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Published: 2022-11-02 00:00:00 ET
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Exhibit 99.1

VISHAY REPORTS RESULTS FOR THIRD QUARTER 2022

•
Revenues Q3 of $925 million.
•
Gross margin Q3 of 31.3%.
•
Operating margin Q3 of 19.8%.
•
EPS Q3 of $0.98; adjusted EPS of $0.93.
•
Free Cash for trailing 12 months of $193 million.
•
Total Stockholder Return Q3 of $32.8 million—$14.3 million of dividend payments and $18.5 million of stock repurchases.
•
Guidance Q4 2022 for revenues of $860 to $900 million and at a gross margin of 30.0% plus/minus 50 basis points at current exchange rates.

Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter and nine fiscal months ended October 1, 2022.

Revenues for the fiscal quarter ended October 1, 2022 were $924.8 million, compared to $863.5 million for the fiscal quarter ended July 2, 2022, and $813.7 million for the fiscal quarter ended October 2, 2021.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended October 1, 2022 were $140.1 million, or $0.98 per diluted share, compared to $112.4 million, or $0.78 per diluted share for the fiscal quarter ended July 2, 2022, and $96.8 million, or $0.67 per diluted share for the fiscal quarter ended October 2, 2021.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude these unusual items, were $0.93, $0.82, and $0.63 for the fiscal quarters ended October 1, 2022, July 2, 2022, and October 2, 2021, respectively.

Commenting on results for the third quarter 2022, Dr. Gerald Paul, President and Chief Executive Officer stated, “The third quarter represented for Vishay another record in terms of sales; it has been our most successful quarter in the past 20 years. Vishay achieved revenues substantially above the midpoint of our original guidance due to the efforts of our Chinese semiconductor facilities to make up for the COVID shutdowns during the second quarter.“

Commenting on the outlook Dr. Paul stated, “We guide for the fourth quarter 2022 for revenues in the range of $860 to $900 million at a gross margin of 30.0% plus/minus 50 basis points at current exchange rates.”

A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 2, 2022 at 9:00 a.m. ET. The dial-in number for the conference call is 877-407-0989 (+1 201-389-0921, if calling from outside the United States) and the access code is 13733054. 
 
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 from 12:00 p.m. ET on Wednesday, November 2, 2022, through 11:59 p.m. ET on Wednesday, November 16, 2022. The telephone number for the replay is +1 877-660-6853 (+1 201-612-7415, if calling from outside the United States or Canada) and the access code is 13733054.


 
About Vishay
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. 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 adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted 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 adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted 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. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items 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, 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 such as “guide,” “will,” “expect,” “anticipate,” 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 because of COVID-19 or otherwise; 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; 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. 






VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
October 1, 2022
    
July 2, 2022
    
October 2, 2021
  
                   
Net revenues
  
$
924,798
    
$
863,512
    
$
813,663
  
Costs of products sold*
    
635,260
      
602,289
      
587,927
  
Gross profit
    
289,538
      
261,223
      
225,736
  
  Gross margin
    
31.3
%
    
30.3
%
    
27.7
%
                         
Selling, general, and administrative expenses*
    
106,436
      
110,400
      
102,215
  
Operating income
    
183,102
      
150,823
      
123,521
  
  Operating margin
    
19.8
%
    
17.5
%
    
15.2
%
                         
Other income (expense):
                        
  Interest expense
    
(4,110
)
    
(4,307
)
    
(4,427
)
  Other
    
2,137
      
1,380
      
(2,679
)
  Total other income (expense) - net
    
(1,973
)
    
(2,927
)
    
(7,106
)
                         
Income before taxes
    
181,129
      
147,896
      
116,415
  
                         
Income tax expense
    
40,566
      
35,127
      
19,333
  
                         
Net earnings
    
140,563
      
112,769
      
97,082
  
                         
Less: net earnings attributable to noncontrolling interests
    
502
      
381
      
262
  
                         
Net earnings attributable to Vishay stockholders
  
$
140,061
    
$
112,388
    
$
96,820
  
                         
Basic earnings per share attributable to Vishay stockholders
  
$
0.98
    
$
0.78
    
$
0.67
  
                         
Diluted earnings per share attributable to Vishay stockholders
  
$
0.98
    
$
0.78
    
$
0.67
  
                         
Weighted average shares outstanding - basic
    
142,887
      
143,996
      
145,017
  
                         
Weighted average shares outstanding - diluted
    
143,447
      
144,397
      
145,458
  
                         
Cash dividends per share
  
$
0.100
    
$
0.100
    
$
0.095
  
                         
* The fiscal quarter ended July 2, 2022 includes incremental costs of products sold and selling, general, and administrative expenses separable from normal operations directly attributable to the COVID-19 pandemic of $6,661 and $546, respectively.
  


VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(Unaudited - In thousands, except per share amounts)
            
             
   
Nine fiscal months ended
  
   
October 1, 2022
    
October 2, 2021
  
             
Net revenues
  
$
2,642,103
    
$
2,397,415
  
Costs of products sold*
    
1,832,234
      
1,739,458
  
Gross profit
    
809,869
      
657,957
  
  Gross margin
    
30.7
%
    
27.4
%
                 
Selling, general, and administrative expenses*
    
329,691
      
311,800
  
Operating income
    
480,178
      
346,157
  
  Operating margin
    
18.2
%
    
14.4
%
                 
Other income (expense):
                
  Interest expense
    
(12,639
)
    
(13,246
)
  Other
    
(2,234
)
    
(12,159
)
  Total other income (expense) - net
    
(14,873
)
    
(25,405
)
                 
Income before taxes
    
465,305
      
320,752
  
                 
Income tax expense
    
108,023
      
58,646
  
                 
Net earnings
    
357,282
      
262,106
  
                 
Less: net earnings attributable to noncontrolling interests
    
1,260
      
659
  
                 
Net earnings attributable to Vishay stockholders
  
$
356,022
    
$
261,447
  
                 
Basic earnings per share attributable to Vishay stockholders
  
$
2.47
    
$
1.80
  
                 
Diluted earnings per share attributable to Vishay stockholders
  
$
2.46
    
$
1.80
  
                 
Weighted average shares outstanding - basic
    
143,983
      
145,000
  
                 
Weighted average shares outstanding - diluted
    
144,470
      
145,455
  
                 
Cash dividends per share
  
$
0.300
    
$
0.285
  
                 
* The nine fiscal months ended October 1, 2022 includes incremental costs of products sold and selling, general, and administrative expenses separable from normal operations directly attributable to the COVID-19 pandemic of $6,661 and $546, respectively.
  


VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(In thousands)
            
             
   
October 1, 2022
    
December 31, 2021
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
734,992
    
$
774,108
  
  Short-term investments
    
182,646
      
146,743
  
  Accounts receivable, net
    
425,630
      
396,458
  
  Inventories:
                
    Finished goods
    
164,252
      
147,293
  
    Work in process
    
252,492
      
226,496
  
    Raw materials
    
199,133
      
162,711
  
  Total inventories
    
615,877
      
536,500
  
                 
  Prepaid expenses and other current assets
    
151,144
      
156,689
  
Total current assets
    
2,110,289
      
2,010,498
  
                 
Property and equipment, at cost:
                
  Land
    
74,118
      
74,646
  
  Buildings and improvements
    
617,784
      
639,879
  
  Machinery and equipment
    
2,743,049
      
2,758,262
  
  Construction in progress
    
167,336
      
145,828
  
  Allowance for depreciation
    
(2,613,506
)
    
(2,639,136
)
     
988,781
      
979,479
  
                 
Right of use assets
    
118,676
      
117,635
  
Deferred income taxes
    
85,288
      
95,037
  
Goodwill
    
163,567
      
165,269
  
Other intangible assets, net
    
59,918
      
67,714
  
Other assets
    
94,027
      
107,625
  
     Total assets
  
$
3,620,546
    
$
3,543,257
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(In thousands)
            
             
   
October 1, 2022
    
December 31, 2021
  
   
(Unaudited)
        
             
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
223,898
    
$
254,049
  
  Payroll and related expenses
    
164,303
      
162,694
  
  Lease liabilities
    
23,650
      
23,392
  
  Other accrued expenses
    
220,542
      
218,089
  
  Income taxes
    
84,571
      
35,443
  
Total current liabilities
    
716,964
      
693,667
  
                 
Long-term debt less current portion
    
458,120
      
455,666
  
U.S. transition tax payable
    
83,010
      
110,681
  
Deferred income taxes
    
52,382
      
69,003
  
Long-term lease liabilities
    
95,747
      
99,987
  
Other liabilities
    
84,575
      
95,861
  
Accrued pension and other postretirement costs
    
229,467
      
271,672
  
Total liabilities
    
1,720,265
      
1,796,537
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,291
      
13,271
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,351,470
      
1,347,830
  
  Retained earnings
    
714,588
      
401,694
  
  Treasury stock (at cost)
    
(54,671
)
    
-
  
  Accumulated other comprehensive income (loss)
    
(129,093
)
    
(20,252
)
  Total Vishay stockholders' equity
    
1,896,795
      
1,743,753
  
Noncontrolling interests
    
3,486
      
2,967
  
Total equity
    
1,900,281
      
1,746,720
  
Total liabilities and equity
  
$
3,620,546
    
$
3,543,257
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Nine fiscal months ended
  
   
October 1, 2022
    
October 2, 2021
  
             
Operating activities
            
Net earnings
  
$
357,282
    
$
262,106
  
Adjustments to reconcile net earnings to net cash provided by operating activities:
          
      Depreciation and amortization
    
121,301
      
125,095
  
      (Gain) loss on disposal of property and equipment
    
(372
)
    
(254
)
      Inventory write-offs for obsolescence
    
18,197
      
14,960
  
      Deferred income taxes
    
8,843
      
(4,208
)
      Other
    
4,272
      
8,376
  
      Change in U.S. transition tax liability
    
(14,757
)
    
(14,757
)
      Change in repatriation tax liability
    
(25,201
)
    
-
  
      Changes in operating assets and liabilities
    
(151,773
)
    
(80,866
)
Net cash provided by operating activities
    
317,792
      
310,452
  
                 
Investing activities
                
Purchase of property and equipment
    
(172,175
)
    
(118,156
)
Proceeds from sale of property and equipment
    
472
      
1,257
  
Purchase of short-term investments
    
(182,079
)
    
(55,491
)
Maturity of short-term investments
    
132,892
      
126,171
  
Other investing activities
    
(199
)
    
347
  
Net cash used in investing activities
    
(221,089
)
    
(45,872
)
                 
Financing activities
                
Repurchase of convertible debt instruments
    
-
      
(300
)
Dividends paid to common stockholders
    
(39,433
)
    
(37,823
)
Dividends paid to Class B common stockholders
    
(3,629
)
    
(3,448
)
Repurchase of common stock held in treasury
    
(54,671
)
    
-
  
Distributions to noncontrolling interests
    
(741
)
    
(800
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(2,123
)
    
(1,963
)
Net cash used in financing activities
    
(100,597
)
    
(44,334
)
Effect of exchange rate changes on cash and cash equivalents
    
(35,222
)
    
(8,360
)
                 
Net increase (decrease) in cash and cash equivalents
    
(39,116
)
    
211,886
  
                 
Cash and cash equivalents at beginning of period
    
774,108
      
619,874
  
Cash and cash equivalents at end of period
  
$
734,992
    
$
831,760
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                          
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
October 1, 2022
    
July 2, 2022
    
October 2, 2021
    
October 1, 2022
    
October 2, 2021
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
140,061
    
$
112,388
    
$
96,820
    
$
356,022
    
$
261,447
  
                                         
Reconciling items affecting gross profit:
                                        
Impact of the COVID-19 pandemic
  
$
-
    
$
6,661
    
$
-
    
$
6,661
    
$
-
  
                                         
Other reconciling items affecting operating income:
                                  
Impact of the COVID-19 pandemic
  
$
-
    
$
546
    
$
-
    
$
546
    
$
-
  
                                         
Reconciling items affecting tax expense (benefit):
                                  
Effects of changes in uncertain tax positions
  
$
(5,941
)
  
$
-
    
$
-
    
$
(5,941
)
  
$
-
  
Effects of changes in valuation allowances
    
-
      
-
      
(5,714
)
    
-
      
(5,714
)
Changes in tax laws and regulations
    
-
      
-
      
-
      
-
      
(8,276
)
Tax effects of pre-tax items above
    
-
      
(1,802
)
    
-
      
(1,802
)
    
-
  
                                         
                                         
Adjusted net earnings
  
$
134,120
    
$
117,793
    
$
91,106
    
$
355,486
    
$
247,457
  
                                         
Adjusted weighted average diluted shares outstanding
    
143,447
      
144,397
      
145,458
      
144,470
      
145,455
  
                                         
Adjusted earnings per diluted share
  
$
0.93
    
$
0.82
    
$
0.63
    
$
2.46
    
$
1.70
  

VISHAY INTERTECHNOLOGY, INC.
                          
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
October 1, 2022
    
July 2, 2022
    
October 2, 2021
    
October 1, 2022
    
October 2, 2021
  
Net cash provided by operating activities
  
$
209,480
    
$
74,727
    
$
135,669
    
$
317,792
    
$
310,452
  
Proceeds from sale of property and equipment
    
95
      
305
      
1,023
      
472
      
1,257
  
Less: Capital expenditures
    
(76,475
)
    
(59,791
)
    
(57,446
)
    
(172,175
)
    
(118,156
)
Free cash
  
$
133,100
    
$
15,241
    
$
79,246
    
$
146,089
    
$
193,553
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                          
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
October 1, 2022
    
July 2, 2022
    
October 2, 2021
    
October 1, 2022
    
October 2, 2021
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
140,061
    
$
112,388
    
$
96,820
    
$
356,022
    
$
261,447
  
Net earnings attributable to noncontrolling interests
    
502
      
381
      
262
      
1,260
      
659
  
Net earnings
  
$
140,563
    
$
112,769
    
$
97,082
    
$
357,282
    
$
262,106
  
                                         
Interest expense
  
$
4,110
    
$
4,307
    
$
4,427
    
$
12,639
    
$
13,246
  
Interest income
    
(1,836
)
    
(789
)
    
(295
)
    
(3,186
)
    
(907
)
Income taxes
    
40,566
      
35,127
      
19,333
      
108,023
      
58,646
  
Depreciation and amortization
    
40,334
      
40,317
      
41,216
      
121,301
      
125,095
  
EBITDA
  
$
223,737
    
$
191,731
    
$
161,763
    
$
596,059
    
$
458,186
  
                                         
Reconciling items
                                        
Impact of the COVID-19 pandemic
  
$
-
    
$
7,207
    
$
-
    
$
7,207
    
$
-
  
                                         
Adjusted EBITDA
  
$
223,737
    
$
198,938
    
$
161,763
    
$
603,266
    
$
458,186
  
                                         
Adjusted EBITDA margin**
    
24.2
%
    
23.0
%
    
19.9
%
    
22.8
%
    
19.1
%
                                         
** Adjusted EBITDA as a percentage of net revenues
                                  

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300