MALVERN, Pa., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal third quarter ended September 28, 2024.
Highlights
- 3Q 2024 revenues of $735.4 million
- Gross margin was 20.5% and included the negative impact of approximately 150 basis points related to the addition of Newport
- GAAP loss per share of ($0.14); adjusted EPS of $0.08 per share
- 3Q 2024 book-to-bill of 0.88 with book-to-bill of 0.79 for semiconductors and 0.97 for passive components
- Backlog at quarter end was 4.4 months
4Q 2024 Outlook
For the fourth quarter of 2024, management expects revenues in the range of $720 million +/- $20 million, with gross profit margin in the range of 20.0% +/- 50 basis points, including the negative impact of approximately 175 to 200 basis points from the addition of Newport.
A conference call to discuss Vishay's third quarter financial results is scheduled for Wednesday, November 6, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI24b8e37c574c42d897f4df9a7a5aa306. Upon registering, you will be emailed a dial-in number, and unique PIN.
A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.
There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.
About Vishay
Vishay manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.
This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); and EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as free cash, EBITDA, and EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. The calculations of these measures are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.
Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capital investment, capacity expansion, returns on invested capital, stockholder returns, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as "intend," "suggest," "guide," "will," "expect," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand (including due to political, economic, and health instability and military conflicts and hostilities); delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; that the Newport wafer fab will not be integrated successfully into the Company's overall business; that the expected benefits of the acquisition may not be realized; that the fab's standards, procedures and controls will not be brought into conformance within the Company's operation; difficulties in transitioning and retaining fab employees following the acquisition; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management's attention from the management of our current business; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The DNA of tech® is a trademark of Vishay Intertechnology.
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President - Corporate Development
+1-610-644-1300
| VISHAY INTERTECHNOLOGY, INC. | ||||||||||||
| Summary of Operations | ||||||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||||||
| Fiscal quarters ended | ||||||||||||
| September 28, 2024 | June 29,
2024 | September 30, 2023 | ||||||||||
| Net revenues | $ | 735,353 | $ | 741,239 | $ | 853,653 | ||||||
| Costs of products sold | 584,470 | 578,369 | 616,010 | |||||||||
| Gross profit | 150,883 | 162,870 | 237,643 | |||||||||
| Gross margin | 20.5 | % | 22.0 | % | 27.8 | % | ||||||
| Selling, general, and administrative expenses | 128,545 | 124,953 | 122,513 | |||||||||
| Restructuring and severance costs | 40,614 | - | - | |||||||||
| Operating income (loss) | (18,276 | ) | 37,917 | 115,130 | ||||||||
| Operating margin | -2.5 | % | 5.1 | % | 13.5 | % | ||||||
| Other income (expense): | ||||||||||||
| Interest expense | (6,596 | ) | (6,657 | ) | (7,153 | ) | ||||||
| Loss on early extinguishment of debt | - | - | (18,874 | ) | ||||||||
| Other | 803 | 5,011 | 7,409 | |||||||||
| Total other income (expense) - net | (5,793 | ) | (1,646 | ) | (18,618 | ) | ||||||
| Income (loss) before taxes | (24,069 | ) | 36,271 | 96,512 | ||||||||
| Income tax expense (benefit) | (5,076 | ) | 12,391 | 30,557 | ||||||||
| Net earnings (loss) | (18,993 | ) | 23,880 | 65,955 | ||||||||
| Less: net earnings attributable to noncontrolling interests | 306 | 347 | 426 | |||||||||
| Net earnings (loss) attributable to Vishay stockholders | $ | (19,299 | ) | $ | 23,533 | $ | 65,529 | |||||
| Basic earnings (loss) per share attributable to Vishay stockholders | $ | (0.14 | ) | $ | 0.17 | $ | 0.47 | |||||
| Diluted earnings (loss) per share attributable to Vishay stockholders | $ | (0.14 | ) | $ | 0.17 | $ | 0.47 | |||||
| Weighted average shares outstanding - basic | 136,793 | 137,326 | 139,083 | |||||||||
| Weighted average shares outstanding - diluted | 136,793 | 138,084 | 140,001 | |||||||||
| Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||
| VISHAY INTERTECHNOLOGY, INC. | ||||||||
| Summary of Operations | ||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||
| Nine fiscal months ended | ||||||||
| September 28, 2024 | September 30, 2023 | |||||||
| Net revenues | $ | 2,222,871 | $ | 2,616,809 | ||||
| Costs of products sold | 1,738,711 | 1,842,980 | ||||||
| Gross profit | 484,160 | 773,829 | ||||||
| Gross margin | 21.8 | % | 29.6 | % | ||||
| Selling, general, and administrative expenses | 381,234 | 365,515 | ||||||
| Restructuring and severance costs | 40,614 | - | ||||||
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