Vishay Precision Group, Inc. (NYSE:VPG) Q4 2023 Earnings Conference Call February 14, 2024 9:00 AM ET
Company Participants
Steve Cantor - Senior Director of Investor Relations
Ziv Shoshani - President and Chief Executive Officer
William Clancy - Executive Vice President and Chief Financial Officer
Conference Call Participants
Griffin Boss - B. Riley Securities
John Franzreb - Sidoti & Company, LLC
Operator
Good morning, everyone, and welcome to the VPG Fourth Quarter and FY2023 Earnings Call. My name is [Chach], and I'll be the coordinator for your call today. [Operator Instructions]
I will now hand you over to Steve Cantor, Senior Director of Investor Relations to begin. Steve, please go ahead.
Steve Cantor
Thank you, Chach, and good morning, everyone. Welcome to VPG's 2023 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 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.
And now I'll turn the call to Ziv for some prepared remarks. Please refer to Slide 3 of the quarterly presentation.
Ziv Shoshani
Thank you, Steve. We delivered a solid quarter and the second best year ever for VPG despite a challenging macro environment mainly in the second half of the year. Beginning with our 2023 performance as shown in more detail in the accompanying slides. For the full-year, we achieved revenue of $355 million and adjusted diluted net EPS of $2.17, and we improved our adjusted gross margin to 42.4%. We generated $60.4 million in adjusted EBITDA and EBITDA margin of 17.0% and a record $30.8 million of adjusted free cash flow.
We deployed our cash to repurchase stock and to pay down our revolving debt in order to provide value to our stockholders. We completed infrastructure expansion projects in India and Japan and have accelerated our business development activities to capture new opportunities for our precision sensing and measurement solutions.