Vishay Precision Group, Inc. (NYSE:VPG) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET
Company Participants
Steve Cantor - Senior Director, Investor Relations
Ziv Shoshani - President and Chief Executive Officer
William Clancy - Executive Vice President and Chief Financial Officer
Conference Call Participants
John Franzreb - Sidoti & Company
Bill Dezellem - Tieton Capital
Hendi Susanto - Gabelli Funds
Operator
Hello, and welcome to VPG's Second Quarter 2022 Earnings Call. My name is Alex, and I'll be coordinating the call today. [Operator Instructions]
I will now hand over to your host, Steve Cantor, Senior Director of Investor Relations. Steve, over to you.
Steve Cantor
Thank you, Alex, and good morning, everyone. Welcome to VPG's 2022 second quarter earnings conference call. Our Q2 press release and accompanying 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 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. And 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.
And I'll now 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 second quarter. Bill will provide financial details and our outlook for the third quarter of 2022.
The second quarter marked one of the best quarters in VPG's history as we continue to execute well. We achieved a number of quarterly financial milestones, including record adjusted diluted net earnings per share, adjusted EBITDA and backlog. These results are a reflection of our diversified business model and market, our strong VPG teams around the world, as well as the growth and the cost savings initiatives and investments across our businesses.
Our record backlog positions us well for the rest of the year and supports our outlook for continued growth in the third quarter. We continue to implement our new operating strategy as we focus on solid and consistent long-term opportunities in expanding precision measurement sensing applications. As a reflection of our financial and operating performance, our Board of Directors has authorized stock repurchase program.