EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1
Exhibit 99.1



Vishay Intertechnology Reports Fiscal First Quarter 2025 Results

Malvern, PA, May 7, 2025 – 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 first quarter ended March 29, 2025.

Highlights
•
1Q 2025 revenues of $715.2 million
•
Gross margin was 19.0% and included the negative impact of approximately 200 basis points related to the addition of Newport
•
1Q 2025 loss per share of ($0.03)
•
1Q 2025 book-to-bill of 1.08 with book-to-bill of 1.12 for semiconductors and 1.04 for passive components
•
Backlog at quarter end was 4.7 months

“Market signals, which continued from the fourth quarter, indicate that much of the channel inventory that overhung the market has normalized. We executed well during the first quarter on our strategic levers to drive faster revenue growth and improve profitability.   We are prepared to navigate evolving tariff policies and any demand uncertainties, staying in close contact with our customers to assure them of reliable supply and making adjustments to our spending as necessary,” said Joel Smejkal, president and CEO. “The investments we have made in capacity over the past two years better position Vishay for a market upturn and support our decision to guide for a sequential revenue increase of 6%.”

2Q 2025 Outlook
For the second quarter of 2025, management expects revenues in the range of $760 million +/- $20 million and a gross profit margin in the range of 19.0% +/- 50 basis points, including the negative impact of approximately 175 to 200 basis points from the addition of Newport. Second quarter guidance includes the anticipated effect of tariffs.

Conference Call
A conference call to discuss Vishay’s first quarter financial results is scheduled for Wednesday, May 7, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI5b9245def09d4423aad8a7d7a5526751. 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 adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted 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 adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted 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. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items 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, stockholder returns, tariff effects, 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 “guide,” “will,” “expect,” “indicate,” “anticipate,” “committed” 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; 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; 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
  
   
March 29, 2025
    
December 31, 2024
    
March 30, 2024
  
                   
Net revenues
  
$
715,236
    
$
714,716
    
$
746,279
  
Costs of products sold
    
579,682
      
572,584
      
575,872
  
Gross profit
    
135,554
      
142,132
      
170,407
  
  Gross margin
    
19.0
%
    
19.9
%
    
22.8
%
                         
Selling, general, and administrative expenses
    
134,739
      
132,330
      
127,736
  
Impairment of goodwill
    
-
      
66,487
      
-
  
Operating income (loss)
    
815
      
(56,685
)
    
42,671
  
  Operating margin
    
0.1
%
    
-7.9
%
    
5.7
%
                         
Other income (expense):
                        
  Interest expense
    
(8,790
)
    
(7,731
)
    
(6,496
)
  Other
    
3,747
      
5,563
      
8,087
  
  Total other income (expense) - net
    
(5,043
)
    
(2,168
)
    
1,591
  
                         
Income (loss) before taxes
    
(4,228
)
    
(58,853
)
    
44,262
  
                         
Income tax expense (benefit)
    
(136
)
    
7,232
      
12,819
  
                         
Net earnings (loss)
    
(4,092
)
    
(66,085
)
    
31,443
  
                         
Less: net earnings attributable to noncontrolling interests
    
-
      
223
      
519
  
                         
Net earnings (loss) attributable to Vishay stockholders
  
$
(4,092
)
  
$
(66,308
)
  
$
30,924
  
                         
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
(0.03
)
  
$
(0.49
)
  
$
0.22
  
                         
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
(0.03
)
  
$
(0.49
)
  
$
0.22
  
                         
Weighted average shares outstanding - basic
    
135,799
      
136,050
      
137,726
  
                         
Weighted average shares outstanding - diluted
    
135,799
      
136,050
      
138,476
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  
VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(Unaudited - In thousands)
            
             
   
March 29, 2025
    
December 31, 2024
  
             
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
609,402
    
$
590,286
  
  Short-term investments
    
10,197
      
16,130
  
  Accounts receivable, net
    
427,634
      
401,901
  
  Inventories:
                
    Finished goods
    
177,202
      
175,176
  
    Work in process
    
314,752
      
296,393
  
    Raw materials
    
220,484
      
217,812
  
  Total inventories
    
712,438
      
689,381
  
                 
  Prepaid expenses and other current assets
    
215,891
      
217,809
  
Total current assets
    
1,975,562
      
1,915,507
  
                 
Property and equipment, at cost:
                
  Land
    
84,827
      
84,124
  
  Buildings and improvements
    
784,132
      
766,058
  
  Machinery and equipment
    
3,336,823
      
3,259,213
  
  Construction in progress
    
377,095
      
367,564
  
  Allowance for depreciation
    
(3,008,308
)
    
(2,931,221
)
     
1,574,569
      
1,545,738
  
                 
Right of use assets
    
117,445
      
117,953
  
Deferred income taxes
    
162,126
      
159,769
  
Goodwill
    
179,388
      
179,005
  
Other intangible assets, net
    
85,962
      
87,223
  
Other assets
    
105,190
      
105,501
  
     Total assets
  
$
4,200,242
    
$
4,110,696
  
VISHAY INTERTECHNOLOGY, INC.
        
Consolidated Condensed Balance Sheets (continued)
        
(Unaudited - In thousands)
            
             
   
March 29, 2025
    
December 31, 2024
  
             
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
211,378
    
$
216,313
  
  Payroll and related expenses
    
153,201
      
137,101
  
  Lease liabilities
    
26,179
      
25,901
  
  Other accrued expenses
    
262,649
      
264,471
  
  Income taxes
    
51,994
      
64,562
  
Total current liabilities
    
705,401
      
708,348
  
                 
Long-term debt less current portion
    
988,235
      
905,019
  
Deferred income taxes
    
99,777
      
96,363
  
Long-term lease liabilities
    
93,150
      
94,218
  
Other liabilities
    
103,968
      
104,086
  
Accrued pension and other postretirement costs
    
177,579
      
173,700
  
Total liabilities
    
2,168,110
      
2,081,734
  
                 
Equity:
                
  Common stock
    
13,411
      
13,361
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,308,366
      
1,306,245
  
  Retained earnings
    
937,833
      
955,500
  
  Treasury stock (at cost)
    
(224,600
)
    
(212,062
)
  Accumulated other comprehensive income (loss)
    
(4,088
)
    
(35,292
)
Total equity
    
2,032,132
      
2,028,962
  
Total liabilities and equity
  
$
4,200,242
    
$
4,110,696
  
VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Three fiscal months ended
  
   
March 29, 2025
    
March 30, 2024
  
             
Operating activities
            
Net earnings (loss)
  
$
(4,092
)
  
$
31,443
  
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
          
      Depreciation and amortization
    
53,773
      
49,527
  
      (Gain) loss on disposal of property and equipment
    
189
      
(625
)
      Inventory write-offs for obsolescence
    
9,030
      
8,179
  
      Stock compensation expense
    
6,051
      
5,344
  
      Deferred income taxes
    
1,573
      
4,376
  
      Other
    
(1,380
)
    
426
  
      Changes in operating assets and liabilities, net of effects of business acquired
    
(49,046
)
    
(18,459
)
Net cash provided by operating activities
    
16,098
      
80,211
  
                 
Investing activities
                
Capital expenditures
    
(61,569
)
    
(53,084
)
Proceeds from sale of property and equipment
    
279
      
751
  
Purchase of businesses, net of cash acquired
    
-
      
(168,616
)
Purchase of short-term investments
    
(21,899
)
    
(19,232
)
Maturity of short-term investments
    
27,832
      
17,611
  
Other investing activities
    
(661
)
    
(1,219
)
Net cash used in investing activities
    
(56,018
)
    
(223,789
)
                 
Financing activities
                
Net proceeds on revolving credit facility
    
82,000
      
-
  
Dividends paid to common stockholders
    
(12,352
)
    
(12,542
)
Dividends paid to Class B common stockholders
    
(1,210
)
    
(1,210
)
Repurchase of common stock held in treasury
    
(12,538
)
    
(12,538
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(3,893
)
    
(4,053
)
Net cash provided by (used in) financing activities
    
52,007
      
(30,343
)
Effect of exchange rate changes on cash and cash equivalents
    
7,029
      
(2,257
)
                 
Net increase (decrease) in cash and cash equivalents
    
19,116
      
(176,178
)
                 
Cash and cash equivalents at beginning of period
    
590,286
      
972,719
  
Cash and cash equivalents at end of period
  
$
609,402
    
$
796,541
  
VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Adjusted Earnings Per Share
                  
(Unaudited - In thousands, except per share amounts)
                  
   
Fiscal quarters ended
  
   
March 29, 2025
    
December 31, 2024
    
March 30, 2024
  
                   
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(4,092
)
  
$
(66,308
)
  
$
30,924
  
                         
Reconciling items affecting operating income:
                        
Impairment of goodwill
  
$
-
    
$
66,487
    
$
-
  
                         
Adjusted net earnings (loss)
  
$
(4,092
)
  
$
179
    
$
30,924
  
                         
Adjusted weighted average diluted shares outstanding
    
135,799
      
136,883
      
138,476
  
                         
Adjusted earnings (loss) per diluted share
  
$
(0.03
)
  
$
0.00
    
$
0.22
  
VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Free Cash
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
March 29, 2025
    
December 31, 2024
    
March 30, 2024
  
Net cash provided by operating activities
  
$
16,098
    
$
67,656
    
$
80,211
  
Proceeds from sale of property and equipment
    
279
      
1,618
      
751
  
Less: Capital expenditures
    
(61,569
)
    
(144,904
)
    
(53,084
)
Free cash
  
$
(45,192
)
  
$
(75,630
)
  
$
27,878
  
VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of EBITDA and Adjusted EBITDA
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
March 29, 2025
    
December 31, 2024
    
March 30, 2024
  
                   
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(4,092
)
  
$
(66,308
)
  
$
30,924
  
Net earnings attributable to noncontrolling interests
    
-
      
223
      
519
  
Net earnings (loss)
  
$
(4,092
)
  
$
(66,085
)
  
$
31,443
  
                         
Interest expense
  
$
8,790
    
$
7,731
    
$
6,496
  
Interest income
    
(3,877
)
    
(4,533
)
    
(9,053
)
Income taxes
    
(136
)
    
7,232
      
12,819
  
Depreciation and amortization
    
53,773
      
55,373
      
49,527
  
EBITDA
  
$
54,458
    
$
(282
)
  
$
91,232
  
                         
Reconciling items
                        
Impairment of goodwill
  
$
-
    
$
66,487
    
$
-
  
                         
Adjusted EBITDA
  
$
54,458
    
$
66,205
    
$
91,232
  
                         
Adjusted EBITDA margin**
    
7.6
%
    
9.3
%
    
12.2
%
                         
** Adjusted EBITDA as a percentage of net revenues