Vishay Precision Group, Inc. (NYSE:VPG) Q1 2024 Earnings Conference Call May 7, 2024 9:00 AM ET
Company Participants
Steve Cantor - Senior Director of IR
Ziv Shoshani - President and CEO
Bill Clancy - EVP and CFO
Conference Call Participants
Griffin Boss - B. Riley
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the VPG's First Quarter and Fiscal 2024 Earnings Call. All lines have been placed on mute during the presentation portion of the call, with an opportunity for question-and-answer at the end. [Operator Instructions]
I would now like to turn this conference over to our host Steve Cantor, Senior Director of Investor Relations. Please go ahead.
Steve Cantor
Great, thank you Candace. Good morning, good afternoon everyone. Welcome to our first quarter 2024 earnings conference call. Our Q1 press release and accompanying slides have been posted on our website at vpgsensors.com and audio recording of today's call will be available on the Internet for a limited time, and can 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, 2023, 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.
I will begin with some comments on VPG's consolidated financial results, and sales trends for the first quarter. Bill will provide financial details about the quarter, and our outlook for the second quarter.
Moving to Slide 3, to summarize the quarter results, operationally we performed well given a mixed business environment, which resulted in a lower revenue compared to a year ago in the fourth quarter. Orders were flagged sequentially, reflecting continuing soft demand, mainly in the industrial weighing and semiconductor test equipment.
We achieved record gross margin despite the lower revenue, reflecting ongoing cost reduction initiatives. Our cash flow remained solid, and we continue to repurchase our common stock. Before providing detail regarding the first quarter, I want to take this opportunity to summarize our strategy, to accelerate VPG's long-term growth.