Vishay Precision Group Slips To Loss In Q3 - Quick Facts

(RTTNews) - Vishay Precision Group, Inc. (VPG), a producer of precision sensors and systems, reported a loss for the third quarter on lower revenues and an impairment charge.

In the quarter, the company recorded a $4.9 million pre-tax, non-cash impairment charge to reduce the carrying value of the goodwill and indefinite -lived intangible assets related to its steel business.

The company's net loss attributable to stockholders for the third quarter was $1.9 million, or $0.15 per share, compared to net earnings of $3.2 million, or $0.23 per share in the year-ago period.

Adjusted net earnings attributable to stockholders for the quarter were $2.4 million, or $0.18 per share, compared to $8.4 million, or $0.60 per share for the comparable prior year period.

Net revenues for the quarter declined 9.9 percent to $57.1 million from $63.4 million in the year-ago period. Of the $6.3 million decline in revenues, $4.5 million was due to the negative impact of foreign currency exchange rates.

For the fourth quarter, the company expects net revenues in the range of $56 million to $61 million.