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Vishay Intertechnology Inc. (VSH-2.18%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in net revenues to $2.938 billion from $3.402 billion in the previous year, attributed primarily to lower sales volume and decreased average selling prices.
Gross profit margin decreased to 21.3% from 28.6% in the previous year, impacted by lower sales volume and increased costs.
Operating income was $5.6 million, compared to $486.1 million in the prior year, with the decline due to restructuring and impairment charges.
The company reported a net loss attributable to Vishay stockholders of $31.2 million, or $0.23 per share, compared to net earnings of $323.8 million, or $2.31 per diluted share, in the previous year.
Free cash flow was negative $143.4 million, down from positive $37.4 million in the previous year, primarily due to higher capital expenditures and lower net earnings.
The company completed the acquisition of Nexperia’s wafer fabrication facility in Newport, South Wales, U.K., for $177.5 million, which is expected to enhance its MOSFETs segment.
Vishay announced restructuring actions in 2024 to optimize its manufacturing footprint and streamline decision making, with expected annualized cost savings of approximately $23 million when fully implemented by the end of 2026.
The company maintains a strong balance sheet with cash and cash equivalents of $590.3 million and a revolving credit facility with $136 million drawn as of December 31, 2024.
Vishay continues to focus on expanding capacity for high-growth product lines and expects capital expenditures of $300 million to $350 million in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vishay Intertechnology Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.