• Vishay Intertechnology Reports First Quarter 2023 Results

    ソース: Nasdaq GlobeNewswire / 10 5 2023 06:05:00   America/Chicago

    MALVERN, Pa., May 10, 2023 (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 first quarter ended April 1, 2023.

    Highlights

    • 1Q 2023 revenues of $871.0 million
    • 1Q 2023 EPS of $0.79
    • 1Q 2023 book-to-bill of 0.84
    • Backlog at quarter end was 7.5 months
    • YTD 2023 total stockholder return of $34.2 million
    • Extension of $750 million revolving credit facility to May 2028

    “Driven by sales increases in medical and aerospace/defense along with continued strong demand in automotive, for the first quarter we delivered revenue growth of 2.0% year over year and 1.8% quarter over quarter. We also increased investments in capacity expansion for our 30 key product lines in support of high growth and high return opportunities that meet our customers’ accelerating demand. While 2023 is a staging year at Vishay as we prepare to participate fully in the next step up in demand related to connectivity, mobility and sustainability megatrends, we remain committed to spending approximately $385 million in capex and returning at least $100 million to our stockholders,” said Joel Smejkal, president and CEO.

    2Q 2023 Outlook
    For the second quarter of 2023, management expects revenues in the range of $860 million and $900 million and a gross profit margin in the range of 29.0% +/- 50 basis points.

    Conference Call
    Management will host a conference call today, May 10, 2023, at 9:00 a.m. ET to discuss first quarter 2023 results. The dial-in number for the conference call is 877-407-0989 (+1 201-389-0921, if calling from outside the United States) and the access code is 13737582. Interested parties may also access a real-time webcast through the Investor Relations section of the company’s website at http://ir.vishay.com. A presentation accompanying management’s prepared remarks will be posted approximately 30 minutes before the conference call starts. For interested parties who are unable to join the live call, there will be a replay of the conference call from 12:00 p.m. ET on Wednesday, May 10, 2023, through 11:59 p.m. ET on Wednesday, May 24, 2023. The telephone number for the replay is +1 877-660-6853 (+1 201-612-7415, if calling from outside the United States or Canada) and the access code is 13737582.

    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, 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,” “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 because of COVID-19 or otherwise; 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 
     April 1, 2023 December 31, 2022 April 2, 2022 
           
    Net revenues$871,046  $855,298  $853,793  
    Costs of products sold 592,333   606,178   594,685  
    Gross profit 278,713   249,120   259,108  
    Gross margin 32.0%   29.1%   30.3%  
           
    Selling, general, and administrative expenses 120,145   113,812   112,855  
    Operating income 158,568   135,308   146,253  
    Operating margin 18.2%   15.8%   17.1%  
           
    Other income (expense):      
    Interest expense (5,120)  (4,490)  (4,222) 
    Other 3,329   (2,618)  (5,751) 
    Total other income (expense) - net (1,791)  (7,108)  (9,973) 
           
    Income before taxes 156,777   128,200   136,280  
           
    Income tax expense 44,588   54,999   32,330  
           
    Net earnings 112,189   73,201   103,950  
           
    Less: net earnings attributable to noncontrolling interests 408   413   377  
           
    Net earnings attributable to Vishay stockholders$111,781  $72,788  $103,573  
           
    Basic earnings per share attributable to Vishay stockholders$0.79  $0.51  $0.71  
           
    Diluted earnings per share attributable to Vishay stockholders$0.79  $0.51  $0.71  
           
    Weighted average shares outstanding - basic 140,636   141,643   145,053  
           
    Weighted average shares outstanding - diluted 141,251   142,247   145,553  
           
    Cash dividends per share$0.10  $0.10  $0.10  
           


    VISHAY INTERTECHNOLOGY, INC.    
    Consolidated Condensed Balance Sheets    
    (In thousands)    
         
     April 1, 2023 December 31, 2022 
     (Unaudited)   
    Assets    
    Current assets:    
    Cash and cash equivalents$847,534  $610,825  
    Short-term investments 186,892   305,272  
    Accounts receivable, net 444,021   416,178  
    Inventories:    
    Finished goods 171,404   156,234  
    Work in process 282,166   261,345  
    Raw materials 203,111   201,300  
    Total inventories 656,681   618,879  
         
    Prepaid expenses and other current assets 170,767   170,056  
    Total current assets 2,305,895   2,121,210  
         
    Property and equipment, at cost:    
    Land 76,269   75,907  
    Buildings and improvements 676,678   658,829  
    Machinery and equipment 2,910,769   2,857,636  
    Construction in progress 234,481   243,038  
    Allowance for depreciation (2,755,509)  (2,704,951) 
      1,142,688   1,130,459  
         
    Right of use assets 130,306   131,193  
    Deferred income taxes 106,197   104,667  
    Goodwill 201,657   201,432  
    Other intangible assets, net 75,965   77,896  
    Other assets 99,960   98,796  
    Total assets$4,062,668  $3,865,653  
      


    VISHAY INTERTECHNOLOGY, INC.    
    Consolidated Condensed Balance Sheets (continued)   
    (In thousands)    
         
     April 1, 2023 December 31, 2022 
     (Unaudited)   
         
    Liabilities and equity    
    Current liabilities:    
    Trade accounts payable$219,802  $189,099  
    Payroll and related expenses 159,708   166,079  
    Lease liabilities 25,908   25,319  
    Other accrued expenses 246,529   261,606  
    Income taxes 97,307   84,155  
    Total current liabilities 749,254   726,258  
         
    Long-term debt less current portion 566,755   500,937  
    U.S. transition tax payable 83,010   83,010  
    Deferred income taxes 125,289   117,183  
    Long-term lease liabilities 107,221   108,493  
    Other liabilities 94,216   92,530  
    Accrued pension and other postretirement costs 189,606   187,092  
    Total liabilities 1,915,351   1,815,503  
         
    Equity:    
    Vishay stockholders' equity    
    Common stock 13,316   13,291  
    Class B convertible common stock 1,210   1,210  
    Capital in excess of par value 1,351,622   1,352,321  
    Retained earnings 870,975   773,228  
    Treasury stock (at cost) (103,145)  (82,972) 
    Accumulated other comprehensive income (loss) 9,032   (10,827) 
    Total Vishay stockholders' equity 2,143,010   2,046,251  
    Noncontrolling interests 4,307   3,899  
    Total equity 2,147,317   2,050,150  
    Total liabilities and equity$4,062,668  $3,865,653  
         


    VISHAY INTERTECHNOLOGY, INC.    
    Consolidated Condensed Statements of Cash Flows    
    (Unaudited - In thousands)  
     Three fiscal months ended 
     April 1, 2023 April 2, 2022 
         
    Operating activities    
    Net earnings$112,189  $103,950  
    Adjustments to reconcile net earnings to net cash provided by operating activities:    
    Depreciation and amortization 43,301   40,650  
    (Gain) loss on disposal of property and equipment (64)  (59) 
    Inventory write-offs for obsolescence 8,986   5,825  
    Deferred income taxes 7,329   2,347  
    Other 269   8,816  
    Changes in operating assets and liabilities (42,117)  (127,944) 
    Net cash provided by operating activities 129,893   33,585  
         
    Investing activities    
    Purchase of property and equipment (45,574)  (35,909) 
    Proceeds from sale of property and equipment 326   72  
    Purchase of short-term investments (41)  (7,753) 
    Maturity of short-term investments 121,768   56,674  
    Other investing activities (892)  (199) 
    Net cash provided by investing activities 75,587   12,885  
         
    Financing activities    
    Net proceeds (payments) on revolving credit lines 65,000   -  
    Dividends paid to common stockholders (12,810)  (13,259) 
    Dividends paid to Class B common stockholders (1,210)  (1,210) 
    Repurchase of common stock held in treasury (20,173)  (9,873) 
    Cash withholding taxes paid when shares withheld for vested equity awards (3,653)  (2,123) 
    Net cash provided by (used in) financing activities 27,154   (26,465) 
    Effect of exchange rate changes on cash and cash equivalents 4,075   (4,865) 
         
    Net increase in cash and cash equivalents 236,709   15,140  
         
    Cash and cash equivalents at beginning of period 610,825   774,108  
    Cash and cash equivalents at end of period$847,534  $789,248  
         


    VISHAY INTERTECHNOLOGY, INC.      
    Reconciliation of Adjusted Earnings Per Share      
    (Unaudited - In thousands, except per share amounts)      
     Fiscal quarters ended 
     April 1, 2023 December 31, 2022 April 2, 2022 
           
    GAAP net earnings attributable to Vishay stockholders$111,781 $72,788  $103,573 
           
    Reconciling items affecting tax expense (benefit):      
    Effect of change in indefinite reversal assertion$- $59,642  $- 
    Effects of changes in valuation allowances -  (33,669)  - 
           
           
    Adjusted net earnings$111,781 $98,761  $103,573 
           
    Adjusted weighted average diluted shares outstanding 141,251  142,247   145,553 
           
    Adjusted earnings per diluted share$0.79 $0.69  $0.71 
           


    VISHAY INTERTECHNOLOGY, INC.      
    Reconciliation of Free Cash      
    (Unaudited - In thousands)      
     Fiscal quarters ended 
     April 1, 2023 December 31, 2022 April 2, 2022 
    Net cash provided by operating activities$129,893  $166,496  $33,585  
    Proceeds from sale of property and equipment 326   726   72  
    Less: Capital expenditures (45,574)  (153,133)  (35,909) 
    Free cash$84,645  $14,089  $(2,252) 
           


    VISHAY INTERTECHNOLOGY, INC.      
    Reconciliation of EBITDA and Adjusted EBITDA      
    (Unaudited - In thousands)      
     Fiscal quarters ended 
     April 1, 2023 December 31, 2022 April 2, 2022 
           
    GAAP net earnings attributable to Vishay stockholders$111,781  $72,788  $103,573  
    Net earnings attributable to noncontrolling interests 408   413   377  
    Net earnings$112,189  $73,201  $103,950  
           
    Interest expense$5,120  $4,490  $4,222  
    Interest income (5,944)  (4,374)  (561) 
    Income taxes 44,588   54,999   32,330  
    Depreciation and amortization 43,301   42,690   40,650  
    EBITDA$199,254  $171,006  $180,591  
           
    Reconciling items$-  $-  $-  
           
    Adjusted EBITDA$199,254  $171,006  $180,591  
           
    Adjusted EBITDA margin** 22.9%  20.0%  21.2% 
           
    ** Adjusted EBITDA as a percentage of net revenues      
           

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