Vishay Intertechnology(VSH) - 2024 Q3 - Quarterly Results

Revenue and Gross Margin - 3Q 2024 revenues of $735.4 million with a gross margin of 20.5%, negatively impacted by approximately 150 basis points due to the addition of Newport[2] - 4Q 2024 revenue guidance of $720 million +/- $20 million, with gross profit margin expected to be 20.0% +/- 50 basis points, including a negative impact of approximately 175 to 200 basis points from Newport[3] - Net revenues for 3Q 2024 were $735.4 million, compared to $741.2 million in 2Q 2024 and $853.7 million in 3Q 2023[9] - Gross profit for 3Q 2024 was $150.9 million, down from $162.9 million in 2Q 2024 and $237.6 million in 3Q 2023[9] - For the nine fiscal months ended September 28, 2024, net revenues were $2.22 billion, down from $2.62 billion in the same period of 2023[10] Earnings and Losses - GAAP loss per share of ($0.14) and adjusted EPS of $0.08 per share for 3Q 2024[2] - Operating loss for 3Q 2024 was ($18.3 million), compared to an operating income of $37.9 million in 2Q 2024 and $115.1 million in 3Q 2023[9] - Net loss attributable to Vishay stockholders for 3Q 2024 was ($19.3 million), compared to a net income of $23.5 million in 2Q 2024 and $65.5 million in 3Q 2023[9] - GAAP net earnings attributable to Vishay stockholders for the nine fiscal months ended September 28, 2024, were $35.2 million, compared to $272.3 million in the same period of 2023, a decline of 87.1%[14] - Adjusted net earnings for the nine fiscal months ended September 28, 2024, were $65.5 million, compared to $290.7 million in the same period of 2023, a decrease of 77.5%[14] - GAAP net earnings attributable to Vishay stockholders for Q3 2024 were $(19.3 million), compared to $23.5 million in Q2 2024 and $65.5 million in Q3 2023[16] Book-to-Bill Ratio and Backlog - 3Q 2024 book-to-bill ratio of 0.88, with 0.79 for semiconductors and 0.97 for passive components[2] - Backlog at the end of 3Q 2024 was 4.4 months[2] Cash Flow and Capital Expenditures - Cash and cash equivalents decreased from $972.7 million in December 2023 to $643.8 million in September 2024, a decline of 33.8%[11] - Net cash provided by operating activities for the nine fiscal months ended September 28, 2024, was $106.0 million, compared to $359.4 million in the same period of 2023, a decrease of 70.5%[13] - Capital expenditures for the nine fiscal months ended September 28, 2024, were $175.2 million, a slight decrease from $184.1 million in the same period of 2023[13] - Free cash for the nine fiscal months ended September 28, 2024, was -$67.7 million, compared to $176.4 million in the same period of 2023[15] Inventory and Assets - Total inventories increased from $647.5 million in December 2023 to $687.2 million in September 2024, a growth of 6.1%[11] - Total assets remained relatively stable, decreasing slightly from $4,239.9 million in December 2023 to $4,220.4 million in September 2024[11] Debt and Equity - Long-term debt less current portion increased marginally from $818.2 million in December 2023 to $820.8 million in September 2024[12] - Total Vishay stockholders' equity decreased from $2,196.1 million in December 2023 to $2,167.7 million in September 2024, a decline of 1.3%[12] Adjusted EBITDA and Margins - Adjusted EBITDA for Q3 2024 was $71.5 million, compared to $88.4 million in Q2 2024 and $159.6 million in Q3 2023[16] - Adjusted EBITDA margin for Q3 2024 was 9.7%, compared to 11.9% in Q2 2024 and 18.7% in Q3 2023[16] Restructuring and Other Costs - Restructuring and severance costs in Q3 2024 were $40.6 million, compared to $0 in Q2 2024 and Q3 2023[16] - Depreciation and amortization for Q3 2024 was $53.6 million, compared to $52.2 million in Q2 2024 and $46.2 million in Q3 2023[16] - Interest expense for Q3 2024 was $6.6 million, compared to $6.7 million in Q2 2024 and $7.2 million in Q3 2023[16] - Interest income for Q3 2024 was $(5.2 million), compared to $(6.7 million) in Q2 2024 and $(9.2 million) in Q3 2023[16] - Income taxes for Q3 2024 were $(5.1 million), compared to $12.4 million in Q2 2024 and $30.6 million in Q3 2023[16] - Net earnings attributable to noncontrolling interests for Q3 2024 were $0.3 million, compared to $0.3 million in Q2 2024 and $0.4 million in Q3 2023[16] - Loss on early extinguishment of debt in Q3 2023 was $18.9 million, compared to $0 in Q3 2024 and Q2 2024[16]