MALVERN, Pa., Nov. 05, 2025 (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 third quarter ended September 27, 2025.

Highlights

3Q 2025 revenues of $790.6 million
Gross margin was 19.5% and included the negative impact of approximately 150 basis points related to Newport
3Q 2025 GAAP loss per share of $(0.06)
3Q 2025 Adjusted EPS of $0.04
3Q 2025 book-to-bill of 0.97 with book-to-bill of 0.96 for semiconductors and 0.98 for passive components
Backlog at quarter end was 4.4 months

"Our third quarter revenue growth demonstrates Vishay's alignment with high growth markets including smart grid infrastructure, AI related power requirements, automotive and aerospace/defense while the market overall continues to gradually recover," said Joel Smejkal, president and CEO. "The heavy investments in capacity expansion we have made over the past three years are enabling Vishay to capitalize on market upcycles in these high growth markets, reliably meeting quick turn delivery requirements while maintaining competitive lead times."

4Q 2025 Outlook

For the fourth quarter of 2025, management expects revenues in the range of $790 million +/- $20 million and a gross profit margin in the range of 19.5% +/- 50 basis points, including the negative impact of approximately 150 to 175 basis points related to Newport.

Conference Call

A conference call to discuss Vishay's third quarter financial results is scheduled for Wednesday, November 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at:

https://register.vevent.com/register/BI273cd003b1924d1d8b000945bd9f4ade.

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 adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted 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 adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted 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. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items 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, 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 "guide," "will," "expect," "anticipate," "committed" 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; 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; 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 27, 2025			June 28, 2025			September 28, 2024

Net revenues	$	790,640		$	762,250		$	735,353
Costs of products sold		636,781			613,567			584,470
Gross profit		153,859			148,683			150,883
Gross margin		19.5	%		19.5	%		20.5	%

Selling, general, and administrative expenses*		134,712			126,565			128,545
Restructuring and severance costs		-			-			40,614
Operating income (loss)		19,147			22,118			(18,276	)
Operating margin		2.4	%		2.9	%		-2.5	%

Other income (expense):
Interest expense		(9,525	)		(10,588	)		(6,596	)
Other		2,265			747			803
Total other income (expense) - net		(7,260	)		(9,841	)		(5,793	)

Income (loss) before taxes		11,887			12,277			(24,069	)

Income tax expense (benefit)		19,763			10,273			(5,076	)

Net earnings (loss)		(7,876	)		2,004			(18,993	)

Less: net earnings attributable to noncontrolling interests		-			-			306

Net earnings (loss) attributable to Vishay stockholders	$	(7,876	)	$	2,004		$	(19,299	)

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)	$	0.01		$	(0.14	)

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)	$	0.01		$	(0.14	)

Weighted average shares outstanding - basic		135,720			135,702			136,793

Weighted average shares outstanding - diluted		135,720			136,167			136,793

Cash dividends per share	$	0.10		$	0.10		$	0.10

* Selling, general, and administrative expenses for the fiscal quarter ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.

VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)

	Nine fiscal months ended
	September 27, 2025			September 28, 2024


Net revenues	$	2,268,126		$	2,222,871
Costs of products sold		1,830,030			1,738,711
Gross profit		438,096			484,160
Gross margin		19.3	%		21.8	%

Selling, general, and administrative expenses*		396,016			381,234
Restructuring and severance costs		-			40,614
Operating income		42,080			62,312
Operating margin		1.9	%		2.8	%

Other income (expense):
Interest expense		(28,903	)		(19,749	)
Other		6,759			13,901
Total other income (expense) - net		(22,144	)		(5,848	)

Income before taxes		19,936			56,464

Income tax expense		29,900			20,134

Net earnings (loss)		(9,964	)		36,330

Less: net earnings attributable to noncontrolling interests		-			1,172

Net earnings (loss) attributable to Vishay stockholders	$	(9,964	)	$	35,158

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)	$	0.26

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)	$	0.25

Weighted average shares outstanding - basic		135,739			137,281

Weighted average shares outstanding - diluted		135,739			138,039

Cash dividends per share	$	0.30		$	0.30

* Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(Unaudited - In thousands)

	September 27, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	443,858		$	590,286
Short-term investments		266			16,130
Accounts receivable, net		463,602			401,901
Inventories:
Finished goods		186,507			175,176
Work in process		331,136			296,393
Raw materials		242,277			217,812
Total inventories		759,920			689,381

Prepaid expenses and other current assets		227,294			217,809
Total current assets		1,894,940			1,915,507

Property and equipment, at cost:
Land		86,449			84,124
Buildings and improvements		826,406			766,058
Machinery and equipment		3,455,844			3,259,213
Construction in progress		428,897			367,564
Allowance for depreciation		(3,165,034	)		(2,931,221	)
		1,632,562			1,545,738

Right of use assets		119,582			117,953
Deferred income taxes		177,621			159,769
Goodwill		180,378			179,005
Other intangible assets, net		81,896			87,223
Other assets		108,997			105,501
Total assets	$	4,195,976		$	4,110,696

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(Unaudited - In thousands)

	September 27, 2025			December 31, 2024


Liabilities and equity
Current liabilities:
Trade accounts payable	$	213,186		$	216,313
Payroll and related expenses		179,492			137,101
Lease liabilities		26,323			25,901
Other accrued expenses		274,366			264,471
Income taxes		17,309			64,562
Total current liabilities		710,676			708,348

Long-term debt less current portion		919,698			905,019
Deferred income taxes		94,476			96,363
Long-term lease liabilities		96,036			94,218
Other liabilities		105,630			104,086
Accrued pension and other postretirement costs		186,396			173,700
Total liabilities		2,112,912			2,081,734

Equity:
Common stock		13,416			13,361
Class B convertible common stock		1,210			1,210
Capital in excess of par value		1,319,934			1,306,245
Retained earnings		904,818			955,500
Treasury stock (at cost)		(224,590	)		(212,062	)
Accumulated other comprehensive income (loss)		68,276			(35,292	)
Total equity		2,083,064			2,028,962
Total liabilities and equity	$	4,195,976		$	4,110,696

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)

	Nine fiscal months ended
	September 27, 2025			September 28, 2024

Operating activities
Net earnings (loss)	$	(9,964	)	$	36,330
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		167,036			155,272
(Gain)/loss on disposal of property and equipment		56			(1,168	)
Inventory write-offs for obsolescence		25,614			27,163
Stock compensation expense		17,635			14,928
Deferred income taxes		(7,461	)		(13,667	)
Other		(2,189	)		14,506
Change in U.S. transition tax liability		(47,027	)		(37,622	)
Change in repatriation tax liability		(9,375	)		(15,000	)
Changes in operating assets and liabilities, net of effects of businesses acquired		(99,379	)		(74,696	)
Net cash provided by operating activities		34,946			106,046

Investing activities
Capital expenditures		(178,491	)		(175,175	)
Proceeds from sale of property and equipment		854			1,397
Purchase of businesses, net of cash acquired		-			(200,185	)
Purchase of short-term investments		(28,575	)		(101,263	)
Maturity of short-term investments		45,111			123,561
Other investing activities		(2,336	)		(1,220	)
Net cash used in investing activities		(163,437	)		(352,885	)

Financing activities
Principal payments on long-term debt		(41,911	)		-
Net proceeds on revolving credit facility		53,000			-
Debt issuance and amendment costs		-			(1,062	)
Dividends paid to common stockholders		(37,050	)		(37,467	)
Dividends paid to Class B common stockholders		(3,629	)		(3,629	)
Repurchase of common stock held in treasury		(12,538	)		(37,784	)
Cash withholding taxes paid when shares withheld for vested equity awards		(4,000	)		(4,092	)
Other financing activities		10,080			-
Net cash used in financing activities		(36,048	)		(84,034	)
Effect of exchange rate changes on cash and cash equivalents		18,111			1,925

Net decrease in cash and cash equivalents		(146,428	)		(328,948	)

Cash and cash equivalents at beginning of period		590,286			972,719
Cash and cash equivalents at end of period	$	443,858		$	643,771

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)

	Fiscal quarters ended									Nine fiscal months ended
	September 27, 2025			June 28, 2025			September 28, 2024			September 27, 2025			September 28, 2024

GAAP net earnings (loss) attributable to Vishay stockholders	$	(7,876	)	$	2,004		$	(19,299	)	$	(9,964	)	$	35,158

Reconciling items affecting operating income (loss):
Favorable resolution of contingency	$	-		$	(11,293	)	$	-		$	(11,293	)	$	-
Restructuring and severance costs		-			-			40,614			-			40,614

Reconciling items affecting tax expense (benefit):
Change in tax laws and regulations	$	13,657		$	-		$	-		$	13,657		$	-
Tax effects of pre-tax items above		-			-			(10,299	)		-			(10,299	)

Adjusted net earnings (loss)	$	5,781		$	(9,289	)	$	11,016		$	(7,600	)	$	65,473

Adjusted weighted average diluted shares outstanding		136,582			135,702			137,558			135,740			138,039

Adjusted earnings (loss) per diluted share	$	0.04		$	(0.07	)	$	0.08		$	(0.06	)	$	0.47

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)

	Fiscal quarters ended									Nine fiscal months ended
	September 27, 2025			June 28, 2025			September 28, 2024			September 27, 2025			September 28, 2024
Net cash provided by (used in) operating activities	$	27,639		$	(8,791	)	$	50,565		$	34,946		$	106,046
Proceeds from sale of property and equipment		360			215			132			854			1,397
Less: Capital expenditures		(52,324	)		(64,598	)		(59,527	)		(178,491	)		(175,175	)
Free cash	$	(24,325	)	$	(73,174	)	$	(8,830	)	$	(142,691	)	$	(67,732	)

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)

	Fiscal quarters ended									Nine fiscal months ended
	September 27, 2025			June 28, 2025			September 28, 2024			September 27, 2025			September 28, 2024

GAAP net earnings (loss) attributable to Vishay stockholders	$	(7,876	)	$	2,004		$	(19,299	)	$	(9,964	)	$	35,158
Net earnings attributable to noncontrolling interests		-			-			306			-			1,172
Net earnings (loss)	$	(7,876	)	$	2,004		$	(18,993	)	$	(9,964	)	$	36,330

Interest expense	$	9,525		$	10,588		$	6,596		$	28,903		$	19,749
Interest income		(2,710	)		(4,023	)		(5,230	)		(10,610	)		(20,946	)
Income taxes		19,763			10,273			(5,076	)		29,900			20,134
Depreciation and amortization		57,293			55,970			53,595			167,036			155,272
EBITDA	$	75,995		$	74,812		$	30,892		$	205,265		$	210,539

Reconciling items
Favorable resolution of contingency	$	-		$	(11,293	)	$	-		$	(11,293	)	$	-
Restructuring and severance costs		-			-			40,614			-			40,614

Adjusted EBITDA	$	75,995		$	63,519		$	71,506		$	193,972		$	251,153

Adjusted EBITDA margin**		9.6	%		8.3	%		9.7	%		8.6	%		11.3	%

** Adjusted EBITDA as a percentage of net revenues

Vishay Intertechnology Reports Third Quarter 2025 Results