Vishay Precision Group, Inc. (NYSE:VPG) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET
Company Participants
Steven Cantor - Senior Director, IR
Ziv Shoshani - CEO, President & Director
William Clancy - EVP, CFO & Corporate Secretary
Conference Call Participants
John Franzreb - Sidoti & Company
Bill Dezellem - Tieton Capital Management
Operator
Good morning, and thank you for attending VPG's Third Quarter Fiscal 2022 Earnings Call. I would now like to pass the conference over to your host, Steve Cantor, Senior Director of Investor Relations with Vishay Precision Group. Thank you. You may proceed.
Steven Cantor
Thank you, operator. Good morning, everyone. Welcome to VPG's Third Quarter Earnings Conference Call. Our Q3 press release and accompanying slides have been posted on our website. An audio recording of today's call will be available on the internet 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, 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 3 of the quarterly presentation. Steve?
Ziv Shoshani
Thank you, Steve. I will begin with some commentary on VPG's consolidated financial results and sales trends for the third quarter. Bill will provide financial details about the quarter and our outlook for the fourth quarter of 2022.
We achieved another solid quarter for VPG. We grew our revenue sequentially than from a year ago despite ongoing headwinds from foreign currency. We delivered $0.69 in adjusted EPS and achieved an adjusted EBITDA margin of 17.9%. Orders grew slightly from the second quarter, and we had a positive book-to-bill of 1.08. Our strong backlog positions us well for the fourth quarter. Compared to the first 9 months of 2021, our revenue year-to-date increased 16.9% or 22.7%, excluding the impact of currency. We generated $11.8 million of cash from operations and $5 million of free cash flow, which supports our capital allocation strategy to grow shareholders' value. We repurchased $1.1 million of our common stock during the third quarter, and we expect to continue to execute our share repurchase program in the fourth quarter, $1.1 million.