MALVERN, Pa., Aug. 07, 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 second quarter ended June 29, 2024. Highlights 2Q 2024 revenues of $741.2 million Gross margin was 22.0% and included the negative impact of approximately 170 basis points related to the addition of Newport EPS of $0.17 2Q 2024 book-to-bill of 0.86 with book-to-bill of 0.82 for semiconductors and 0.90 for passive components Backlog at quarter end was 4.6 months "During the second quarter, we executed well on our Vishay 3.0 strategic plan, deepening our customer engagements supported by capacity that has landed and that we will continue to expand, and advancing our silicon carbide strategy as we prepare for the megatrends in sustainability and e-mobility," said Joel Smejkal, President and CEO. "Revenue, including a full quarter of Newport, was flat quarter over quarter, primarily reflecting schedule agreement adjustments by automotive Tier 1 customers. At mid-year 2024, it is apparent that the industry recovery is taking longer than we had expected at the beginning of the year. As a result, we are adjusting the timetable of the Itzehoe, Germany expansion project beyond 2024 while holding to our planned capital investment of $2.6 billion between 2023 and 2028. For 2024, we now plan to invest between $360 million to $390 million in capex." 3Q 2024 OutlookFor the third quarter of 2024, management expects revenues in the range of $745 million +/- $20 million, with gross profit margin in the range of 21.0% +/- 50 basis points, including the negative impact of approximately 175 to 200 basis points from the addition of Newport. A conference call to discuss Vishay's second quarter financial results is scheduled for Wednesday, August 7, 2024 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at https://register.vevent.com/register/BI38004aee85364014b94cacc38200c3f4. 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 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     June 29, 2024   March 30, 2024   July 1, 2023                 Net revenues $ 741,239     $ 746,279     $ 892,110     Costs of products sold   578,369       575,872       634,637     Gross profit   162,870       170,407       257,473     Gross margin   22.0 %     22.8 %     28.9 %                 Selling, general, and administrative expenses   124,953       127,736       122,857     Operating income   37,917       42,671       134,616     Operating margin   5.1 %     5.7 %     15.1 %                 Other income (expense):             Interest expense   (6,657 )     (6,496 )     (6,404 )   Other   5,011       8,087       5,257     Total other income (expense) - net   (1,646 )     1,591       (1,147 )                 Income before taxes   36,271       44,262       133,469                   Income tax expense   12,391       12,819       38,054                   Net earnings   23,880       31,443       95,415                   Less: net earnings attributable to noncontrolling interests   347       519       377                   Net earnings attributable to Vishay stockholders $ 23,533     $ 30,924     $ 95,038                   Basic earnings per share attributable to Vishay stockholders $ 0.17     $ 0.22     $ 0.68                   Diluted earnings per share attributable to Vishay stockholders $ 0.17     $ 0.22     $ 0.68                   Weighted average shares outstanding - basic   137,326       137,726       139,764                   Weighted average shares outstanding - diluted   138,084       138,476       140,478                   Cash dividends per share $ 0.10     $ 0.10     $ 0.10                   VISHAY INTERTECHNOLOGY, INC.         Summary of Operations         (Unaudited - In thousands, except per share amounts)                     Six fiscal months ended     June 29, 2024   July 1, 2023             Net revenues $ 1,487,518     $ 1,763,156     Costs of products sold   1,154,241       1,226,970     Gross profit   333,277       536,186     Gross margin   22.4 %     30.4 %             Selling, general, and administrative expenses   252,689       243,002     Operating income   80,588       293,184     Operating margin   5.4 %     16.6 %             Other income (expense):         Interest expense   (13,153 )     (11,524