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Vishay Intertechnology(VSH) - 2024 Q1 - Quarterly Results
2024-05-08 11:25
Exhibit 99.1 Vishay Intertechnology Reports Fiscal First Quarter 2024 Results Malvern, PA, May 8, 2024 – 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 "As expected, first quarter revenue declined 5% sequentially primarily due to ongoing semiconductor inventory digestion and lingering macro-economic uncertainties, particularl ...
Vishay Intertechnology(VSH) - 2023 Q4 - Annual Report
2024-02-16 11:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-7416 Vishay Intertechnology, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...
Vishay Intertechnology(VSH) - 2023 Q4 - Earnings Call Transcript
2024-02-07 19:52
Financial Data and Key Metrics Changes - Revenue for Q4 2023 was reported at $785.2 million, a decrease of 8.0% from Q3 2023, primarily due to a 7.2% decrease in volume and a 0.7% reduction in pricing [12][29] - Gross profit was $200.7 million, resulting in a gross margin of 25.6%, down from 27.8% in Q3 2023 [33] - Operating income decreased by $37.3 million compared to Q3 2023, with an operating margin of 9.9%, down from 13.5% in Q3 2023 [34] Business Line Data and Key Metrics Changes - Automotive revenue accounted for 37% of total revenue, declining 7.5% sequentially but increasing 9% year-over-year [13][14] - Industrial segment revenue decreased by 11.1% sequentially and 18.9% year-over-year, accounting for 34% of total revenue [17] - Aerospace and Defense revenue increased by 8.5% sequentially and 31% year-over-year, with a total growth of 26.5% for the year [20] - Medical revenue grew 4.3% sequentially and 3.6% year-over-year, with a total growth of 14% for 2023 [21] Market Data and Key Metrics Changes - Demand in Asia remained weak due to the economic slowdown in China, while Europe and the Americas also showed sluggish demand [18] - Distribution inventory increased to 26 weeks, up from 24 weeks in the previous quarter, indicating a need for inventory correction [25] Company Strategy and Development Direction - The company aims to increase capacity for high-growth and high-margin product lines, focusing on e-mobility, sustainability, and connectivity [9][47] - A commitment to return at least 70% of free cash flow to shareholders through dividends and stock repurchases was reiterated [46] - The company plans to invest approximately $450 million in 2024, building on a total investment goal of about $1.2 billion over three years [64] Management's Comments on Operating Environment and Future Outlook - Management indicated that the inventory correction in the channel is expected to last through the first half of 2024, with some end markets potentially improving sooner [27][73] - The company anticipates single-digit growth in 2024 for industrial OEMs and over 10% growth for automotive components [86] Other Important Information - The company reported a cash flow from operations of $6.3 million for Q4 2023, lower than the previous quarter [38] - Total liquidity at year-end was $1.8 billion, including $1.0 billion in cash and short-term investments [44] Q&A Session Summary Question: Discussion on distributor SKU increases and inventory correction duration - Management noted that discussions with distributors are ongoing, with SKU increases expected to continue through at least the first half of 2024, targeting an inventory correction by the end of Q2 [67][73] Question: Opto gross margin decline - A one-time write-off related to the discontinuation of a silicon fab setup was cited as a reason for the decline in Opto gross margin [76][78] Question: Capital allocation priorities and M&A potential - The company remains committed to returning free cash flow to shareholders and is exploring M&A opportunities, particularly in circuit protection and specialty materials [82][81] Question: Guidance for Q1 revenue decline - The anticipated revenue decline is primarily attributed to distributor destocking, with OEMs expecting growth in 2024 [86][87] Question: Operating margins and cost-cutting actions - Management acknowledged the need for cost-cutting measures and is actively exploring options to manage expenses while maintaining customer alignment [89][90]
Vishay Intertechnology(VSH) - 2023 Q4 - Earnings Call Presentation
2024-02-07 19:51
4Q 2023 Earnings Conference Call February 7, 2024 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.. Toet to ANO ent NOTES ON FORWARD-LOOKING STATEMENTS Comments in this presentation other than statements of historical fact may constitute forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. Such statements are based ...
Vishay Intertechnology(VSH) - 2023 Q3 - Quarterly Report
2023-11-08 21:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 011-07416 Vishay Intertechnology, Inc. (Exact name of registrant as specified in its charter) Delaware 38-1686453 ( ...
Vishay Intertechnology(VSH) - 2023 Q3 - Earnings Call Transcript
2023-11-08 20:46
Financial Data and Key Metrics Changes - Revenue for Q3 2023 was reported at $853.7 million, within the guidance range of $840 million to $880 million, but declined both quarter-over-quarter and year-over-year due to inventory adjustments and softened demand [7][14] - Gross profit was $237.6 million, resulting in a gross margin of 27.8%, down from 28.9% in the previous quarter [16] - Operating income decreased by $19.5 million compared to the second quarter and $68.0 million year-over-year, with an operating margin of 13.5% [16] - Adjusted EBITDA was $159.6 million, with an adjusted EBITDA margin of 18.7% [17] - EPS was $0.47, while adjusted EPS was $0.60, compared to $0.68 in the previous quarter [17] Business Line Data and Key Metrics Changes - Automotive revenue, accounting for 37% of total revenue, increased by 2% quarter-over-quarter and grew 10% year-over-year [7] - Industrial revenue, representing 35% of total revenue, declined by 9% from the second quarter and 18% year-over-year [7] - Aerospace and Defense revenue was slightly below the second quarter but grew 19% year-over-year due to strong demand [8] - Medical revenue fell 14% compared to both the second quarter and the same quarter last year due to order timing and product mix [9] - Distribution revenue decreased by 10% quarter-over-quarter and 18% year-over-year, attributed to inventory adjustments [10] Market Data and Key Metrics Changes - Channel sales showed a decrease in POS by 7%, reflecting weakened industrial demand across all regions [11] - OEM revenue grew by 4% quarter-over-quarter and 11% year-over-year, driven by automotive demand [11] - EMS revenue declined by 6% quarter-over-quarter and 14% year-over-year due to inventory adjustments [11] Company Strategy and Development Direction - The company is focused on expanding capacity to support high-growth product lines and is investing approximately $350 million in 2023, down from an initial plan of $385 million [23][24] - New facilities in Mexico are being opened to support mass production for power inductors and other products [24] - The acquisition of the Newport wafer fab is aimed at enhancing silicon carbide capabilities, which is critical for automotive applications [26][27] - The company is committed to increasing participation in the distribution channel by broadening the SKU mix and engaging with distributors [39][40] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic uncertainties and higher interest rates affecting demand, particularly in China [8] - The company is optimistic about design activities in industrial automation and electric vehicles, despite current inventory levels [8] - Management expressed confidence in the company's ability to navigate through the current challenges and emphasized the importance of investments in capacity and innovation [51] Other Important Information - The company returned $31.1 million to shareholders through dividends and stock repurchases [15] - Total liquidity at the end of the quarter was $1.9 billion, including cash and short-term investments of $1.2 billion [19] Q&A Session Summary Question: Details on the Newport Fab transaction - Management stated that historical capacity details of the fab cannot be shared until the closing process is complete [34] Question: Pricing pressures on non-commodity products - Pricing pressures remain contained to commodity product lines [36] Question: Details on the Newport wafer fab acquisition - The Newport fab acquisition is in addition to the previously announced $1.2 billion investment over three years, aimed at enhancing silicon carbide capabilities [37] Question: Increasing inventory with distribution partners - The company is intentionally increasing inventory to broaden participation in the distribution channel and has added 8,000 part numbers this year [38][40] Question: Filling gaps in technology and market coverage - The company is looking to fill technology gaps in silicon carbide and GaN, considering both internal investment and M&A opportunities [42] Question: Near-term modeling questions on margins - Management indicated that while margins are currently under pressure, they are working diligently to manage costs and improve margins moving forward [44][45]
Vishay Intertechnology(VSH) - 2023 Q2 - Earnings Call Transcript
2023-08-09 16:52
Vishay Intertechnology, Inc. (NYSE:VSH) Q2 2023 Earnings Conference Call August 9, 2023 9:00 AM ET Company Participants Peter Henrici - Investor Relations Joel Smejkal - President & Chief Executive Officer Lori Lipcaman - Executive Vice President & Chief Financial Officer Conference Call Participants Ruplu Bhattacharya - Bank of America Operator Greetings, and welcome to the Vishay Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-an ...
Vishay Intertechnology(VSH) - 2023 Q2 - Earnings Call Presentation
2023-08-09 14:56
2Q 2023 Earnings Conference Call August 9, 2023 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.. Toet to ANO ent NOTES ON FORWARD-LOOKING STATEMENTS Comments in this presentation other than statements of historical fact may constitute forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. Such statements are based on ...
Vishay Intertechnology(VSH) - 2023 Q1 - Earnings Call Transcript
2023-05-10 17:12
Vishay Intertechnology, Inc. (NYSE:VSH) Q1 2023 Earnings Conference Call May 10, 2023 9:00 AM ET Company Participants Peter Henrici - Investor Relations Joel Smejkal - President & Chief Executive Officer Lori Lipcaman - Chief Financial Officer Conference Call Participants Ruplu Bhattacharya - Bank of America Matt Sheerin - Stifel Joshua Buchalter - TD Cowen Operator Greetings. And welcome to the Vishay Intertechnology First Quarter 2023 Earnings Conference Call. At this time, all participants are in a liste ...
Vishay Intertechnology(VSH) - 2023 Q1 - Earnings Call Presentation
2023-05-10 14:32
1Q 2023 Earnings Conference Call May 10, 2023 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED.. Toet to ANO ent NOTES ON FORWARD-LOOKING STATEMENTS Comments in this presentation other than statements of historical fact may constitute forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. Such statements are based on c ...