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Vishay Reports Results For Fourth Quarter And Year 2012

Stocks in this article: VSH

Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the year and fiscal quarter ended December 31, 2012.

Revenues for the year ended December 31, 2012 were $2,230.1 million, compared to $2,594.0 million for the year ended December 31, 2011. The net earnings attributable to Vishay stockholders for the year ended December 31, 2012 were $122.7 million, or $0.79 per diluted share, compared to $238.8 million, or $1.42 per diluted share for the year ended December 31, 2011.

Revenues for the fiscal quarter ended December 31, 2012 were $530.6 million, compared to $551.4 million for the fiscal quarter ended December 31, 2011. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2012 were $21.0 million, or $0.14 per diluted share, compared to $31.0 million, or $0.19 per diluted share for the fiscal quarter ended December 31, 2011.

Net earnings attributable to Vishay stockholders for the fiscal quarters ended December 31, 2012 and December 31, 2011 include one-time tax benefits primarily related to the release of deferred tax valuation allowances in various jurisdictions. The years ended December 31, 2012 and 2011 include other items affecting comparability. These items are summarized on the attached reconciliation schedule. Adjusted net earnings per diluted share, which exclude these items, were $0.11 and $0.71 for the fiscal quarter and year ended December 31, 2012, respectively, and $0.15 and $1.46 for the fiscal quarter and year ended December 31, 2011, respectively.

Commenting on the results for the fourth quarter 2012, Dr. Gerald Paul, President and Chief Executive Officer, stated, “As expected the fourth quarter 2012 was the weakest quarter of the year. But the order intake in the fourth quarter 2012 was higher than in the third quarter 2012 or in the fourth quarter 2011. The normal levels of inventory in the supply chain and a higher degree of confidence at our distribution customers might indicate a potential turn-around of the business. This is supported by a strong book-to-bill ratio for January.”

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