Vishay Intertechnology, Inc. VSH +0.07% , 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, 2013.
Revenues for the year ended December 31, 2013 were $2,371.0 million, compared to $2,230.1 million for the year ended December 31, 2012. The net earnings attributable to Vishay stockholders for the year ended December 31, 2013 were $123.0 million, or $0.81 per diluted share, compared to $122.7 million, or $0.79 per diluted share for the year ended December 31, 2012.
Revenues for the fiscal quarter ended December 31, 2013 were $616.2 million, compared to $530.6 million for the fiscal quarter ended December 31, 2012. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2013 were $30.0 million, or $0.20 per diluted share, compared to $21.0 million, or $0.14 per diluted share for the fiscal quarter ended December 31, 2012.
Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2013 include restructuring and severance costs of $2.8 million. Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2012 include one-time tax benefits primarily related to the release of deferred tax valuation allowances in various jurisdictions. The years ended December 31, 2013 and 2012 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 $0.21 and $0.79 for the fiscal quarter and year ended December 31, 2013, respectively, and $0.11 and $0.71 for the fiscal quarter and year ended December 31, 2012, respectively.
Commenting on the results for the fourth quarter 2013, Dr. Gerald Paul, President and Chief Executive Officer, stated, “Revenues excluding the effect of a stronger Euro came in at the very high end of guidance. Distributors seem to be confident for the future while the inventory turns of our components at distributors remain acceptable. The ending backlog of $611 million, 20% higher compared to last year, indicates a good start into 2014.”
Commenting on the results for the year 2013, Dr. Gerald Paul, stated, “For manufacturers of electronic components, the year 2013 overall has not been bad but developments in relevant market segments were very different. Confidence has grown across the board in the last quarter. In case of a real upturn, Vishay is very well positioned benefitting from increased capacities in strategic product lines; from having improved market access in the industrial segment in Asia, specifically in China; from increased technical resources; from our broad and innovative product portfolio and from our strong position in distribution worldwide.”
