Vishay Intertechnology Reports Third Quarter 2025 Results

November 05, 2025 07:15 ET | Source: Vishay Intertechnology, Inc. MALVERN, Pa., Nov. 05, 2025 (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 27, 2025. Highlights 3Q 2025 revenues of $790.6 millionGross margin was 19.5% and included the negative impact of approximately 150 basis points related to Newport3Q 2025 GAAP loss per share of $(0.06)3Q 2025 Adjusted EPS of $0.043Q 2025 book-to-bill of 0.97 with book-to-bill of 0.96 for semiconductors and 0.98 for passive componentsBacklog at quarter end was 4.4 months “Our third quarter revenue growth demonstrates Vishay’s alignment with high growth markets including smart grid infrastructure, AI related power requirements, automotive and aerospace/defense while the market overall continues to gradually recover,” said Joel Smejkal, president and CEO. “The heavy investments in capacity expansion we have made over the past three years are enabling Vishay to capitalize on market upcycles in these high growth markets, reliably meeting quick turn delivery requirements while maintaining competitive lead times.” 4Q 2025 OutlookFor the fourth quarter of 2025, management expects revenues in the range of $790 million +/- $20 million and a gross profit margin in the range of 19.5% +/- 50 basis points, including the negative impact of approximately 150 to 175 basis points related to Newport. Conference CallA conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at:https://register.vevent.com/register/BI273cd003b1924d1d8b000945bd9f4ade.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 VishayVishay 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; 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 HenriciExecutive 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 27, 2025 June 28, 2025 September 28, 2024 Net revenues$790,640 $762,250 $735,353 Costs of products sold 636,781 613,567 584,470 Gross profit 153,859 148,683 150,883 Gross margin 19.5% 19.5% 20.5% Selling, general, and administrative expenses* 134,712 126,565 128,545 Restructuring and severance costs - - 40,614 Operating income (loss) 19,147 22,118 (18,276)Operating margin 2.4% 2.9% -2.5% Other income (expense): Interest expense (9,525) (10,588) (6,596)Other 2,265 747 803 Total other income (expense) - net (7,260) (9,841) (5,793) Income (loss) before taxes 11,887 12,277 (24,069) Income tax expense (benefit) 19,763 10,273 (5,076) Net earnings (loss) (7,876) 2,004 (18,993) Less: net earnings attributable to noncontrolling interests - - 306 Net earnings (loss) attributable to Vishay stockholders$(7,876) $2,004 $(19,299) Basic earnings (loss) per share attributable to Vishay stockholders$(0.06) $0.01 $(0.14) Diluted earnings (loss) per share attributable to Vishay stockholders$(0.06) $0.01 $(0.14) Weighted average shares outstanding - basic 135,720 135,702 136,793 Weighted average shares outstanding - diluted 135,720 136,167 136,793 Cash dividends per share$0.10 $0.10 $0.10 * Selling, general, and administrative expenses for the fiscal quarter ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. VISHAY INTERTECHNOLOGY, INC.Summary of Operations(Unaudited - In thousands, except per share amounts) Nine fiscal months ended September 27, 2025 September 28, 2024 Net revenues$2,268,126 $2,222,871 Costs of products sold 1,830,030 1,738,711 Gross profit 438,096 484,160 Gross margin 19.3% 21.8% Selling, general, and administrative expenses* 396,016 381,234 Restructuring and severance costs - 40,614 Operating income 42,080 62,312 Operating margin 1.9% 2.8% Other income (expense): Interest expense (28,903) (19,749)Other 6,759 13,901 Total other income (expense) - net (22,144) (5,848) Income before taxes 19,936 56,464 Income tax expense 29,900 20,134 Net earnings (loss) (9,964) 36,330 Less: net earnings attributable to noncontrolling interests - 1,172 Net earnings (loss) attributable to Vishay stockholders$(9,964) $35,158 Basic earnings (loss) per share attributable to Vishay stockholders$(0.07) $0.26 Diluted earnings (loss) per share attributable to Vishay stockholders$(0.07) $0.25 Weighted average shares outstanding - basic 135,739 137,281 Weighted average shares outstanding - diluted 135,739 138,039 Cash dividends per share$0.30 $0.30 * Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. VISHAY INTERTECHNOLOGY, INC.Consolidated Condensed Balance Sheets(Unaudited - In thousands) September 27, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents$443,858 $590,286 Short-term investments 266 16,130 Accounts receivable, net 463,602 401,901 Inventories: Finished goods 186,507 175,176 Work in process 331,136 296,393 Raw materials 242,277 217,812 Total inventories 759,920 689,381 Prepaid expenses and other current assets 227,294 217,809 Total current assets 1,894,940 1,915,507 Property and equipment, at cost: Land 86,449 84,124 Buildings and improvements 826,406 766,058 Machinery and equipment 3,455,844 3,259,213 Construction in progress 428,897 367,564 Allowance for depreciation (3,165,034) (2,931,221) 1,632,562 1,545,738 Right of use assets 119,582 117,953 Deferred income taxes 177,621 159,769 Goodwill 180,378 179,005 Other intangible assets, net 81,896 87,223 Other assets 108,997 105,501 Total assets$4,195,976 $4,110,696 VISHAY INTERTECHNOLOGY, INC.Consolidated Condensed Balance Sheets (continued)(Unaudited - In thousands) September 27, 2025 December 31, 2024 Liabilities and equity Current liabilities: Trade accounts payable$213,186 $216,313 Payroll and related expenses 179,492 137,101 Lease liabilities 26,323 25,901 Other accrued expenses 274,366 264,471 Income taxes 17,309 64,562 Total current liabilities 710,676 708,348 Long-term debt less current portion 919,698 905,019 Deferred income taxes 94,476 96,363 Long-term lease liabilities 96,036 94,218 Other liabilities 105,630 104,086 Accrued pension and other postretirement costs 186,396 173,700 Total liabilities 2,112,912 2,081,734 Equity: Common stock 13,416 13,361 Class B convertible common stock 1,210 1,210 Capital in excess of par value 1,319,934 1,306,245 Retained earnings 904,818 955,500 Treasury stock (at cost) (224,590) (212,062)Accumulated other comprehensive income (loss) 68,276 (35,292)Total equity 2,083,064 2,028,962 Total liabilities and equity$4,195,976 $4,110,696 VISHAY INTERTECHNOLOGY, INC.Consolidated Condensed Statements of Cash Flows(Unaudited - In thousands) Nine fiscal months ended September 27, 2025 September 28, 2024 Operating activities Net earnings (loss)$(9,964) $36,330 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 167,036 155,272 (Gain)/loss on disposal of property and equipment 56 (1,168)Inventory write-offs for obsolescence 25,614 27,163 Stock compensation expense 17,635 14,928 Deferred income taxes (7,461) (13,667)Other (2,189) 14,506 Change in U.S. transition tax liability (47,027) (37,622)Change in repatriation tax liability (9,375) (15,000)Changes in operating assets and liabilities, net of effects of businesses acquired (99,379) (74,696)Net cash provided by operating activities 34,946 106,046 Investing activities Capital expenditures (178,491) (175,175)Proceeds from sale of property and equipment 854 1,397 Purchase of businesses, net of cash acquired - (200,185)Purchase of short-term investments (28,575) (101,263)Maturity of short-term investments 45,111 123,561 Other investing activities (2,336) (1,220)Net cash used in investing activities (163,437) (352,885) Financing activities Principal payments on long-term debt (41,911) - Net proceeds on revolving credit facility 53,000 - Debt issuance and amendment costs - (1,062)Dividends paid to common stockholders (37,050) (37,467)Dividends paid to Class B common stockholders (3,629) (3,629)Repurchase of common stock held in treasury (12,538) (37,784)Cash withholding taxes paid when shares withheld for vested equity awards (4,000) (4,092)Other financing activities 10,080 - Net cash used in financing activities (36,048) (84,034)Effect of exchange rate changes on cash and cash equivalents 18,111 1,925 Net decrease in cash and cash equivalents (146,428) (328,948) Cash and cash equivalents at beginning of period 590,286 972,719 Cash and cash equivalents at end of period$443,858 $643,771 VISHAY INTERTECHNOLOGY, INC.Reconciliation of Adjusted Earnings Per Share(Unaudited - In thousands, except per share amounts) Fiscal quarters ended Nine fiscal months ended September 27,2025 June 28,2025 September 28,2024 September 27,2025 September 28,2024 GAAP net earnings (loss) attributable to Vishay stockholders$(7,876) $2,004 $(19,299) $(9,964) $35,158 Reconciling items affecting operating income (loss): Favorable resolution of contingency$- $(11,293) $- $(11,293) $- Restructuring and severance costs - - 40,614 - 40,614 Reconciling items affecting tax expense (benefit): Change in tax laws and regulations$13,657 $- $- $13,657 $- Tax effects of pre-tax items above - - (10,299) - (10,299) Adjusted net earnings (loss)$5,781 $(9,289) $11,016 $(7,600) $65,473 Adjusted weighted average diluted shares outstanding 136,582 135,702 137,558 135,740 138,039 Adjusted earnings (loss) per diluted share$0.04 $(0.07) $0.08 $(0.06) $0.47 VISHAY INTERTECHNOLOGY, INC.Reconciliation of Free Cash(Unaudited - In thousands) Fiscal quarters ended Nine fiscal months ended September 27,2025 June 28,2025 September 28,2024 September 27,2025 September 28,2024Net cash provided by (used in) operating activities$27,639 $(8,791) $50,565 $34,946 $106,046 Proceeds from sale of property and equipment 360 215 132 854 1,397 Less: Capital expenditures (52,324) (64,598) (59,527) (178,491) (175,175)Free cash$(24,325) $(73,174) $(8,830) $(142,691) $(67,732) VISHAY INTERTECHNOLOGY, INC.Reconciliation of EBITDA and Adjusted EBITDA(Unaudited - In thousands) Fiscal quarters ended Nine fiscal months ended September 27,2025 June 28,2025 September 28,2024 September 27,2025 September 28,2024 GAAP net earnings (loss) attributable to Vishay stockholders$(7,876) $2,004 $(19,299) $(9,964) $35,158 Net earnings attributable to noncontrolling interests - - 306 - 1,172 Net earnings (loss)$(7,876) $2,004 $(18,993) $(9,964) $36,330 Interest expense$9,525 $10,588 $6,596 $28,903 $19,749 Interest income (2,710) (4,023) (5,230) (10,610) (20,946)Income taxes 19,763 10,273 (5,076) 29,900 20,134 Depreciation and amortization 57,293 55,970 53,595 167,036 155,272 EBITDA$75,995 $74,812 $30,892 $205,265 $210,539 Reconciling items Favorable resolution of contingency$- $(11,293) $- $(11,293) $- Restructuring and severance costs - - 40,614 - 40,614 Adjusted EBITDA$75,995 $63,519 $71,506 $193,972 $251,153 Adjusted EBITDA margin** 9.6% 8.3% 9.7% 8.6% 11.3% ** Adjusted EBITDA as a percentage of net revenues

Vishay Intertechnology Reports Third Quarter 2025 Results

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