UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


  Date of Report (date of earliest event reported)  November 6, 2024
   

Vishay Intertechnology, Inc.
 
(Exact name of registrant as specified in its charter)


Delaware
1-7416
38-1686453
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

   
63 Lancaster Avenue
Malvern, PA
19355-2143
(Address of Principal Executive Offices)
Zip Code
 
Registrant's telephone number, including area code    610-644-1300

 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
 
Trading symbol
 
Name of exchange on which registered
Common stock, par value $0.10 per share
VSH
 
New York Stock Exchange

Item 2.02 – Results of Operations and Financial Condition

On November 6, 2024, Vishay Intertechnology, Inc. issued a press release announcing its financial results for the fiscal quarter and nine fiscal months ended September 28, 2024.  A copy of the press release is attached as Exhibit 99.1 to this report.  

Item 9.01 – Financial Statements and Exhibits
 
(d) Exhibits

Exhibit No.
 
Description
 
 
  
 
 
   104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
 


 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 6, 2024

 
VISHAY INTERTECHNOLOGY, INC.
  
       
 
By:
   /s/ David L. Tomlinson                                        
 
       
 
Name:
  
David L. Tomlinson
 
Title:
  
Senior Vice President – Chief Accounting Officer

Exhibit 99.1



Vishay Intertechnology Reports Fiscal Third Quarter 2024 Results

Malvern, PA, November 6, 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 third quarter ended September 28, 2024.

Highlights
•
3Q 2024 revenues of $735.4 million
•
Gross margin was 20.5% and included the negative impact of approximately 150 basis points related to the addition of Newport
•
GAAP loss per share of ($0.14); adjusted EPS of $0.08 per share
•
3Q 2024 book-to-bill of 0.88 with book-to-bill of 0.79 for semiconductors and 0.97 for passive components
•
Backlog at quarter end was 4.4 months

“For the third consecutive quarter this year, revenue has held fairly constant, reflecting a prolonged period of inventory de-stocking as the pace of consumption by industrial customers remains slow, backlogs are pushed out and macroeconomic conditions in Europe worsen,” said Joel Smejkal, President and CEO.    “While the industry remains in a downcycle, we are making the necessary adjustments to manage costs  while continuing to execute our five-year strategic plan. We are preparing to participate fully in the next industry up-cycle and we are putting the foundation in place to capitalize on the longer term demand catalysts of e-mobility and sustainability to drive faster revenue growth, and improve profitability and returns on invested capital.”

4Q 2024 Outlook
For the fourth quarter of 2024, management expects revenues in the range of $720 million +/- $20 million, with gross profit margin in the range of 20.0% +/- 50 basis points, including the negative impact of approximately 175 to 200 basis points from the addition of Newport.

Conference Call
A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 6, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI24b8e37c574c42d897f4df9a7a5aa306. 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 Vishay
Vishay 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 free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); and 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 free cash, EBITDA, and 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. The calculations of these measures 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, returns on invested capital, 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 "intend," "suggest," "guide," "will," "expect," 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 (including due to political, economic, and health instability and military conflicts and hostilities); 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; that the Newport wafer fab will not be integrated successfully into the Company’s overall business; that the expected benefits of the acquisition may not be realized; that the fab’s standards, procedures and controls will not be brought into conformance within the Company’s operation; difficulties in transitioning and retaining fab employees following the acquisition; difficulties in consolidating facilities and transferring processes and know-how; the diversion of our management’s attention from the management of our current business; 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 Henrici
Executive 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 28, 2024
    
June 29, 2024
    
September 30, 2023
  
                   
Net revenues
  
$
735,353
    
$
741,239
    
$
853,653
  
Costs of products sold
    
584,470
      
578,369
      
616,010
  
Gross profit
    
150,883
      
162,870
      
237,643
  
  Gross margin
    
20.5
%
    
22.0
%
    
27.8
%
                         
Selling, general, and administrative expenses
    
128,545
      
124,953
      
122,513
  
Restructuring and severance costs
    
40,614
      
-
      
-
  
Operating income (loss)
    
(18,276
)
    
37,917
      
115,130
  
  Operating margin
    
-2.5
%
    
5.1
%
    
13.5
%
                         
Other income (expense):
                        
  Interest expense
    
(6,596
)
    
(6,657
)
    
(7,153
)
  Loss on early extinguishment of debt
    
-
      
-
      
(18,874
)
  Other
    
803
      
5,011
      
7,409
  
  Total other income (expense) - net
    
(5,793
)
    
(1,646
)
    
(18,618
)
                         
Income (loss) before taxes
    
(24,069
)
    
36,271
      
96,512
  
                         
Income tax expense (benefit)
    
(5,076
)
    
12,391
      
30,557
  
                         
Net earnings (loss)
    
(18,993
)
    
23,880
      
65,955
  
                         
Less: net earnings attributable to noncontrolling interests
    
306
      
347
      
426
  
                         
Net earnings (loss) attributable to Vishay stockholders
  
$
(19,299
)
  
$
23,533
    
$
65,529
  
                         
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
(0.14
)
  
$
0.17
    
$
0.47
  
                         
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
(0.14
)
  
$
0.17
    
$
0.47
  
                         
Weighted average shares outstanding - basic
    
136,793
      
137,326
      
139,083
  
                         
Weighted average shares outstanding - diluted
    
136,793
      
138,084
      
140,001
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  

VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(Unaudited - In thousands, except per share amounts)
            
             
   
Nine fiscal months ended
  
   
September 28, 2024
    
September 30, 2023
  
             
Net revenues
  
$
2,222,871
    
$
2,616,809
  
Costs of products sold
    
1,738,711
      
1,842,980
  
Gross profit
    
484,160
      
773,829
  
  Gross margin
    
21.8
%
    
29.6
%
                 
Selling, general, and administrative expenses
    
381,234
      
365,515
  
Restructuring and severance costs
    
40,614
      
-
  
Operating income
    
62,312
      
408,314
  
  Operating margin
    
2.8
%
    
15.6
%
                 
Other income (expense):
                
  Interest expense
    
(19,749
)
    
(18,677
)
  Loss on early extinguishment of debt
    
-
      
(18,874
)
  Other
    
13,901
      
15,995
  
  Total other income (expense) - net
    
(5,848
)
    
(21,556
)
                 
Income before taxes
    
56,464
      
386,758
  
                 
Income tax expense
    
20,134
      
113,199
  
                 
Net earnings
    
36,330
      
273,559
  
                 
Less: net earnings attributable to noncontrolling interests
    
1,172
      
1,211
  
                 
Net earnings attributable to Vishay stockholders
  
$
35,158
    
$
272,348
  
                 
Basic earnings per share attributable to Vishay stockholders
  
$
0.26
    
$
1.95
  
                 
Diluted earnings per share attributable to Vishay stockholders
  
$
0.25
    
$
1.94
  
                 
Weighted average shares outstanding - basic
    
137,281
      
139,828
  
                 
Weighted average shares outstanding - diluted
    
138,039
      
140,577
  
                 
Cash dividends per share
  
$
0.30
    
$
0.30
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(Unaudited - In thousands)
            
             
   
September 28, 2024
    
December 31, 2023
  
   
       
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
643,771
    
$
972,719
  
  Short-term investments
    
13,491
      
35,808
  
  Accounts receivable, net
    
428,558
      
426,674
  
  Inventories:
                
    Finished goods
    
173,353
      
167,083
  
    Work in process
    
290,597
      
267,339
  
    Raw materials
    
223,254
      
213,098
  
  Total inventories
    
687,204
      
647,520
  
                 
  Prepaid expenses and other current assets
    
237,749
      
214,443
  
Total current assets
    
2,010,773
      
2,297,164
  
                 
Property and equipment, at cost:
                
  Land
    
84,851
      
77,006
  
  Buildings and improvements
    
769,865
      
719,387
  
  Machinery and equipment
    
3,291,983
      
3,053,868
  
  Construction in progress
    
295,147
      
290,593
  
  Allowance for depreciation
    
(2,963,103
)
    
(2,846,208
)
     
1,478,743
      
1,294,646
  
                 
Right of use assets
    
125,969
      
126,829
  
Deferred income taxes
    
160,900
      
137,394
  
Goodwill
    
255,323
      
201,416
  
Other intangible assets, net
    
83,427
      
72,333
  
Other assets
    
105,223
      
110,141
  
     Total assets
  
$
4,220,358
    
$
4,239,923
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(Unaudited - In thousands)
            
             
   
September 28, 2024
    
December 31, 2023
  
   
       
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
209,864
    
$
191,002
  
  Payroll and related expenses
    
150,726
      
161,940
  
  Lease liabilities
    
27,625
      
26,485
  
  Other accrued expenses
    
275,159
      
239,350
  
  Income taxes
    
51,052
      
73,098
  
Total current liabilities
    
714,426
      
691,875
  
                 
Long-term debt less current portion
    
820,799
      
818,188
  
U.S. transition tax payable
    
-
      
47,027
  
Deferred income taxes
    
112,110
      
95,776
  
Long-term lease liabilities
    
101,012
      
102,830
  
Other liabilities
    
105,834
      
87,918
  
Accrued pension and other postretirement costs
    
192,614
      
195,503
  
Total liabilities
    
2,046,795
      
2,039,117
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,358
      
13,319
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,302,335
      
1,291,499
  
  Retained earnings
    
1,035,395
      
1,041,372
  
  Treasury stock (at cost)
    
(199,440
)
    
(161,656
)
  Accumulated other comprehensive income
    
14,808
      
10,337
  
  Total Vishay stockholders' equity
    
2,167,666
      
2,196,081
  
Noncontrolling interests
    
5,897
      
4,725
  
Total equity
    
2,173,563
      
2,200,806
  
Total liabilities and equity
  
$
4,220,358
    
$
4,239,923
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Nine fiscal months ended
  
   
September 28, 2024
    
September 30, 2023
  
Operating activities
            
Net earnings
  
$
36,330
    
$
273,559
  
Adjustments to reconcile net earnings to net cash provided by operating activities:
          
      Depreciation and amortization
    
155,272
      
133,910
  
      Gain on disposal of property and equipment
    
(1,168
)
    
(495
)
      Inventory write-offs for obsolescence
    
27,163
      
27,469
  
      Deferred income taxes
    
(13,667
)
    
20,654
  
      Stock compensation expense
    
14,928
      
11,610
  
      Loss on early extinguishment of debt
    
-
      
18,874
  
      Other
    
14,506
      
7,574
  
      Change in U.S. transition tax liability
    
(37,622
)
    
(27,670
)
      Change in repatriation tax liability
    
(15,000
)
    
-
  
      Changes in operating assets and liabilities, net of effects of businesses acquired
    
(74,696
)
    
(106,050
)
Net cash provided by operating activities
    
106,046
      
359,435
  
                 
Investing activities
                
Capital expenditures
    
(175,175
)
    
(184,079
)
Proceeds from sale of property and equipment
    
1,397
      
1,034
  
Purchase of businesses, net of cash acquired
    
(200,185
)
    
(5,003
)
Purchase of short-term investments
    
(101,263
)
    
(82,166
)
Maturity of short-term investments
    
123,561
      
308,021
  
Other investing activities
    
(1,220
)
    
(1,219
)
Net cash provided by (used in) investing activities
    
(352,885
)
    
36,588
  
                 
Financing activities
                
Proceeds from long-term borrowings
    
-
      
750,000
  
Repurchase of convertible senior notes due 2025
    
-
      
(386,745
)
Net payments on revolving credit facility
    
-
      
(42,000
)
Debt issuance and amendment costs
    
(1,062
)
    
(26,547
)
Cash paid for capped call
    
-
      
(94,200
)
Dividends paid to common stockholders
    
(37,467
)
    
(38,207
)
Dividends paid to Class B common stockholders
    
(3,629
)
    
(3,629
)
Repurchase of common stock held in treasury
    
(37,784
)
    
(57,661
)
Distributions to noncontrolling interests
    
-
      
(867
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(4,092
)
    
(3,994
)
Net cash provided by (used in) financing activities
    
(84,034
)
    
96,150
  
Effect of exchange rate changes on cash and cash equivalents
    
1,925
      
(7,879
)
                 
Net increase (decrease) in cash and cash equivalents
    
(328,948
)
    
484,294
  
                 
Cash and cash equivalents at beginning of period
    
972,719
      
610,825
  
Cash and cash equivalents at end of period
  
$
643,771
    
$
1,095,119
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                          
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 28, 2024
    
June 29, 2024
    
September 30, 2023
    
September 28, 2024
    
September 30, 2023
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(19,299
)
  
$
23,533
    
$
65,529
    
$
35,158
    
$
272,348
  
                                         
Reconciling items affecting operating income (loss):
                                  
Restructuring and severance costs
  
$
40,614
    
$
-
    
$
-
    
$
40,614
    
$
-
  
                                         
Reconciling items affecting other income (expense):
                                  
Loss on early extinguishment of debt
  
$
-
    
$
-
    
$
18,874
    
$
-
    
$
18,874
  
                                         
Reconciling items affecting tax expense (benefit):
                                  
Tax effects of pre-tax items above
    
(10,299
)
    
-
      
(498
)
    
(10,299
)
    
(498
)
                                         
Adjusted net earnings
  
$
11,016
    
$
23,533
    
$
83,905
    
$
65,473
    
$
290,724
  
                                         
Adjusted weighted average diluted shares outstanding
    
137,558
      
138,084
      
140,001
      
138,039
      
140,577
  
                                         
Adjusted earnings per diluted share
  
$
0.08
    
$
0.17
    
$
0.60
    
$
0.47
    
$
2.07
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 28, 2024
    
June 29, 2024
    
September 30, 2023
    
September 28, 2024
    
September 30, 2023
  
Net cash provided by (used in) operating activities
  
$
50,565
    
$
(24,730
)
  
$
122,303
    
$
106,046
    
$
359,435
  
Proceeds from sale of property and equipment
    
132
      
514
      
21
      
1,397
      
1,034
  
Less: Capital expenditures
    
(59,527
)
    
(62,564
)
    
(66,829
)
    
(175,175
)
    
(184,079
)
Free cash
  
$
(8,830
)
  
$
(86,780
)
  
$
55,495
    
$
(67,732
)
  
$
176,390
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 28, 2024
    
June 29, 2024
    
September 30, 2023
    
September 28, 2024
    
September 30, 2023
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(19,299
)
  
$
23,533
    
$
65,529
    
$
35,158
    
$
272,348
  
Net earnings attributable to noncontrolling interests
    
306
      
347
      
426
      
1,172
      
1,211
  
Net earnings (loss)
  
$
(18,993
)
  
$
23,880
    
$
65,955
    
$
36,330
    
$
273,559
  
                                         
Interest expense
  
$
6,596
    
$
6,657
    
$
7,153
    
$
19,749
    
$
18,677
  
Interest income
    
(5,230
)
    
(6,663
)
    
(9,183
)
    
(20,946
)
    
(21,419
)
Income taxes
    
(5,076
)
    
12,391
      
30,557
      
20,134
      
113,199
  
Depreciation and amortization
    
53,595
      
52,150
      
46,216
      
155,272
      
133,910
  
EBITDA
  
$
30,892
    
$
88,415
    
$
140,698
    
$
210,539
    
$
517,926
  
                                         
Reconciling items
                                        
Restructuring and severance costs
    
40,614
      
-
      
-
      
40,614
      
-
  
Loss on early extinguishment of debt
    
-
      
-
      
18,874
      
-
      
18,874
  
                                         
Adjusted EBITDA
  
$
71,506
    
$
88,415
    
$
159,572
    
$
251,153
    
$
536,800
  
                                         
Adjusted EBITDA margin**
    
9.7
%
    
11.9
%
    
18.7
%
    
11.3
%
    
20.5
%
                                         
** Adjusted EBITDA as a percentage of net revenues
                                        

v3.24.3
Document and Entity Information
Nov. 06, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 06, 2024
Entity Registrant Name Vishay Intertechnology, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 1-7416
Entity Tax Identification Number 38-1686453
Entity Address, Address Line One 63 Lancaster Avenue
Entity Address, City or Town Malvern
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19355
City Area Code 610
Local Phone Number 644-1300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000103730
Title of 12(b) Security Common stock, par value $0.10 per share
Trading Symbol VSH
Security Exchange Name NYSE
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