Every material Form 8-K Vishay Intertechnology filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Vishay reported fiscal third quarter 2024 results on November 6, 2024. Revenue fell from the prior quarter and year-earlier levels, and the company posted a GAAP loss of $0.14 per share after $40.6 million in restructuring and severance costs, with adjusted EPS of $0.08. For the fourth quarter, management expects revenue of $720 million, plus or minus $20 million, which is below the third-quarter level.
Q3 2024 revenue was $735.4 million, down from $741.2 million in Q2 2024 and $853.7 million in Q3 2023.
GAAP loss per share was $0.14, compared with GAAP earnings of $0.47 per share a year earlier; adjusted EPS was $0.08 versus $0.60.
Restructuring and severance costs totaled $40.6 million in the quarter, and gross margin fell to 20.5% from 27.8% a year earlier.
Q4 2024 outlook calls for revenue of $720 million, plus or minus $20 million, and gross margin of 20.0%, plus or minus 50 basis points.
Vishay Intertechnology said it is carrying out restructuring actions in phases to optimize its manufacturing footprint and streamline decision making under its Vishay 3.0 strategy. The company expects pre-tax cash charges of $38 million to $42 million, mostly in 3Q 2024, and at least $23 million in annualized cost savings once the program is fully implemented by the end of 2026.
Expected pre-tax cash charges of $38 million to $42 million, primarily severance, mostly in 3Q 2024
Three manufacturing facilities to close, including a Diodes back-end facility in Shanghai, China, by the end of 2026
Severance for about 170 SG&A employees and about 260 employees in manufacturing changes, with about 365 direct labor positions reduced
Annualized cost savings of at least $23 million by the end of 2026, with about $9 million immediate and about $12 million starting 1Q 2025
Vishay Intertechnology reported fiscal second-quarter 2024 revenue of $741.2 million, roughly flat from the prior quarter but down from $892.1 million a year earlier, and diluted EPS of $0.17 versus $0.68 a year earlier. Management said the industry recovery is taking longer than expected and guided third-quarter revenue to $745 million plus or minus $20 million, with gross margin of 21.0% plus or minus 50 basis points.
Q2 2024 revenue $741.2 million, versus $746.3 million in Q1 2024 and $892.1 million in Q2 2023; gross margin 22.0%, versus 28.9% a year earlier
Q2 2024 EPS $0.17, versus $0.22 in Q1 2024 and $0.68 in Q2 2023; quarterly free cash was negative $86.8 million
Q3 2024 outlook: revenue $745 million plus or minus $20 million; gross margin 21.0% plus or minus 50 basis points, including a 175 to 200 basis point drag from Newport
Itzehoe, Germany expansion timetable moved beyond 2024; 2024 capex now planned at $360 million to $390 million
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Vishay Intertechnology filing is on SEC EDGAR ↗. 8-K briefs of other companies →