MALVERN, PA — Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, announced its results for the year and fiscal quarter ended December 31, 2020.
Revenues for the year ended December 31, 2020, were $2,501.9 million, compared to $2,668.3 million for the year ended December 31, 2019. Net earnings attributable to Vishay stockholders for the year ended December 31, 2020, were $122.9 million, or $0.85 per diluted share compared to $163.9 million, or $1.13 per diluted share for the year ended December 31, 2019.
Revenues for the fiscal quarter ended December 31, 2020, were $667.2 million, compared to $640.2 million for the fiscal quarter ended October 3, 2020, and $609.6 million for the fiscal quarter ended December 31, 2019. Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2020, were $37.6 million, or $0.26 per diluted share, compared to $33.5 million, or $0.23 per diluted share for the fiscal quarter ended October 3, 2020, and $14.0 million, or $0.10 per diluted share for the fiscal quarter ended December 31, 2019.
As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability. Adjusted earnings per diluted share, which exclude these items net of tax and the unusual tax items, were $0.28 and $0.92 for the fiscal quarter and year ended December 31, 2020, respectively, $0.25 for the fiscal quarter ended October 3, 2020, and $0.13 and $1.26 for the fiscal quarter and year ended December 31, 2019, respectively.
Commenting on results for the year 2020, Dr. Gerald Paul, President and Chief Executive Officer stated, “The year 2020 has been for Vishay and its business partners overshadowed by the global pandemic. From temporary plant shutdowns in Asia and temporary shortages in the early part of the year, to drastic reactions by automotive customers in the second quarter to a steep and broad recovery of orders since October, Vishay was able to defend efficiencies while minimizing fixed costs and then to quickly ramp back up again. During 2020, Vishay generated free cash flow of $192 million.”
Dr. Paul continued, commenting on the results for the fourth quarter 2020, “Revenues in the fourth quarter have been strong but Vishay’s incremental performance was negatively impacted by a lower than usual contributive margin in the quarter mainly caused by higher freight costs and a weaker dollar versus most currencies. The revenue increase quarter over quarter was driven by higher sales to automotive customers and to distribution. At the same time, inventories of Vishay’s products at distribution were reduced by a further $24 million, increasing again the inventory turns in all regions.”
Commenting on the outlook Dr. Paul stated, “For the first quarter 2021, based on the current order intake and Vishay’s increased 13-week backlog, we guide for revenues in the range of $705 to $745 million at a gross margin of 25.0% plus/minus 60 basis points, assuming the same exchange rates versus the dollar as in the fourth quarter.”
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