Vishay Precision Group: Q2 Assets Dip Slightly, Equity Edges Up

TL;DR

VPG Q2: Assets down slightly to $622.8M, Equity up to $355.6M. Stable but not explosive.

AI Summary

Vishay Precision Group, Inc. reported its second quarter results for the period ending June 29, 2024. The company's financial statements show total assets of $622.8 million as of June 29, 2024, a slight decrease from $625.1 million at the end of 2023. Total liabilities also saw a minor reduction from $270.1 million to $267.2 million over the same period. The company's equity attributable to its parent increased to $355.6 million from $355.0 million.

Why It Matters

This filing provides insight into Vishay Precision Group's financial health and operational stability, which can influence investor confidence and market valuation.

Risk Assessment

Risk Level: low — The filing indicates a stable financial position with minor fluctuations in assets and liabilities, suggesting low immediate risk.

Key Numbers

• $622.8M — Total Assets (As of June 29, 2024, showing a slight decrease from year-end 2023.)
• $267.2M — Total Liabilities (As of June 29, 2024, indicating a reduction from year-end 2023.)
• $355.6M — Total Equity (Attributable to parent as of June 29, 2024, showing a marginal increase.)

Key Players & Entities

• Vishay Precision Group, Inc. (company) — Filer
• 622.8 million (dollar_amount) — Total assets as of June 29, 2024
• 625.1 million (dollar_amount) — Total assets as of December 31, 2023
• 270.1 million (dollar_amount) — Total liabilities as of December 31, 2023
• 267.2 million (dollar_amount) — Total liabilities as of June 29, 2024
• 355.6 million (dollar_amount) — Equity attributable to parent as of June 29, 2024
• 355.0 million (dollar_amount) — Equity attributable to parent as of December 31, 2023

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common stock, $0.10 par value VPG New York Stock Exchange

Filing Documents

• vpg-20240629.htm (10-Q) — 1631KB
• vpg-arnonxemployeedirector.htm (EX-10.1) — 30KB
• vpg-q22024xex3111.htm (EX-31.1) — 9KB
• vpg-q22024xex3121.htm (EX-31.2) — 9KB
• vpg-q22024xex3211.htm (EX-32.1) — 4KB
• vpg-q22024xex3221.htm (EX-32.2) — 4KB
• 0001487952-24-000043.txt ( ) — 7377KB
• vpg-20240629.xsd (EX-101.SCH) — 38KB
• vpg-20240629_cal.xml (EX-101.CAL) — 77KB
• vpg-20240629_def.xml (EX-101.DEF) — 175KB
• vpg-20240629_lab.xml (EX-101.LAB) — 523KB
• vpg-20240629_pre.xml (EX-101.PRE) — 365KB
• vpg-20240629_htm.xml (XML) — 1208KB

Financial Statements

Financial Statements Consolidated Condensed Balance Sheets – June 29, 2024 (Unaudited) and December 31, 2023 3 Consolidated Condensed Statements of Operations (Unaudited) – Fiscal Quarters Ended June 29, 2024 and July 1, 2023 5 Consolidated Condensed Statements of Operations (Unaudited) – Six Fiscal Months Ended June 29, 2024 and July 1, 2023 6 Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) – Fiscal Quarters Ended June 29, 2024 and July 1, 2023 7 Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) – Six Fiscal Months Ended June 29, 2024 and July 1, 2023 8 Consolidated Condensed Statements of Cash Flows (Unaudited) –Six Fiscal Months Ended June 29, 2024 and July 1, 2023 9 Consolidated Condensed Statements of Equity (Unaudited) – Fiscal Quarters Ended June 29, 2024 and July 1, 2023 10 Consolidated Condensed Statements of Equity (Unaudited) – Six Fiscal Months Ended June 29, 2024 and July 1, 2023 11 Notes to Unaudited Consolidated Condensed Financial Statements 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 -2-

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) June 29, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 84,128 $ 83,965 Accounts receivable, net 49,926 56,438 Inventories: Raw materials 35,799 33,973 Work in process 28,549 26,594 Finished goods 25,748 27,572 Inventories, net 90,096 88,139 Prepaid expenses and other current assets 17,007 14,520 Total current assets 241,157 243,062 Property and equipment: Land 4,121 4,154 Buildings and improvements 72,406 72,952 Machinery and equipment 131,392 131,738 Software 9,945 9,619 Construction in progress 10,802 11,379 Accumulated depreciation ( 141,485 ) ( 139,206 ) Property and equipment, net 87,181 90,636 Goodwill 45,491 45,734 Intangible assets, net 42,643 44,634 Operating lease right-of-use assets 26,084 26,953 Other assets 20,233 20,547 Total assets $ 462,789 $ 471,566 Continues on the following page. -3- VISHAY PRECISION GROUP, INC. Consolidated Condensed Balance Sheets (In thousands) June 29, 2024 December 31, 2023 Liabilities and equity (Unaudited) Current liabilities: Trade accounts payable $ 11,284 $ 11,698 Payroll and related expenses 17,649 18,971 Other accrued expenses 21,541 22,427 Income taxes 3,704 4,524 Current portion of operating lease liabilities 4,089 4,004 Current portion of long-term debt 31,914 — Total current liabilities 90,181 61,624 Long-term debt — 31,856 Deferred income taxes 3,509 3,490 Operating lease liabilities 21,297 22,625 Other liabilities 13,888 14,770 Accrued pension and other postretirement costs 6,880 7,276 Total liabilities 135,755 141,641 Equity: Common stock 1,336 1,330 Class B convertible common stock 103 103 Treasury stock ( 23,388 ) ( 17,460 ) Capital in excess of par value 202,765 202,672 Retained earnings 192,560 182,066 Accumulated other comprehensive loss ( 46,365 ) ( 38,869 ) Total Vishay Precision Group, In

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