Vishay Precision Group, Inc. (NYSE:VPG) Q4 2022 Earnings Conference Call February 15, 2023 9:00 AM ET

Company Participants

Steve Cantor - Senior Director, IR

Ziv Shoshani - CEO and President

William Clancy - EVP and CFO

Conference Call Participants

John Franzreb - Sidoti

Bill Dezellem - Tieton Capital

Hendi Susanto - Gabelli Funds

Operator

Hello everyone and welcome to the VPG's Fourth Quarter Fiscal 2022 Earnings Call. My name is Bruno and I will be operating your call today. [Operator Instructions]

I will now hand over to your host Mr. Steve Cantor, Senior Director of Investor Relations. Mr. Cantor please go ahead.

Steve Cantor

Thank you, Bruno and good morning everyone. Welcome to VPG's 2022 fourth quarter earnings conference call. Our Q4 and full year press release and accompanying slides have been posted on our website, vpgsensors.com. An audio recording of today's call will be available on the internet for a limited time and can also be accessed on the VPG 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, 2021 and our other recent SEC filings.

On the call today are Ziv Shoshani, CEO and President; and Bill Clancy, CFO.

I'll now turn the call to Ziv for some prepared remarks. Please refer to slide three of the quarterly presentation. Ziv?

Ziv Shoshani

Thank you, Steve. I am pleased to report we delivered another very successful quarter and year for VPG. Beginning with our 2022 performance, 2022 was the best year in VPG's history in terms of growth and profitability. We grew our revenue by 14%. Excluding the unfavorable impact of foreign exchange, we grew revenue by 20.1%.

We increased our adjusted diluted net EPS by 40.1% to $2.62. We generated $62 million in adjusted EBITDA and improved our adjusted EBITDA margin to 17.1% from 15.7% recorded in prior year.

We launched a new operating strategy and structure built on operational diversification, which we believe will leverage our strong corporate competencies and accelerate our long-term growth potential.

We believe these strong results demonstrate the increasing importance of our precision sensing and measurement solutions, the power of our business model and our growth strategy.