• Vishay Intertechnology Reports First Quarter 2024 Results

    ソース: Nasdaq GlobeNewswire / 08 5 2024 06:15:00   America/Chicago

    MALVERN, Pa., May 08, 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 first quarter ended March 30, 2024.

    Highlights

    • 1Q 2024 revenues of $746.3 million
    • Gross margin was 22.8% and included the negative impact of 74 basis points related to the addition of Newport
    • EPS of $0.22
    • 1Q 2024 book-to-bill of 0.82 with book-to-bill of 0.73 for semiconductors and 0.91 for passive components
    • Backlog at quarter end was 5.0 months

    “As expected, first quarter revenue declined 5% sequentially primarily due to ongoing semiconductor inventory digestion and lingering macro-economic uncertainties, particularly in Asia and Europe. Passive components revenue is stable to growing in Automotive with stronger growth in Aerospace/Defense. Gross margin for the quarter included a 74-basis point negative impact from the addition of Newport,” said Joel Smejkal, President and Chief Executive Officer.

    “Looking ahead, we still expect a recovery from the inventory correction in the second half of the year, led by passive components. During the year we intend to execute on the eight strategic growth levers we detailed at our Investor Day with a focus on investing in catch-up capacity, deepening our customer relationships and advancing our silicon carbide strategy as we prepare for the next upcycle in demand,” added Mr. Smejkal.

    2Q 2024 Outlook
    For the second quarter of 2024, management expects revenues in the range of $750 million +/- $20 million, including a full quarter of Newport, and a gross profit margin in the range of 21.7% +/- 50 basis points, including the negative impact of approximately 160 basis points from the addition of Newport.

    Conference Call
    A conference call to discuss Vishay’s first quarter financial results is scheduled for Wednesday, May 8, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI24d4dbbe131d4b2ca1cfe925114ed017.

    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, 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
     March 30, 2024 December 31, 2023 April 1, 2023
          
    Net revenues$746,279  $785,236  $871,046 
    Costs of products sold 575,872   584,572   592,333 
    Gross profit 170,407   200,664   278,713 
    Gross margin 22.8%  25.6%  32.0%
          
    Selling, general, and administrative expenses 127,736   122,834   120,145 
    Operating income 42,671   77,830   158,568 
    Operating margin 5.7%  9.9%  18.2%
          
    Other income (expense):     
    Interest expense (6,496)  (6,454)  (5,120)
    Other 8,087   9,268   3,329 
    Total other income (expense) - net 1,591   2,814   (1,791)
          
    Income before taxes 44,262   80,644   156,777 
          
    Income tax expense 12,819   28,690   44,588 
          
    Net earnings 31,443   51,954   112,189 
          
    Less: net earnings attributable to noncontrolling interests 519   482   408 
          
    Net earnings attributable to Vishay stockholders$30,924  $51,472  $111,781 
          
    Basic earnings per share attributable to Vishay stockholders$0.22  $0.37  $0.79 
          
    Diluted earnings per share attributable to Vishay stockholders$0.22  $0.37  $0.79 
          
    Weighted average shares outstanding - basic 137,726   138,318   140,636 
          
    Weighted average shares outstanding - diluted 138,476   139,266   141,251 
          
    Cash dividends per share$0.10  $0.10  $0.10 
          


    VISHAY INTERTECHNOLOGY, INC.   
    Consolidated Condensed Balance Sheets   
    (In thousands)   
        
     March 30, 2024 December 31, 2023
     (Unaudited)  
    Assets   
    Current assets:   
    Cash and cash equivalents$796,541  $972,719 
    Short-term investments 37,418   35,808 
    Accounts receivable, net 411,203   426,674 
    Inventories:   
    Finished goods 166,684   167,083 
    Work in process 280,536   267,339 
    Raw materials 218,623   213,098 
    Total inventories 665,843   647,520 
        
    Prepaid expenses and other current assets 232,135   214,443 
    Total current assets 2,143,140   2,297,164 
        
    Property and equipment, at cost:   
    Land 84,302   77,006 
    Buildings and improvements 744,328   719,387 
    Machinery and equipment 3,171,593   3,053,868 
    Construction in progress 300,714   290,593 
    Allowance for depreciation (2,857,344)  (2,846,208)
      1,443,593   1,294,646 
        
    Right of use assets 129,346   126,829 
    Deferred income taxes 135,786   137,394 
    Goodwill 238,890   201,416 
    Other intangible assets, net 73,444   72,333 
    Other assets 99,865   110,141 
    Total assets$4,264,064  $4,239,923 
        


    VISHAY INTERTECHNOLOGY, INC.   
    Consolidated Condensed Balance Sheets (continued)  
    (In thousands)   
        
     March 30, 2024 December 31, 2023
     (Unaudited)  
        
    Liabilities and equity   
    Current liabilities:   
    Trade accounts payable$197,513  $191,002 
    Payroll and related expenses 153,280   161,940 
    Lease liabilities 27,760   26,485 
    Other accrued expenses 258,773   239,350 
    Income taxes 72,018   73,098 
    Total current liabilities 709,344   691,875 
        
    Long-term debt less current portion 819,407   818,188 
    U.S. transition tax payable 47,027   47,027 
    Deferred income taxes 118,389   95,776 
    Long-term lease liabilities 103,594   102,830 
    Other liabilities 88,719   87,918 
    Accrued pension and other postretirement costs 190,356   195,503 
    Total liabilities 2,076,836   2,039,117 
        
    Equity:   
    Vishay stockholders' equity   
    Common stock 13,357   13,319 
    Class B convertible common stock 1,210   1,210 
    Capital in excess of par value 1,292,765   1,291,499 
    Retained earnings 1,058,531   1,041,372 
    Treasury stock (at cost) (174,194)  (161,656)
    Accumulated other comprehensive income (loss) (9,685)  10,337 
    Total Vishay stockholders' equity 2,181,984   2,196,081 
    Noncontrolling interests 5,244   4,725 
    Total equity 2,187,228   2,200,806 
    Total liabilities and equity$4,264,064  $4,239,923 
        


    VISHAY INTERTECHNOLOGY, INC.   
    Consolidated Condensed Statements of Cash Flows   
    (Unaudited - In thousands) 
     Three fiscal months edned
     March 30, 2024 April 1, 2023
    Operating activities   
    Net earnings$31,443  $112,189 
    Adjustments to reconcile net earnings to net cash provided by operating activities:   
    Depreciation and amortization 49,527   43,301 
    Gain on disposal of property and equipment (625)  (64)
    Inventory write-offs for obsolescence 8,179   8,986 
    Stock compensation expense 5,344   2,965 
    Deferred income taxes 4,376   7,329 
    Other 426   (2,696)
    Changes in operating assets and liabilities (18,459)  (42,117)
    Net cash provided by operating activities 80,211   129,893 
        
    Investing activities   
    Purchase of property and equipment (53,084)  (45,574)
    Proceeds from sale of property and equipment 751   326 
    Purchase and deposits for businesses, net of cash acquired (168,616)  - 
    Purchase of short-term investments (19,232)  (41)
    Maturity of short-term investments 17,611   121,768 
    Other investing activities (1,219)  (892)
    Net cash provided by (used in) investing activities (223,789)  75,587 
        
    Financing activities   
    Net proceeds on revolving credit facility -   65,000 
    Dividends paid to common stockholders (12,542)  (12,810)
    Dividends paid to Class B common stockholders (1,210)  (1,210)
    Repurchase of common stock held in treasury (12,538)  (20,173)
    Cash withholding taxes paid when shares withheld for vested equity awards (4,053)  (3,653)
    Net cash provided by (used in) financing activities (30,343)  27,154 
    Effect of exchange rate changes on cash and cash equivalents (2,257)  4,075 
        
    Net increase (decrease) in cash and cash equivalents (176,178)  236,709 
        
    Cash and cash equivalents at beginning of period 972,719   610,825 
    Cash and cash equivalents at end of period$796,541  $847,534 
        


    VISHAY INTERTECHNOLOGY, INC.     
    Reconciliation of Free Cash     
    (Unaudited - In thousands)     
     Fiscal quarters ended
     March 30, 2024 December 31, 2023 April 1, 2023
    Net cash provided by operating activities$80,211  $6,268  $129,893 
    Proceeds from sale of property and equipment 751   122   326 
    Less: Capital expenditures (53,084)  (145,331)  (45,574)
    Free cash$27,878  $(138,941) $84,645 
          


    VISHAY INTERTECHNOLOGY, INC.     
    Reconciliation of EBITDA     
    (Unaudited - In thousands)     
     Fiscal quarters ended
     March 30, 2024 December 31, 2023 April 1, 2023
          
    GAAP net earnings attributable to Vishay stockholders$30,924  $51,472  $111,781 
    Net earnings attributable to noncontrolling interests 519   482   408 
    Net earnings$31,443  $51,954  $112,189 
          
    Interest expense$6,496  $6,454  $5,120 
    Interest income (9,053)  (9,934)  (5,944)
    Income taxes 12,819   28,690   44,588 
    Depreciation and amortization 49,527   50,463   43,301 
    EBITDA$91,232  $127,627  $199,254 
          
    EBITDA margin** 12.2%  16.3%  22.9%
          
    ** EBITDA as a percentage of net revenues     
          

     

     


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