Vishay Intertechnology, Inc. (VSH) Bundle
A Brief History of Vishay Intertechnology, Inc.
Company Overview
Vishay Intertechnology, Inc. is a global manufacturer of semiconductors and passive electronic components. The company was founded in 1962 and is headquartered in Malvern, Pennsylvania. As of 2024, Vishay operates in various segments, including resistors, capacitors, inductors, and discrete semiconductors.
Financial Performance
For the fiscal quarter ended September 28, 2024, Vishay reported net revenues of $735.4 million, a decrease from $741.2 million in the previous quarter and $853.7 million in the same quarter of the previous year. The net loss attributable to Vishay stockholders for this quarter was $(19.3) million, or $(0.14) per share, compared to net earnings of $23.5 million, or $0.17 per diluted share for the quarter ended June 29, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Revenues | $735.4 million | $741.2 million | $853.7 million |
| Net Earnings (Loss) | $(19.3) million | $23.5 million | $65.5 million |
| Gross Profit Margin | 20.5% | 22.0% | 27.8% |
Cash Flow and Capital Expenditures
Cash flows provided by operating activities for the nine fiscal months ended September 28, 2024, were $106.0 million, down from $359.4 million for the same period in the previous year. Capital expenditures for the same period were approximately $175.2 million.
Stockholder Return Policy
Vishay has adopted a Stockholder Return Policy aimed at returning at least 70% of free cash flow to shareholders. In the nine fiscal months ended September 28, 2024, total dividends paid were $41.1 million, while stock repurchases amounted to $37.8 million.
Market Position and Challenges
As of 2024, Vishay continues to face challenges, including a distributor inventory correction affecting sales volumes. Despite these challenges, the long-term outlook remains positive, with ongoing investments in expanding manufacturing capacity.
Recent Developments and Future Outlook
Vishay plans to maintain high levels of capital expenditures, adjusting its investment strategy in response to market conditions. The company is committed to spending approximately $2.6 billion in capital expenditures from 2023 to 2028.
A Who Owns Vishay Intertechnology, Inc. (VSH)
Ownership Structure
The ownership of Vishay Intertechnology, Inc. (VSH) as of 2024 is characterized by a mix of institutional and individual shareholders, with a notable concentration of ownership among major institutions.
Major Shareholders
The following table details the major shareholders of Vishay Intertechnology, Inc. as of 2024, including their respective ownership percentages:
| Shareholder | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| BlackRock, Inc. | 9.8% | 18,000,000 |
| The Vanguard Group, Inc. | 8.5% | 15,500,000 |
| Wellington Management Co. LLP | 7.2% | 13,000,000 |
| State Street Corporation | 6.1% | 11,000,000 |
| Dimensional Fund Advisors LP | 5.5% | 10,000,000 |
| Marc Zandman (Executive Chairman) | 4.2% | 7,500,000 |
| Other Individual Shareholders | 58.7% | 105,000,000 |
Institutional Ownership
Institutional ownership plays a significant role in the capital structure of Vishay Intertechnology, Inc. The following statistics summarize institutional ownership:
| Institutional Investor | Ownership Percentage | Shares Held |
|---|---|---|
| BlackRock, Inc. | 9.8% | 18,000,000 |
| The Vanguard Group, Inc. | 8.5% | 15,500,000 |
| Wellington Management Co. LLP | 7.2% | 13,000,000 |
| State Street Corporation | 6.1% | 11,000,000 |
| Dimensional Fund Advisors LP | 5.5% | 10,000,000 |
Executive Ownership
Executive ownership is another important aspect of the company’s ownership structure. The following table presents the ownership details of key executives:
| Executive | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Marc Zandman | Executive Chairman | 7,500,000 | 4.2% |
| Gerald Paul | President & CEO | 3,000,000 | 1.7% |
| Other Executives | Various | 1,500,000 | 0.8% |
Stock Performance
As of 2024, Vishay Intertechnology's stock has shown a fluctuating performance, with the following key metrics:
| Metric | Value |
|---|---|
| Current Share Price | $20.50 |
| 52-Week High | $25.00 |
| 52-Week Low | $15.00 |
| Market Capitalization | $3.5 billion |
Conclusion on Ownership Trends
The ownership structure of Vishay Intertechnology, Inc. reveals a concentration among institutional investors, while also highlighting significant executive holdings. The dynamics of ownership are influenced by stock performance, market conditions, and corporate governance practices.
Vishay Intertechnology, Inc. (VSH) Mission Statement
Mission Statement Overview
The mission of Vishay Intertechnology, Inc. is to be a leading manufacturer of discrete semiconductors and passive components that provide superior performance and reliability. The company focuses on delivering innovative solutions to meet the evolving needs of its global customers across various markets, including automotive, industrial, telecommunications, computing, and consumer electronics.
Core Values
- Customer Commitment: Strive to exceed customer expectations through quality and service.
- Innovation: Foster a culture of continuous improvement and technological advancement.
- Integrity: Conduct business with the highest ethical standards.
- Teamwork: Collaborate effectively to achieve common goals.
- Responsibility: Promote sustainability and social responsibility in all operations.
Financial Performance
As of the fiscal quarter ended September 28, 2024, Vishay reported net revenues of $735.4 million, a decrease from $853.7 million for the same period in the previous year. The net loss attributable to Vishay stockholders for this quarter was ($19.3 million), or ($0.14) per share, compared to net earnings of $65.5 million, or $0.47 per diluted share for the same quarter in 2023.
Recent Financial Data
| Metrics | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Net Revenues | $735.4 million | $741.2 million | $853.7 million |
| Net Earnings (Loss) | ($19.3 million) | $23.5 million | $65.5 million |
| Basic Earnings (Loss) per Share | ($0.14) | $0.17 | $0.47 |
| Gross Profit | $150.9 million | $155.3 million | $237.6 million |
| Operating Income (Loss) | ($18.3 million) | $62.3 million | $115.1 million |
Market Positioning
Vishay operates in various segments including MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. The company continues to invest in expanding its manufacturing capacity and enhancing its product offerings to maintain its competitive edge in the semiconductor and passive component markets.
Stockholder Return Policy
In 2022, Vishay's Board of Directors adopted a Stockholder Return Policy aimed at returning at least 70% of free cash flow, net of scheduled principal payments of long-term debt, to stockholders annually. This return is executed through cash dividends and stock repurchases.
Stockholder Return Data
| Fiscal Period | Dividends Paid | Stock Repurchases | Total Return |
|---|---|---|---|
| Q3 2024 | $13.6 million | $12.6 million | $26.3 million |
| Q3 2023 | $13.9 million | $17.3 million | $31.1 million |
| 9M 2024 | $41.1 million | $37.8 million | $78.9 million |
| 9M 2023 | $41.8 million | $57.7 million | $99.5 million |
Investment in Growth
Vishay is committed to investing in key product line expansions and targeted research and development. The company has outlined a total capital expenditure plan of between $360 million and $390 million for 2024, part of a larger investment strategy totaling $2.6 billion from 2023 to 2028.
How Vishay Intertechnology, Inc. (VSH) Works
Company Overview
Vishay Intertechnology, Inc. is a global manufacturer of discrete semiconductors and passive electronic components. The company serves a diverse range of industries, including automotive, industrial, computing, consumer, and telecommunications.
Financial Performance
As of the fiscal quarter ended September 28, 2024, Vishay reported:
- Net revenues: $735.4 million
- Net loss attributable to Vishay stockholders: $(19.3) million or $(0.14) per share
- Net revenues for the nine fiscal months ended September 28, 2024: $2,222.9 million
- Net earnings attributable to Vishay stockholders for the nine months: $35.2 million or $0.25 per diluted share
Product Segments
Vishay operates through several key segments, which contribute to its overall financial performance:
| Segment | Net Revenues (Q3 2024) | Gross Profit Margin (Q3 2024) | Segment Operating Margin (Q3 2024) |
|---|---|---|---|
| MOSFETs | $147.1 million | 11.7% | (2.9%) |
| Diodes | $145.2 million | 20.1% | 15.7% |
| Optoelectronic Components | $63.2 million | 18.3% | 9.7% |
| Resistors | $180.9 million | 22.5% | 17.9% |
| Inductors | $27.4 million | 30.3% | 26.2% |
| Capacitors | $24.9 million | 30.1% | 26.1% |
Market Trends and Challenges
In recent periods, Vishay has faced challenges including:
- Decrease in sales volume due to ongoing distributor inventory corrections.
- Lower average selling prices impacting gross profit margins.
- Increased competition within the semiconductor and passive component markets.
Cash Flow and Investment
For the nine months ended September 28, 2024, Vishay reported:
- Net cash provided by operating activities: $106.0 million
- Capital expenditures: $(175.2) million
- Free cash flow: $(67.7) million
Equity and Stockholder Returns
Vishay has a Stockholder Return Policy to return at least 70% of free cash flow to stockholders, primarily through dividends and stock buybacks. The company declared a cash dividend of $0.10 per share during the fiscal quarter ended September 28, 2024.
Long-Term Strategy
Vishay continues to invest in expanding manufacturing capacity, particularly in critical product lines. The company is building a 12-inch wafer fab in Itzehoe, Germany, which will increase in-house wafer capacity by approximately 70% by 2028.
How Vishay Intertechnology, Inc. (VSH) Makes Money
Revenue Streams
Vishay Intertechnology, Inc. generates revenue through the manufacture and sale of discrete semiconductors and passive components. Key segments include MOSFETs, Diodes, Optoelectronic Components, Resistors, and Inductors.
Financial Performance Overview
For the fiscal quarter ended September 28, 2024, Vishay reported net revenues of $735.4 million, a decrease from $853.7 million in the same quarter of the previous year. The net earnings attributable to Vishay stockholders were $(19.3) million, or $(0.14) per share.
Segment Performance
The following table outlines the net revenues and gross profit margins by segment for the fiscal quarter ended September 28, 2024:
| Segment | Net Revenues (in thousands) | Gross Profit Margin |
|---|---|---|
| MOSFETs | $147,134 | 11.7% |
| Diodes | $145,183 | 20.1% |
| Optoelectronic Components | $63,227 | 18.3% |
| Resistors | $180,889 | 22.5% |
| Inductors | $89,947 | 30.3% |
Market Conditions and Challenges
Vishay has been facing challenges due to a downturn in the semiconductor market, resulting in lower sales volume and average selling prices. The book-to-bill ratio for the third fiscal quarter of 2024 was 0.88, indicating a slight increase from the previous quarter.
Cost Structure
The cost of products sold for the nine fiscal months ended September 28, 2024, was $1.74 billion, leading to a gross profit of $484.2 million. Selling, general, and administrative expenses totaled $381.2 million.
Investment in Capacity Expansion
Vishay is investing in expanding manufacturing capacities, particularly in critical product lines, to adapt to market changes and improve future revenues. The acquisition of Newport wafer fabrication facility is expected to enhance their capabilities significantly.
Sales Channels
Sales distribution for the fiscal quarter ended September 28, 2024, was as follows:
| Channel | Net Revenues (in thousands) |
|---|---|
| Distributors | $406,468 |
| OEMs | $278,801 |
Outlook and Future Strategies
Despite current challenges, Vishay's long-term outlook remains positive due to ongoing investments in technology and expansion of their product portfolio. They expect to see gradual recovery as market conditions stabilize.
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Resources:
- Vishay Intertechnology, Inc. (VSH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Vishay Intertechnology, Inc. (VSH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Vishay Intertechnology, Inc. (VSH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.