Vishay Precision Group, Inc. (NYSE:VPG) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET
Company Participants
Steve Cantor - Senior Director of IR
Ziv Shoshani - CEO
Bill Clancy - CFO
Conference Call Participants
John Franzreb - Sidoti & Company
Griffin Boss - B. Riley Securities FBR
Hendi Susanto - Gabelli Funds
Bill Dezellem - Tieton Capital Management
Operator
Good morning. And thank you for attending today's VPG First Quarter 2023 Earnings Conference Call. My name is Danielle, and I will be the moderator for today's call. All liens will be muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end.
[Operator Instructions] It is now my pleasure to hand the conference over to our host, Steve Cantor, Senior Director of Investor Relations. Steve, the floor is yours.
Steve Cantor
Thank you, Danielle, and good morning, everyone. Welcome to VPG's first quarter 2023 earnings conference call. Our Q1 press release and slides have been posted on our website at vpgsensors.com. An audio recording of today's call will be available on the internet for a limited time and can also be accessed through our website.
Next slide, Safe Harbor Statement. 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. And for a discussion of the risks associated with VPG's operations, we encourage you to read our SEC filings, including 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 now I will turn the call to Ziv for some prepared remarks. Please refer to Slide 3 of the quarterly presentation. Ziv?
Ziv Shoshani
Thank you, Steve. I will begin with some commentary on VPG's consolidated financial results and sales trends for the first quarter. Bill will provide financial details about the quarter and the outlook for the second quarter of 2023.
Moving to Slide 3. We achieved another solid quarter for VPG. We recorded revenue in line with our expectations. We increased our gross margin sequentially and year-over-year. Order trends improved to the first quarter as orders grew 13% from the fourth quarter.
We generated $8.4 million of cash from operations and $4.9 million of free cash flow, which supports our capital allocation strategy to grow shareholders' value.