Vishay Precision Group, Inc. (NYSE:VPG) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET
Company Participants
Steve Cantor - Senior Director of Investor Relations
Ziv Shoshani - President and Chief Executive Officer
Bill Clancy - Chief Financial Officer
Conference Call Participants
John Franzreb - Sidoti & Company
Griffin Boss - B. Riley
Operator
Hello, everyone, and welcome to the VPG's Third Quarter Fiscal 2023 Earnings Call. My name is Nadia, 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, to begin. Steve, please go ahead.
Steve Cantor
Thank you, Nadia. Good morning, everyone. Welcome to our third quarter earnings conference call today.
Our third quarter press release and accompanying slides have been posted on VPG's website at vpgsensors.com. An audio recording of today's call will be available on the Internet for a limited time and can be accessed through 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.
I'll now turn the call to Ziv for some prepared remarks. Please refer to Slide 3 of the quarterly presentation.
Ziv Shoshani
Thank you, Steve.
I will begin with some comments 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.
Moving to Slide 3. To summarize the quarter results, we achieved revenue at the low-end of our guidance as the macroeconomic environment was challenging. Orders softened sequentially, primarily due to lower orders in our steel and industrial markets as trends were mixed across our businesses. Our cash flow remained solid, and we deployed capital to pay down debt as well as repurchase shares. We continue to execute on long-term growth and cost reduction initiatives.
Moving to Slide 4, looking at the third quarter results in detail. We reported sales of $85.9 million, which declined 4.7% from the year ago, and 5.4% from the second quarter of 2023. Sequentially, revenue trends across our three segments were mixed as higher sales of Measurement Systems were offset by lower sales in the Sensors and Weighing Solutions segments.