Vishay Precision Group, Inc. (NYSE:VPG) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET
Company Participants
Steve Cantor - Senior Director, IR
Ziv Shoshani - President and Chief Executive Officer
William Clancy - Executive Vice President and Chief Financial Officer
Conference Call Participants
John Franzreb - Sidoti
Griffin Boss - B. Riley Securities, Inc.
Hendi Susanto - Gabelli Funds
Operator
Hello, and welcome to the VPG Second Quarter Fiscal 2020 Earnings Call. My name is Elliot, and I will be coordinating your call today. [Operator Instructions]
I'd now like to hand over to Steve Cantor, Senior Director of Investor Relations. Floor is yours, please go ahead.
Steve Cantor
Thank you, Elliot. Good morning, everyone. Welcome to VPG's second quarter of 2023 earnings conference call. Our Q2 press release and slides have been posted on our website at vpgsensors.com. An audio recording of today's call will be available for a limited time and can also be accessed on our website.
Today's remarks are governed by the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For a discussion of the risks associated with VPG's operations, we encourage you to refer to our SEC filings, especially the Form 10-K for the year ended December 31, 2022, and our other recent SEC filings.
On the call today are Ziv Shoshani, CEO and President; and Bill Clancy, CFO.
And I'll now turn the call to Ziv for some prepared remarks. Please refer to slide three of the presentation. Ziv?
Ziv Shoshani
Thank you, Steve. I will begin with some commentary on VPG's consolidated financial consolidated financial and sales trends for the second quarter. Bill will provide financial details about the quarter and our outlook for the third quarter of 2023.
Moving to slide three. We achieved another strong quarter for VPG. We grew revenue year-over-year and sequentially. We performed well financially as we increased adjusted gross margin, adjusted operating margin and adjusted diluted EPS from Q1. We generated $16 million of adjusted EBITDA, $9.8 million of cash from operations, and $6.4 million of adjusted free cash flow, which supports our capital allocation strategy to grow stockholder value.
Orders grew sequentially, and we have a solid outlook for the third quarter, driven by our backlog. Customer engagement remains high as we continue to extend on long-term strategic growth initiatives to capture expanding and broadening opportunities for our precision measurement and sensing technologies.