Vishay Reports Results for Fourth Quarter and Year 2018

Vishay Intertechnology

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, 2018.

  • Revenues for Q4 2018 of $776 million and for year 2018 $3,035 million
  • Gross Margin Q4 of 28.3% and year 2018 of 29.3%
  • Operating Margin Q4 of 15.4% and year 2018 of 16.0%
  • EPS Q4 of $0.69 and year 2018 $2.24
  • Adjusted EPS Q4 of $0.58 and year 2018 of $2.12
  • Cash from operations for year 2018 of $259 million, proceeds from sale of property and equipment of $56 million, and capital expenditures of $230 million
  • Guidance for Q1 2019 for revenues of $730 to $770 million and gross margins of 28% to 29% at Q4 exchange rates

Revenues for the year ended December 31, 2018 were $3,034.7 million, compared to $2,599.4 million for the year ended December 31, 2017. Net earnings attributable to Vishay stockholders for the year ended December 31, 2018 were $345.8 million, or $2.24 per diluted share. Net loss attributable to Vishay stockholders for the year ended December 31, 2017 was $(20.3) million, or $(0.14) per share.

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Revenues for the fiscal quarter ended December 31, 2018 were $775.9 million, compared to $781.0 million for the fiscal quarter ended September 29, 2018, and $673.5 million for the fiscal quarter ended December 31, 2017. Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2018 were $102.4 million, or $0.69 per diluted share, compared to $77.9 million, or $0.51 per diluted share for the fiscal quarter ended September 29, 2018, and net loss attributable to Vishay stockholders of $(177.7) million, or $(1.23) per share for the fiscal quarter ended December 31, 2017.

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 $0.58 and $2.12 for the fiscal quarter and year ended December 31, 2018, respectively, $0.60 for the fiscal quarter ended September 29, 2018, and $0.37 and $1.43 for the fiscal quarter and year ended December 31, 2017, respectively.

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Commenting on the results for the year 2018, Dr. Gerald Paul, President and Chief Executive Officer, stated, “2018 was a record year for Vishay in terms of revenues and the second highest ever in terms of profitability. As in the previous year, partially extreme demand from virtually all market segments drove this strength. We further increased manufacturing capacities of most of our product lines considerably and we continue to do so for several strategic lines. Driven by increased volume Vishay demonstrated the leverage of its business model.”

Dr. Paul continued, commenting on the results for the fourth quarter 2018, “When excluding exchange rate effects, revenues were flat quarter over quarter. There were signs of normalization as supply started to catch up with demand. Lead times for critical product lines, while still stretched, are starting to normalize. Market conditions overall remain stable.”

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Commenting on the outlook Dr. Paul stated, “For the first quarter, we guide for revenues of $730 to $770 million and gross margins of 28% to 29% at the exchange rates for the fourth quarter.”

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