Vishay Precision Group (NYSE: VPG) reported Q1 EPS of $0.29, $0.15 better than the analyst estimate of $0.14. Revenue for the quarter came in at $67.7 million versus the consensus estimate of $63.03 million.

First Quarter Highlights:

• Revenues of $67.7 million declined 11.5% from a year ago.
• Operating margin was 6.9% as compared to 16.5% reported a year ago.
• Adjusted operating margin* was 7.8%, as compared to 16.5% reported a year ago.
• Diluted earnings per share of $0.24 as compared to $0.61 reported a year ago.
• Adjusted diluted earnings per share* of $0.29, as compared to $0.61 reported a year ago.
• Cash from operating activities was $6.3 million with adjusted free cash flow* of $3.0 million
• Book-to-bill ratio was 1.08 as compared to 0.92 from a year ago.

Ziv Shoshani, Chief Executive Officer of VPG, commented, "We are satisfied with our financial and operating performance in the first quarter given the extraordinary circumstances that have unfolded around the world due to the COVID-19 pandemic. Our employee teams across our businesses responded quickly and diligently to fast-changing operating conditions and restrictions to serve our customers."

Mr. Shoshani said: "While the global economic outlook for the second quarter is turbulent, our broad and diverse set of end-markets that we serve provides us with a degree of resilience in our revenue streams, which was evident by the year-over-year growth in orders and the positive book-to-bill in the first quarter. As we continue to take steps to ensure the health and safety of our employees and customers, our focus on our key long-term growth and cost-savings initiatives is unchanged. While we expect that our financial results in the second quarter of 2020 will be negatively impacted by the pandemic, our strong balance sheet and cash from operations supports our confidence in our ability to navigate successfully through these challenging times."

GUIDANCE:

Vishay Precision Group sees Q2 2020 revenue of $56-62 million, versus the consensus of $56.87 million.

“Given the effects of the COVID-19 pandemic, at constant first fiscal quarter 2020 exchange rates, we expect net revenues in the range of $56 million to $62 million for the second fiscal quarter of 2020,” concluded Mr. Shoshani.

For earnings history and earnings-related data on Vishay Precision Group (VPG) click here.