Exhibit 99.1
 
 
VISHAY REPORTS RESULTS FOR FOURTH QUARTER AND YEAR 2017
 
 
·
Revenues for Q4 2017 of $674 million and for year 2017 $2,604 million
·
Gross Margin Q4 of 26.2% and year 2017 of 26.9%
·
Adjusted Operating Margin Q4 of 11.7% and year 2017 of 12.4%
·
EPS Q4 of ($1.23) and year 2017 ($0.14)
·
Adjusted EPS Q4 of $0.37 and year 2017 of $1.43
·
Cash from operations for year 2017 of $369 million and capital expenditures of $170 million
·
Charge of $235 million related to the enactment of the U.S. Tax Cuts and Jobs Act
·
Guidance for Q1 2018 for revenues of $665 to $705 million and gross margins of 26.5% to 27.5% at Q4 exchange rates

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, 2017.

Revenues for the year ended December 31, 2017 were $2,603.5 million, compared to $2,323.4 million for the year ended December 31, 2016.  The net loss attributable to Vishay stockholders for the year ended December 31, 2017 was $20.3 million, or $(0.14) per share, reflecting charges related to the enactment of the U.S. Tax Cuts and Jobs Act.  Net earnings attributable to Vishay stockholders for the year ended December 31, 2016 were $48.8 million, or $0.32 per share.

Revenues for the fiscal quarter ended December 31, 2017 were $674.5 million, compared to $570.8 million for the fiscal quarter ended December 31, 2016.  Net loss attributable to Vishay stockholders for the fiscal quarter ended December 31, 2017 was $(177.7) million, or $(1.23) per share, compared to $(48.7) million, or $(0.33) per share for the fiscal quarter ended December 31, 2016.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability, the most significant of which is a $235 million charge related to the enactment of the U.S. Tax Cuts and Jobs Act.  Adjusted earnings per diluted share, which exclude these items net of tax and the unusual tax items, were $0.37 and $1.43 for the fiscal quarter and year ended December 31, 2017, respectively, and $0.18 and $0.85 for the fiscal quarter and year ended December 31, 2016, respectively.

Commenting on the results for the year 2017, Dr. Gerald Paul, President and Chief Executive Officer, stated, "2017 was a very successful year for Vishay. Throughout the year Vishay experienced a very high level of demand of virtually all market segments. Driven by increased volume Vishay demonstrated the leverage of its business model. Vishay continues to increase the manufacturing capacities of its key product lines, mainly by pulling forward certain programs of its 5-year Growth Plan. We are excited about the opportunities that accelerated market growth offers Vishay, especially in automotive and industrial applications."

Dr. Paul continued, commenting on the results for the fourth quarter 2017, "The fourth quarter represented a continuation of the trends of the year. Stretched lead times led to a further increase of an already unusually high backlog. Both OEM and distribution customers remain very confident across the board."

Commenting on the outlook Dr. Paul stated, "For the first quarter based on Vishay's capacity constraints, we guide for revenues of $665 to $705 million and gross margins of 26.5% to 27.5% at the exchange rates for the fourth quarter."

As permitted by Securities and Exchange Commission Staff Accounting Bulletin No. 118, the tax expense recorded in the fourth quarter of 2017 due to the enactment of the U.S. Tax Cuts and Jobs Act is considered "provisional," based on reasonable estimates, and these provisional amounts may be refined during the defined measurement period, as additional analysis is completed.

Effective January 1, 2018, the Company will adopt several new accounting standards, including ASU 2014-09, "Revenue from Contracts with Customers" and related guidance; ASU 2016-01, "Recognition and Measurement of Financial Assets and Liabilities;" and ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost."  The impact of these new accounting standards on income before taxes is not expected to be material; however, the changes will impact individual line items, and could thus slightly impact gross margin and operating margin calculations.  More detailed discussion of the impact of these new accounting standards will be included in the Company's Annual Report on Form 10-K when it is filed.
 

The following information was filed by Vishay Intertechnology Inc (VSH) on Tuesday, February 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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