Vishay Precision Group (NYSE:VPG) said Tuesday its earnings were much stronger in the third quarter compared with the year-earlier period, driven primarily by strong margins in its foil technology segment.
The Malvern, Pa.-based company posted net earnings of $2.6 million, or 19 cents a share, compared with $500,000, or 4 cents a share, in the same quarter last year.
Revenue for the maker of resistive foil technology products was $51.6 million, up 29% from $40.1 million a year ago.
The results marked the company’s first as a publicly traded company following its July spin-off from Vishay Intertechnology (NYSE:VSH).
“The third quarter revenues were in line with the high end of our revenue guidance given in our August earnings release,” said Ziv Shoshani, Vishay Precision’s chief executive. “We continue to maintain solid gross margins in our foil technology segment and show gross margin improvements in the weighing modules and control systems segment.”
Even though revenue for its weighing module and control systems units are still about 30% below their performances prior to the economic downturn, Shoshani said the company believes its “superior technology, strategy and product portfolio” will contribute to the business' growth.
Looking ahead, Vishay Precision expects to “continue making improvements” as it implements manufacturing strategies with its new offshore facility, according to Shoshani.
In the fourth-quarter the company anticipates revenue in the range of $51.5 million to $55.5 million.