Vishay Precision Group, Inc. (VPG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $3 million, or $ 0.22 a share in the quarter, against a net loss of $13.40 million, or $1.02 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $3.43 million, or $0.26 a share compared with $2.67 million or $0.20 a share, a year ago. Revenue during the quarter dropped 5.26 percent to $55.81 million from $58.91 million in the previous year period. Gross margin for the quarter expanded 287 basis points over the previous year period to 38.12 percent. Total expenses were 90.34 percent of quarterly revenues, down from 99.01 percent for the same period last year. This has led to an improvement of 868 basis points in operating margin to 9.66 percent.
Operating income for the quarter was $5.39 million, compared with $0.58 million in the previous year period.
"Our adjusted earnings per diluted share performance was $0.26 for the fourth quarter of 2016 as compared to adjusted earnings per diluted share of $0.20 in the fourth quarter of 2015, in spite of softer sales this quarter compared to the fourth quarter of 2015,” said . "We also generated cash from operations of $4.9 million, with free cash flow of $4.7 million, which reflects our restructuring and cost reduction programs."
For the first-quarter, Vishay Precision Group expects revenue to be in the range of $55 million to $60 million.
Operating cash flow declinesVishay Precision Group, Inc. has generated cash of $11.42 million from operating activities during the year, down 18.01 percent or $2.51 million, when compared with the last year. The company has spent $16.85 million cash to meet investing activities during the year as against cash outgo of $29.88 million in the last year. It has incurred net capital expenditure of $6.22 million on net basis during the year, down 36.90 percent or $3.64 million from year ago.
Cash flow from financing activities was $2.85 million for the year, up 74.75 percent or $1.22 million, when compared with the last year.
Cash and cash equivalents stood at $58.45 million as on Dec. 31, 2016, down 6.69 percent or $4.19 million from $62.64 million on Dec. 31, 2015.
Working capital decreases marginally
Vishay Precision Group, Inc. has witnessed a decline in the working capital over the last year. It stood at $118.95 million as at Dec. 31, 2016, down 1.75 percent or $2.11 million from $121.06 million on Dec. 31, 2015. Current ratio was at 4.22 as on Dec. 31, 2016, up from 3.94 on Dec. 31, 2015.
Debt moves up
Vishay Precision Group, Inc. has witnessed an increase in total debt over the last one year. It stood at $36.15 million as on Dec. 31, 2016, up 9.03 percent or $3 million from $33.16 million on Dec. 31, 2015. Total debt was 13.36 percent of total assets as on Dec. 31, 2016, compared with 12.55 percent on Dec. 31, 2015. Debt to equity ratio was at 0.21 as on Dec. 31, 2016, up from 0.19 as on Dec. 31, 2015. Interest coverage ratio improved to 13.16 for the quarter from 2.30 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
