Vishay Precision Group (VPG) Tops Q1 EPS by 9c, Revenues Beat; Affirms 2Q Revenue Outlook Below Consensus
Vishay Precision Group (NYSE: VPG) reported Q1 EPS of $0.61, $0.09 better than the analyst estimate of $0.52. Revenue for the quarter came in at $76.5 million versus the consensus estimate of $75.77 million.
- Growth in revenues to $76.5 million, up 4.7% year-over-year
- Gross profit margin was 43.2% for the quarter as compared to 39.0% for the prior year period
- Operating income increased by 54% to $12.6 million as compared to $8.2 million in the prior year period
- Operating margin for the quarter was 16.5%, compared to 11.2% for the prior year period
- Earnings increased 65% to $0.61 per diluted share, compared to $0.37 reported last year
- Cash from operations was $8.1 million with free cash flow* of $4.8 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, “We are pleased to report a strong start to 2019, highlighted by solid revenues and a substantial increase in margins. Performance in the quarter was largely the result of execution on our strategic plan, which was bolstered by a favorable mix of business during the period. We remain focused on building on the strong cash generation delivered through the first quarter, and driving long-term shareholder value.”
The Company grew first fiscal quarter 2019 net earnings attributable to VPG stockholders to $8.2 million, or $0.61 per diluted share, compared to $5.0 million, or $0.37 per diluted share, in the first fiscal quarter of 2018. Foreign currency exchange rates for the first quarter of 2019 increased net income by $0.3 million, or $0.02 per diluted share, relative to the prior year period.
GUIDANCE:
Vishay Precision Group sees Q2 2019 revenue of $70-76 million, versus the consensus of $76.64 million.
“Given the current business environment and our most recent order intake, at constant first fiscal quarter 2019 exchange rates, we expect net revenues in the range of $70 million to $76 million for the second fiscal quarter of 2019,” concluded Mr. Shoshani.
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