MALVERN, Pa., May 08, 2024 (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 first quarter ended March 30, 2024. Highlights 1Q 2024 revenues of $746.3 million Gross margin was 22.8% and included the negative impact of 74 basis points related to the addition of Newport EPS of $0.22 1Q 2024 book-to-bill of 0.82 with book-to-bill of 0.73 for semiconductors and 0.91 for passive components Backlog at quarter end was 5.0 months "As expected, first quarter revenue declined 5% sequentially primarily due to ongoing semiconductor inventory digestion and lingering macro-economic uncertainties, particularly in Asia and Europe. Passive components revenue is stable to growing in Automotive with stronger growth in Aerospace/Defense. Gross margin for the quarter included a 74-basis point negative impact from the addition of Newport," said Joel Smejkal, President and Chief Executive Officer. "Looking ahead, we still expect a recovery from the inventory correction in the second half of the year, led by passive components. During the year we intend to execute on the eight strategic growth levers we detailed at our Investor Day with a focus on investing in catch-up capacity, deepening our customer relationships and advancing our silicon carbide strategy as we prepare for the next upcycle in demand," added Mr. Smejkal. 2Q 2024 OutlookFor the second quarter of 2024, management expects revenues in the range of $750 million +/- $20 million, including a full quarter of Newport, and a gross profit margin in the range of 21.7% +/- 50 basis points, including the negative impact of approximately 160 basis points from the addition of Newport. Conference CallA conference call to discuss Vishay's first quarter financial results is scheduled for Wednesday, May 8, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI24d4dbbe131d4b2ca1cfe925114ed017. 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 VishayVishay 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, 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 HenriciExecutive Vice President, Corporate Development+1-610-644-1300 VISHAY INTERTECHNOLOGY, INC.           Summary of Operations           (Unaudited - In thousands, except per share amounts)                         Fiscal quarters ended   March 30, 2024   December 31, 2023   April 1, 2023             Net revenues $ 746,279     $ 785,236     $ 871,046   Costs of products sold   575,872       584,572       592,333   Gross profit   170,407       200,664       278,713   Gross margin   22.8 %     25.6 %     32.0 %             Selling, general, and administrative expenses   127,736       122,834       120,145   Operating income   42,671       77,830       158,568   Operating margin   5.7 %     9.9 %     18.2 %             Other income (expense):           Interest expense   (6,496 )     (6,454 )     (5,120 ) Other   8,087       9,268       3,329   Total other income (expense) - net   1,591       2,814       (1,791 )             Income before taxes   44,262       80,644       156,777               Income tax expense   12,819       28,690       44,588               Net earnings   31,443       51,954       112,189               Less: net earnings attributable to noncontrolling interests   519       482       408               Net earnings attributable to Vishay stockholders $ 30,924     $ 51,472     $ 111,781               Basic earnings per share attributable to Vishay stockholders $ 0.22     $ 0.37     $ 0.79               Diluted earnings per share attributable to Vishay stockholders $ 0.22     $ 0.37     $ 0.79               Weighted average shares outstanding - basic   137,726       138,318       140,636               Weighted average shares outstanding - diluted   138,476       139,266       141,251               Cash dividends per share $ 0.10     $ 0.10