Benzinga | May 11, 2021 10:35AM EDT

Vishay Precision Group Beats On Q1 Earnings, Issues Robust Q2 Guidance

* Vishay Precision Group Inc (NYSE: VPG) reported first-quarter FY21 revenue growth of 4.3% year-on-year to $70.6 million, slightly higher than the high-end of the company guidance. It also beat the analyst consensus of $66.41 million.

* Foil Technology Products segment revenue rose 7.3% Y/Y to $32.7 million, Force Sensors segment increased 15.2% Y/Y to $16.9 million, while Weighing and Control Systems segment declined 7% Y/Y to $20.9 million.

* The strong book-to-bill of 1.21, driven by a sequential order growth of 22%, reflected demand momentum across businesses and end markets, CEO Ziv Shoshani stated.

* Adjusted gross margin expanded 270 basis points to 40.5%, and adjusted operating margin expanded 90 basis points to 8.7%.

* Adjusted net income rose 27.3% Y/Y to $4.2 million with adjusted EPS of $0.31, beating the analyst consensus of $0.28.

* The company generated $5.6 million in operating cash flow. It held $96.2 million in cash and equivalents.

* Guidance: Vishay sees a Q2 net revenues guidance of $71 million - $77 million, above the analyst consensus of $69 million.

* Price action: VPG shares are up 0.12% at $33 on the last check Tuesday.