Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Vishay Intertechnology, Inc. reported third-quarter 2025 earnings of 4 cents per share, matching the Zacks Consensus Estimate, but down from 8 cents in the same quarter last year [1][8] - Revenues for the quarter were $790.6 million, exceeding the Zacks Consensus Estimate by 2% and reflecting a year-over-year increase of 7.5% [1][8] Revenue Breakdown - Revenues from MOSFETs, which account for 21.1% of total revenues, were $167.1 million, up 13.6% year over year, with a book-to-bill ratio of 0.86 [3] - Diodes generated $149.6 million in revenues, representing an increase of 3% year over year, with a book-to-bill ratio of 1.07 [3] - Optoelectronics revenues were $55.6 million, down 12% year over year, with a book-to-bill ratio of 0.93 [4] - Resistors brought in $195.7 million, up 8.2% year over year, with a book-to-bill ratio of 0.92 [4] - Inductors generated $92 million, reflecting a 1.9% year-over-year increase, with a book-to-bill ratio of 0.99 [4] - Capacitors saw revenues of $130.6 million, up 20.1% year over year, with a book-to-bill ratio of 1.07 [5] Financial Performance - Adjusted EBITDA for the third quarter was $76 million, a 6.3% increase year over year, while the adjusted EBITDA margin contracted by 10 basis points to 9.6% [5] - The operating margin improved to 2.4% from a negative 2.5% in the year-ago quarter [5] Balance Sheet and Cash Flow - As of September 27, 2025, cash and cash equivalents were $444.1 million, down from $473.9 million as of June 28, 2025 [6] - Long-term debt increased to $919.7 million from $914.5 million [6] - Net cash provided by operating activities was $27.6 million, while the company reported a negative free cash flow of $24.3 million for the quarter [6] Q4 Guidance - For the fourth quarter, Vishay Intertechnology expects revenues of approximately $790 million, with earnings projected to improve to 7 cents per share [7][9]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $791 million, a sequential increase of 4% and 2% above the midpoint of guidance [4][18] - Year-over-year revenue growth was 8%, driven by an 8% increase in volume and a 2% positive foreign currency impact [18] - Gross profit was $154 million, resulting in a gross margin of 19.5%, slightly below the midpoint of guidance [19] - Book-to-bill ratio for the quarter was 0.97, with a backlog of $1.2 billion [18][19] Business Line Data and Key Metrics Changes - Automotive revenue increased by 7% quarter-over-quarter, driven by higher volume in the Americas and Europe [8] - Industrial segment revenue grew by 2%, supported by shipments to smart grid infrastructure projects [9] - Aerospace defense revenue decreased by 2% quarter-over-quarter due to slow funding releases [11] - Medical segment revenue grew by 2%, reflecting increased activity from longstanding customers [11] Market Data and Key Metrics Changes - Orders were up 19% year-over-year, indicating improvements in automotive, smart grid infrastructure, aerospace defense, and AI-related power requirements [6] - Asia saw the greatest growth, particularly from automotive customers and sales to distributors [4][5] - Distribution revenue increased by 4%, with most growth coming from Asia [15] Company Strategy and Development Direction - The company is executing its five-year strategic plan, Vishay 3.0, focusing on capacity investments and expanding product offerings [4][28] - Significant investments in capacity expansion are ongoing, with $179 million spent year-to-date and expectations to spend $300 million-$350 million for the year [28] - The company aims to improve margins by addressing operational efficiencies and passing on increased metal costs to customers [49] Management's Comments on Operating Environment and Future Outlook - Management noted that conditions are improving across several market segments, with expectations for mid-single-digit to high-single-digit growth in 2026 [47][48] - The company is focused on supporting automotive OEMs and tier one suppliers to prevent production line downs [64] - Management expressed optimism about the potential for revenue growth driven by government spending in aerospace defense and smart grid infrastructure [46] Other Important Information - The company generated $28 million in operating cash for Q3, with total CapEx of $52 million [23] - Free cash flow for the quarter was -$24 million, reflecting ongoing capacity expansion investments [23] - The company plans to maintain its dividend policy while managing liquidity needs [26] Q&A Session Summary Question: Did Vishay see any benefit from the export restrictions on Nexperia in the automotive segment? - Management indicated ongoing discussions with OEMs and tier ones, noting opportunities but not including them in Q4 revenue guidance due to current shortages [36] Question: What factors impacted gross margin in Q3? - Management cited elevated metals prices and operational issues as key factors affecting gross margin, with plans to pass costs onto customers [39][40] Question: What is the outlook for revenue growth and margin expansion in 2026? - Management expressed confidence in achieving revenue growth aligned with consensus estimates, driven by multiple positive market segments [48][49] Question: Can you elaborate on the capital return strategy? - Management emphasized the importance of maintaining dividends while prioritizing liquidity needs over share buybacks at this time [50]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $791 million, a sequential increase of 4% and 2% above the midpoint of guidance, with a year-over-year increase of 8% [4][18] - Gross profit was $154 million, resulting in a gross margin of 19.5%, slightly below the midpoint of guidance and flat compared to Q2 [19] - Book-to-bill ratio for the quarter was 0.97, with a backlog of $1.2 billion, flat from the previous quarter [18][19] Business Line Data and Key Metrics Changes - Automotive revenue increased by 7% quarter-over-quarter, driven by higher volume in the Americas and Europe [8] - Industrial segment revenue grew by 2%, supported by shipments to smart grid infrastructure projects [9] - Medical market segment revenue rose by 2%, reflecting increased activity from larger customers [11] - Revenue from computing, consumer, and telecom markets increased by 4%, driven by demand for AI servers [12] Market Data and Key Metrics Changes - Orders were up 19% year-over-year, indicating improving conditions in automotive, smart grid infrastructure, aerospace defense, and AI-related power requirements [6] - Asia saw the greatest growth in sales, particularly from automotive customers and distributors [4][5] - Distribution revenue increased by 4%, with most growth coming from Asia [15] Company Strategy and Development Direction - The company is executing its five-year strategic plan, Vishay 3.0, focusing on capacity expansion and innovation [4][28] - Significant investments in capacity expansion are ongoing, with $179 million spent year-to-date and an expected total of $300 million to $350 million for the year [28] - The company aims to improve margins and returns on capital through operational efficiencies and passing on increased metal costs to customers [49] Management Comments on Operating Environment and Future Outlook - Management noted that conditions are improving across several market segments, with expectations for mid-single-digit to high-single-digit growth in 2026 [48] - The company is focused on addressing customer needs and preventing production line downs, particularly in the automotive sector [64] - Management expressed confidence in the company's ability to meet quick-turn delivery requests while maintaining competitive lead times [7][32] Other Important Information - The company reported a negative free cash flow of $24 million for the quarter, with a focus on maintaining dividends despite ongoing capacity expansion [23][26] - The effective tax rate remains low due to minimal pre-tax income, with expectations for normalization as profitability returns [21][25] Q&A Session Summary Question: Did Vishay see any benefit from the export restrictions on Nexperia in the automotive segment? - Management indicated ongoing discussions with OEMs and tier ones, noting opportunities but not including them in Q4 revenue guidance due to current shortages [36] Question: What factors impacted gross margin in Q3? - Management cited elevated metals prices and operational issues as key factors affecting gross margin, with plans to pass costs onto customers [39][40] Question: How does the company view growth and margin expectations for fiscal 2026? - Management expressed optimism about growth driven by five key market segments, aligning with consensus estimates for revenue growth of around 7% [48][49] Question: Can you elaborate on the capital return strategy? - Management emphasized the importance of dividends and indicated no plans for share buybacks at this time due to current liquidity needs [50]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $791 million, a sequential increase of 4% and 2% above the midpoint of guidance, with many market segments showing growth [5][19] - Year-over-year revenue increased by 8%, reflecting an 8% increase in volume and a 2% positive foreign currency impact [19] - Gross profit was $154 million, resulting in a gross margin of 19.5%, slightly below the midpoint of guidance and flat compared to Q2 [20] - Adjusted earnings per share for Q3 2025 was $0.04, compared to a net loss per share of $0.07 in Q2 2025 [22][23] Business Line Data and Key Metrics Changes - Automotive revenue increased by 7% versus Q2, driven by higher volume in the Americas and Europe [9] - Industrial segment revenue grew by 2%, primarily due to shipments of capacitors for smart grid infrastructure projects [10] - Aerospace defense revenue decreased by 2% quarter-over-quarter due to slow funding releases from the U.S. Department of Defense [12] - Medical market revenue grew by 2%, supported by increased activity from longstanding customers [12] Market Data and Key Metrics Changes - Asia achieved the greatest growth in Q3, particularly from automotive customers and sales to distributors [5][6] - Distribution revenue increased by 4%, with nearly all growth coming from Asia [16] - Book-to-bill ratio for the quarter was 0.97, with a run rate of 1.15 for October, indicating improving order conditions [19][6] Company Strategy and Development Direction - The company is executing its five-year strategic plan, Vishay 3.0, focusing on capacity investments and expanding product offerings [5][28] - Investments in capacity expansion are expected to be between $300 million and $350 million for the year, with a significant portion allocated to high-growth products [28] - The company aims to enhance customer engagement and cross-sell products across its portfolio [33] Management's Comments on Operating Environment and Future Outlook - Management noted that market signals remain directionally positive, with increasing demand from automotive, AI servers, smart grid infrastructure, and medical sectors [31] - The company expects revenue growth in 2026, driven by five key market segments showing positive signs [42] - Management is focused on improving gross margins and operational efficiencies, with plans to achieve margin neutrality at the Newport facility by the end of Q1 2026 [43] Other Important Information - The company generated $28 million in operating cash for Q3, with total CapEx for the quarter at $52 million [24] - Free cash flow for the quarter was negative $24 million, but improved from negative $73 million in Q2 [24] - The company plans to maintain its dividend policy while managing liquidity and capital needs [27] Q&A Session Summary Question: Did Vishay see any benefit from the export restrictions on Nexperia in the automotive segment? - Management indicated ongoing discussions with OEMs and tier ones, noting opportunities arising from the situation, but did not include it in Q4 revenue guidance due to the dynamic nature of the market [34] Question: What factors impacted gross margin in Q3? - Management cited elevated metals prices and operational issues as key factors affecting gross margin, with plans to pass costs onto customers [35][36] Question: What is the outlook for revenue growth and margin expansion in 2026? - Management expressed confidence in achieving revenue growth aligned with consensus estimates, supported by positive market drivers and customer engagements [42] Question: How is the capital return strategy prioritized? - Management emphasized the importance of maintaining dividends while managing liquidity, indicating no current plans for share buybacks [45]

Core Insights - Vishay Intertechnology reported quarterly earnings of $0.04 per share, matching the Zacks Consensus Estimate, but down from $0.08 per share a year ago [1] - The company posted revenues of $790.64 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 2.02% and up from $735.35 million year-over-year [2] - The stock has underperformed the market, losing about 5% since the beginning of the year compared to the S&P 500's gain of 15.1% [3] Earnings Performance - The company has not surpassed consensus EPS estimates over the last four quarters, with a previous expectation of $0.02 per share resulting in a loss of $0.07, marking a surprise of -450% [1][3] - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $782.75 million, and for the current fiscal year, it is $0.02 on revenues of $3.04 billion [7] Industry Outlook - The Semiconductor - Discretes industry, to which Vishay belongs, is currently ranked in the bottom 8% of over 250 Zacks industries, indicating a challenging environment [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]

Financial Performance - 3Q 2025 revenues reached $790.6 million[26], compared to $762.3 million in 2Q 2025 and $735.4 million in 3Q 2024[27, 66] - Gross margin was 19.5%[26, 66], including a negative impact of approximately 150 bps related to Newport[26, 29] - Adjusted EPS was $0.04[26, 29], while EPS was $(0.06)[26, 29] - EBITDA margin was 9.6%[29] Segment Results - MOSFETs revenues were $167.1 million with a gross margin of 10.1%[32] - Diodes revenues were $149.6 million with a gross margin of 20.3%[32] - Resistors revenues were $195.7 million with a gross margin of 20.1%[33] - Capacitors revenues were $130.6 million with a gross margin of 20.1%[33] Revenue Mix and Sales Channel - Distribution accounted for 57% of revenue, OEM 37%, and EMS 6%[21] - Distribution revenue increased 4% QoQ and 10% YoY, driven by growth in Asia related to AI servers and smart grid infrastructure[20] - OEM revenue increased 6% QoQ and 6% YoY, driven by increased volume from automotive and industrial customers[20] Regional Performance - Asia's revenue increased 7% QoQ and 18% YoY[23], representing 43% of the total revenue[24] - Europe's revenue increased 1% QoQ and 1% YoY[23], accounting for 33% of the total revenue[24] - Americas' revenue increased 2% QoQ and 1% YoY[23], making up 24% of the total revenue[24] Guidance - The company projects 4Q 2025 revenue of $790 million, with a variance of plus or minus $20 million[47] - Gross margin for 4Q 2025 is expected to be 19.5%, with a variance of plus or minus 50 bps, including a negative Newport impact of 150-175 bps[47]

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories Technical Requirements - Users are advised to enable Javascript and cookies in their browsers to ensure proper functionality [1] - The presence of ad-blockers can lead to blocked access, necessitating their temporary disablement [1]

Revenue and Earnings - 3Q 2025 revenues were $790.6 million, an increase from $762.3 million in 2Q 2025 and $735.4 million in 3Q 2024[7] - For the nine months ended September 27, 2025, net revenues were $2.27 billion, compared to $2.22 billion for the same period in 2024[15] - 3Q 2025 GAAP loss per share was $(0.06), while adjusted EPS was $0.04[7] - The company reported a free cash flow of $(142,691,000) for the nine fiscal months ended September 27, 2025, compared to $(67,732,000) for the same period in 2024[20] - The adjusted net earnings for the nine fiscal months ended September 27, 2025, were $(7,600,000), compared to $65,473,000 for the same period in 2024[19] Margins and Ratios - Gross margin for 3Q 2025 was 19.5%, impacted by approximately 150 basis points related to Newport[7] - Operating income for 3Q 2025 was $19.1 million, with an operating margin of 2.4%[14] - Adjusted EBITDA for the nine fiscal months ended September 27, 2025, was $193,972,000, with an adjusted EBITDA margin of 9.6%[21] - Book-to-bill ratio for 3Q 2025 was 0.97, with 0.96 for semiconductors and 0.98 for passive components[7] Assets and Liabilities - Total assets as of September 27, 2025, were $4.20 billion, up from $4.11 billion at the end of 2024[16] - Total current liabilities increased slightly to $710,676,000 in September 2025 from $708,348,000 in December 2024, while total liabilities rose to $2,112,912,000 from $2,081,734,000[17] - The total equity increased to $2,083,064,000 in September 2025 from $2,028,962,000 in December 2024[17] Cash Flow and Expenditures - Cash and cash equivalents decreased to $443.9 million from $590.3 million at the end of 2024[16] - Cash and cash equivalents decreased to $443,858,000 at the end of the period from $590,286,000 at the beginning of the period, reflecting a net decrease of $146,428,000[18] - Capital expenditures for the nine fiscal months ended September 27, 2025, were $178,491,000, compared to $175,175,000 for the same period in 2024[18] Payroll and Expenses - The company experienced a significant increase in payroll and related expenses, rising to $179,492,000 in September 2025 from $137,101,000 in December 2024[17] - The company reported a depreciation and amortization expense of $167,036,000 for the nine fiscal months ended September 27, 2025, compared to $155,272,000 for the same period in 2024[18] Future Outlook - Management expects 4Q 2025 revenues in the range of $790 million +/- $20 million, with a gross profit margin of 19.5% +/- 50 basis points[4] - The backlog at the end of 3Q 2025 was 4.4 months[7]

Core Insights - Vishay Intertechnology, Inc. reported third quarter revenues of $790.6 million, reflecting growth in high-demand markets such as smart grid infrastructure, AI, automotive, and aerospace/defense [3][9] - The company anticipates fourth quarter revenues to be in the range of $790 million +/- $20 million, with a gross profit margin of approximately 19.5% [4][9] Financial Performance - For the third quarter of 2025, Vishay's gross margin was 19.5%, which included a negative impact of approximately 150 basis points related to Newport [9][14] - The company recorded a GAAP loss per share of $(0.06) and an adjusted EPS of $0.04 for the third quarter [9][21] - The book-to-bill ratio was 0.97, with semiconductors at 0.96 and passive components at 0.98, indicating a slight decline in order intake relative to shipments [9][21] Operational Highlights - The backlog at the end of the quarter was equivalent to 4.4 months of sales, suggesting a stable demand outlook [9] - Heavy investments in capacity expansion over the past three years are enabling Vishay to meet quick delivery requirements and maintain competitive lead times [3][9] Market Outlook - The company is well-positioned to capitalize on market upcycles in high-growth sectors, as indicated by its revenue growth and strategic investments [3][4] - Management's outlook for the fourth quarter reflects confidence in continued revenue stability despite market fluctuations [4][9]