Vishay Reports Results for First Quarter 2022

Vishay Intertechnology

MALVERN, PA — Vishay Intertechnology, Inc. (NYSE: VSH) announced its results for the fiscal quarter ended April 2, 2022.

  • Revenues Q1 of $854 million.
  • Gross margin Q1 of 30.3%.
  • Operating margin Q1 of 17.1%.
  • EPS Q1 of $0.71.
  • Free Cash for the trailing 12 months of $209 million.
  • Total Stockholder Return Q1 of $24.4 million–$14.5 million of dividend payments and $9.9 million of stock repurchases.
  • Guidance Q2 2022 for revenues of $830 to $870 million and at a gross margin of 28.1% plus/minus 50 basis points at Q1 exchange rates.

Revenues for the fiscal quarter ended April 2, 2022 were $853.8 million, compared to $843.1 million for the fiscal quarter ended December 31, 2021, and $764.6 million for the fiscal quarter ended April 3, 2021. Net earnings attributable to Vishay stockholders for the fiscal quarter ended April 2, 2022 were $103.6 million, or $0.71 per diluted share, compared to $36.5 million, or $0.25 per diluted share for the fiscal quarter ended December 31, 2021, and $71.4 million, or $0.49 per diluted share for the fiscal quarter ended April 3, 2021.

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As summarized on the attached reconciliation schedule, the prior periods presented include items affecting comparability. Adjusted earnings per diluted share, which exclude these unusual tax items, were $0.71, $0.62, and $0.46 for the fiscal quarters ended April 2, 2022, December 31, 2021, and April 3, 2022, respectively.

Commenting on results for the first quarter 2022, Dr. Gerald Paul, President and Chief Executive Officer stated, “Revenues came in at the high end of our guidance. Despite ongoing increases in transportation costs, metal prices and higher general inflation, Vishay achieved contribution margins at the higher end of the historical range, supported by continued price increases and positive singularities. In the coming quarters we anticipate to continue to reach historical levels.”

Dr. Paul continued, “All regions and major end markets remain strong. There is no decline visible at this point in time. The supply chain remains lean. Sales of Vishay’s products to end customers by our distribution partners increased again to all-time highs in all regions while inventories of our products at distribution partners stayed flat. For the year we anticipate solid generation of free cash despite capital expenditures running at higher levels than in past years.”

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Commenting on the outlook Dr. Paul stated, “Taking into account production challenges related to COVID lock-downs in Shanghai in April, we guide for the second quarter 2022 for revenues in the range of $830 to $870 million at a gross margin of 28.1% plus/minus 50 basis points, assuming the same exchange rates versus the dollar as in the first quarter.”

Headquartered in Malvern, Pennsylvania, 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.

 

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