MALVERN, PA — Vishay Precision Group, Inc. (NYSE: VPG) has announced its financial results for the fourth quarter and full fiscal year of 2024, reflecting a year marked by significant macroeconomic and cyclical challenges. Despite revenue and profit declines, the company made strategic progress on key projects and acquisitions as it positions itself for future growth.
For the fourth quarter, VPG reported revenues of $72.7 million, an 18.8% decrease from the same period in 2023. Gross profit margin declined to 38.2%, down from 43.0% a year ago, while operating margin saw a more dramatic drop to 0.3% compared to 13.4%. Diluted net earnings per share were $0.06, a decrease from $0.31 in the prior year. Adjusted metrics, which exclude one-time costs such as R&D investments, followed similar downward trends, with adjusted diluted net earnings per share at $0.03 compared to $0.61 a year earlier.
For the full year, VPG’s revenues totaled $306.5 million, a decline of 13.7% year-over-year. The company’s gross profit margin stood at 41.0% compared to 42.3% in 2023, while operating margin was reduced to 5.5% from 11.8%. Full-year diluted net earnings per share were $0.74, down from $1.88 in 2023. Adjusted diluted net earnings per share for 2024 were $0.95, reflecting a steep decline from $2.17 in the previous year.
VPG’s segment performance revealed differential impacts across business lines. The Sensors segment reported revenues of $25.8 million in Q4 2024, declining 24.8% year-over-year due to reduced demand for precision resistors in the Test & Measurement market, among other factors. The Weighing Solutions segment saw a 15.4% drop in revenue to $25.7 million but achieved sequential growth driven by demand in the Industrial Weighing market. Measurement Systems revenues for the quarter fell 14.8% year-over-year to $21.2 million, reflecting weaker sales of legacy products but partially buoyed by contributions from Nokra, a precision measurement business acquired in late 2024.
Ziv Shoshani, Chief Executive Officer of VPG, acknowledged the year’s difficulties but highlighted positive strides in specific areas. “2024 proved to be a challenging year, as we faced macro and cyclical headwinds. Nonetheless, orders in the fourth fiscal quarter grew 5.5% sequentially, marking the first bookings growth in six quarters,” he noted. Shoshani also pointed to the company’s strengthened business development pipeline and progress with key initiatives across industrial and medical robotics as well as data center and telecommunications markets.
Shoshani praised the integration of Nokra, noting that the acquisition supports VPG’s long-term strategy of expanding its precision measurement capabilities. The company also maintained a strong balance sheet, enabling it to explore additional acquisitions of high-quality businesses to complement its portfolio.
Looking ahead, VPG forecasts revenues for the first quarter of fiscal 2025 to range between $70 million and $76 million, reaffirming its confidence in stabilizing operations and achieving operational leverage as revenues improve. The company continues to focus on cost-saving initiatives and enhancing efficiencies to optimize performance despite ongoing market challenges.
Vishay Precision Group’s fiscal 2024 results underscore the hurdles faced across its core markets but also demonstrate its commitment to long-term growth through strategic investments and acquisitions. With a solid foundation in place, VPG remains poised to leverage opportunities as market conditions evolve in the coming year.
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