Vishay Precision Group, Inc. (NYSE:VPG) Q2 2024 Earnings Conference Call August 6, 2024 9:00 AM ET
Company Participants
Steve Cantor - Senior Director of IR
Ziv Shoshani - President and CEO
Bill Clancy - CFO
Conference Call Participants
Griffin Boss - B. Riley
John Franzreb - Sidoti & Company
Operator
Good morning all, and thank you for joining us for VPG's Second Quarter Fiscal 2024 Earnings Call. My name is Carly, and I'll be the call coordinator for today. [Operator Instructions]
I would now hand over to your host Steve Cantor, Senior Director of Investor Relations to begin. Steve, please go ahead.
Steve Cantor
Thank you, Carly and good morning, everyone. Welcome to VPG's 2024 second quarter earnings conference call. Our Q2 press release and accompanying slides have been posted on the VPG website at vpgsensors.com and 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, 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.
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 about the quarter, and our outlook for the third quarter of 2024.
Moving to Slide 3, overall our second quarter was as follows: sales trends continue to reflect a mixed market environment. Revenues grew sequentially in some of our markets, while other markets remained soft. Similarly, order trends were mixed with sequentially growth in the Measurement Systems offset by lower orders in sensors, and Weighing Solutions.
We achieved a solid gross margin in light of our revenue levels, as we adjusted our operations effectively to current revenue levels, and expanded our cost reduction programs. Customer engagement remains high as we continue our focus on our business development initiatives.
Our strong balance sheet and solid free cash flow, provides a good foundation for organic and inorganic growth. We expect the macro environment to be stable to the end of 2024, with mixed trends continuing in our markets.