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Vishay Intertechnology (VSH) investor relations material
Vishay Intertechnology Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $762.3M, up 7% sequentially, with growth across all end markets, channels, and regions; book-to-bill ratio was 1.02 and backlog at 4.6 months.
Gross margin was 19.5%, negatively impacted by 160 basis points from Newport; net earnings were $2.0M (EPS $0.01), adjusted loss per share $(0.07) after an $11.3M contingency benefit.
Free cash flow was negative at $(73.2)M for Q2, reflecting higher capital expenditures and lower operating cash flow.
Capacity expansion investments and innovation initiatives continue, with a focus on AI, smart grid, and silicon carbide technology.
Positive market indicators and improved order flow signal a potential upturn, though market visibility remains limited.
Financial highlights
Gross profit for Q2 2025 was $148.7M, gross margin 19.5% (down from 22.0% in Q2 2024); operating margin 2.9% (Q1: 0.1%, Q2 2024: 5.1%).
Adjusted EBITDA was $63.5M (8.3% margin, up from 7.6% in Q1); adjusted net loss per share was $(0.07).
Cash and cash equivalents at quarter end were $473.9M; total debt $914.5M; net cash and short-term investments (debt) of $(435.4)M.
Capital expenditures for the first half of 2025 were $126.2M, up from $115.6M in the prior year period.
Cash conversion cycle was 130 days, with DSO at 53–60 days, DPO at 32–40 days, and inventory days at 109.
Outlook and guidance
Q3 2025 revenue expected at $775M ± $20M, with gross margin guidance of 19.7% ± 50 bps; Newport to impact margin by 160–185 bps.
FY25 capital expenditures projected at $300M–$350M, with at least 70% for capacity expansion.
Free cash flow expected to be negative for 2025 due to expansion, but anticipated to improve post-expansion; dividend to be maintained, share repurchases opportunistic.
SG&A for Q3 at $138M ± $2M, full year $540–560M (excluding one-time benefit); normalized effective tax rate projected at 30–32%.
Management remains committed to long-term growth, capacity expansion, and margin improvement despite a slower-than-expected industry recovery.
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