Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $741.2 million, essentially flat compared to Q1, with a slight decrease of 0.7% reflecting lower volume pulls from automotive customers and industrial customer destocking [6][18] - Gross profit was $162.9 million, with a gross margin of 22.0%, down from 22.8% in Q1, primarily due to the inclusion of Newport for the entire quarter [20] - EPS was $0.17 per share, compared to $0.22 in Q1 and $0.68 in Q2 2023 [21] Business Line Data and Key Metrics Changes - Automotive revenue declined 6.7% from Q1 and 13.6% year-over-year, impacted by lower production schedules from Tier 1 customers [8][9] - Industrial revenue was flat quarter-over-quarter, with signs of improved bookings in Asia towards the end of Q2 [10] - Medical revenue increased 14.7% from Q1 but was slightly below last year's Q2 [13] - Distribution revenue increased 7.6% quarter-over-quarter but was down 15.5% year-over-year [15] Market Data and Key Metrics Changes - Revenue in the Americas was up 1%, while Asia showed some growth in industrial and AI sectors [17] - Europe experienced lower revenues due to ongoing macroeconomic challenges [17] Company Strategy and Development Direction - The company is focused on executing its five-year strategic plan, emphasizing capacity expansion and innovation [27] - Adjusted CapEx for 2024 is now expected to be between $360 million and $390 million, down from an original plan of $435 million [28] - The company is actively pursuing M&A opportunities, having already completed two acquisitions in 2024 [60] Management's Comments on Operating Environment and Future Outlook - Management noted that inventory digestion is ongoing, with expectations for normalization in the passive components market within one quarter [62] - The semiconductor market may take two more quarters to fully digest excess inventory [62] - Management expressed confidence in the company's ability to capture market share and position itself for future growth, particularly in AI and automotive sectors [39] Other Important Information - The company repurchased 0.6 million shares at an average price of $22.76 during the quarter [23] - Cash and short-term investments decreased to $688 million, with expectations to remain free cash flow negative for the year [24][60] Q&A Session Summary Question: Capacity expansion and utilization - Management confirmed that capacity utilization for MOSFETs is currently at 79% and expressed confidence in filling the new capacity as demand increases [41][42] Question: Automotive market outlook - Management guided automotive revenue to be flat in Q3 despite seeing some positive signals from customers [43] Question: AI server content opportunity - The company is seeing increased content opportunities in AI servers, with an estimated $50 per AI server in Vishay components [44][45] Question: Distribution inventory levels - Management reported that distribution inventory is at 26 weeks globally, with efforts to reduce inventory levels while increasing SKU counts [50][51] Question: Gross margin guidance - Management indicated that gross margin is expected to be lower in Q3 due to pricing pressures and the impact of Newport [56][58] Question: Free cash flow expectations - Management expects to be free cash flow negative in 2024, with ongoing capital allocation strategies focused on M&A and shareholder returns [60]

Company Performance - Vishay Intertechnology reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.14 per share, but down from $0.68 per share a year ago, indicating a 75% year-over-year decline [1] - The company achieved an earnings surprise of 21.43% for the quarter, having previously reported earnings of $0.22 per share against an expectation of $0.20 per share, resulting in a 10% surprise [1][2] - Over the last four quarters, Vishay has surpassed consensus EPS estimates four times [2] Revenue Analysis - Vishay's revenues for the quarter ended June 2024 were $741.24 million, which missed the Zacks Consensus Estimate by 1.26% and represented a decline from $892.11 million in the same quarter last year [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] Market Performance - Since the beginning of the year, Vishay shares have decreased by approximately 10.4%, contrasting with the S&P 500's gain of 9.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $768.1 million, and for the current fiscal year, it is $0.73 on revenues of $3.04 billion [7] Industry Outlook - The Semiconductor - Discretes industry, to which Vishay belongs, is currently ranked in the bottom 21% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Vishay's stock performance [5][6]

MALVERN, Pa., Aug. 07, 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 second quarter ended June 29, 2024. Highlights 2Q 2024 revenues of $741.2 million Gross margin was 22.0% and included the negative impact of approximately 170 basis points related to the addition of Newport EPS of $0.17 2Q 2024 book-to-bill of 0.86 with book-to-bill of 0.82 for ...

MALVERN, Pa., July 17, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE: VSH) is broadening its optoelectronics portfolio with the introduction of a new 890 nm high speed infrared (IR) emitting diode in a clear, untinted leaded plastic package. Based on surface emitter technology, the Vishay Semiconductors TSHF5211 combines an excellent -1.0 mV/K temperature coefficient of VF with higher radiant intensity and faster rise and fall times than previous-generation devices. RoHS-compliant, halogen-fre ...

Samples and production quantities of the TSHF5211 are available now, with lead times of 20 weeks for large orders. Link to product photo: https://www.flickr.com/photos/vishay/albums/72177720318800057 MALVERN, Pa., July 17, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE: VSH) is broadening its optoelectronics portfolio with the introduction of a new 890 nm high speed infrared (IR) emitting diode in a clear, untinted leaded plastic package. Based on surface emitter technology, the Vishay Semicond ...

MALVERN, Pa., July 10, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc., (NYSE: VSH), will release its results for the fiscal second quarter ended June 29, 2024, before the New York Stock Exchange opens on Wednesday, August 7, 2024. 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. The DNA of tech® is a trademark of Vishay Intertechnology. A live audio webcast of the conference call ...

MALVERN, Pa., July 08, 2024 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE: VSH) today announced that at electronica China 2024, the company will be showcasing its broad portfolio of passive and semiconductor solutions that meet the latest automotive and e-mobility needs to deliver accurate and reliable performance in harsh operating conditions. Newly released 1200 V MaxSiC™ series silicon carbide (SiC) MOSFETs, which deliver on-resistances of 45 mΩ, 80 mΩ, and 250 mΩ in standard packages for indust ...

In hall E3, booth 3600, Vishay will be showcasing its differentiated products and solutions, and the advantages of utilizing them in designs. Among the highlights taking center stage at Vishay's booth will be: The DNA of tech® is a registered trademark of Vishay Intertechnology. MaxSiC™ is a trademark of MaxPower Semiconductor, Inc. Registration pending. Power Metal Strip, IHLE and eSMP are registered trademarks and ENYCAP is a trademark of Vishay Intertechnology, Inc. PowerPAK and PowerPAIR are registered ...

Vishay Intertechnology (VSH) recently launched Gen 3 1200 V silicon carbide (SiC) Schottky diodes. These devices also offer high robustness with operating temperatures up to +175°C, having a low capacitance charge and low typical reverse leakage current and reducing conduction losses. Vishay acquired a precision thermistors company, Ametherm, as part of its strategy to expand its resistors offering by integrating Ametherm's small package, high-quality inrush current limiters and NTC temperature sensors into ...

Vishay Intertechnology, Inc. (NYSE:VSH) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET Company Participants Peter Henrici - EVP, Corporate Development & Corporate Secretary Joel Smejkal - President, CEO & Director David McConnell - EVP & CFO Conference Call Participants Matthew Sheerin - Stifel, Nicolaus & Company Ruplu Bhattacharya - Bank of America Merrill Lynch Joshua Buchalter - TD Cowen Operator Good morning, and thank you for standing by. Welcome to the Vishay Intertechnology First Quarter 20 ...