ in Millions) October 1, 2022 October 2, 2021 July 2, 2022 Cash & cash equivalents $ 79.9 $ 75.5 $ 79.4 Total assets 454.2 449.9 458.4 Total long-term debt 60.8 60.7 60.8 Total liabilities 167.7 180.3 173.0 10 PERFORMANCE THROUGH PRECISION
Slide 11: Q&A
Q&A PERFORMANCE THROUGH PRECISION 11 11
Slide 12: Appendix
Appendix PERFORMANCE THROUGH PRECISION 12 12
Slide 13: Third Quarter 2022 Market Trends
Third Quarter 2022 Market Trends Consolidated Revenue by Market $ in millions 3Q22 3Q21 2Q22 Test & Measurement $ 20.7 $ 15.9 $ 21.5 Avionics, Military, Space 6.5 7.5 6.9 Transportation 13.9 13.7 13.2 Industrial Weighing 12.5 12.3 12.9 General Industrial 5.0 4.1 5.3 Steel 11.4 11.1 10.8 Other Market
Slide 14: Reconciliation of Adjusted Gross Profit, Operating Income, Net Earnings and Diluted EPS - Quarter
Reconciliation of Adjusted Gross Profit, Operating Income, Net Earnings and Diluted Earnings Per Share - Quarter Net Earnings Attributable to Gross Profit Operating Income VPG Stockholders Diluted Earnings Per share Three months ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 O
Slide 15: Reconciliation of Adjusted Gross Profit, Operating Income, Net Earnings and Diluted EPS - YTD
Reconciliation of Adjusted Gross Profit, Operating Income, Net Earnings and Diluted Earnings Per Share - YTD Net Earnings Attributable to Gross Profit Operating Income VPG Stockholders Diluted Earnings Per share Nine fiscal months ended 10/1/2022 10/2/2021 10/1/2022 10/2/2021 10/1/2022 10/2/2021 10/
Slide 16: Non-GAAP Reconciliation – EBITDA and Adjusted EBITDA
Non-GAAP Reconciliation – EBITDA and Adjusted EBITDA Fiscal quarter ended In $ thousands, except margin data October 1, 2022 October 2, 2021 July 2, 2022 Net earnings attributable to VPG stockholders $ 10,118 $ 5,379 $ 10,755 Interest Expense 636 328 428 Income tax expense 2,323 1,662 2,587 Deprecia
Slide 17: Reconciliation of Adjusted Gross Profit by Segment
Reconciliation of Adjusted Gross Profit by Segment Fiscal quarter ended In $ thousands except margin data October 1, 2022 October 2, 2021 July 2, 2022 Sensors As reported - GAAP $ 15,324 $ 9,568 $ 17,831 As reported - GAAP Margins 40.5 % 31.1 % 44.3 % COVID-19 impact — — — Start-up costs $ — $ 970 $
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