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- **Revenue Momentum**: Q3 2025 revenue up 8% YoY, driven by automotive, industrial, and AI server power demand.
- **Gross Margin Challenges**: 19.5% Q3, with Newport fab headwinds expected to ease by Q1 2026.
- **Strategic Growth**: 2026 consensus for 7%+ revenue growth, 23.6% gross margin via capacity expansion and cross-selling opportunities.
- **Risk Mitigation**: Active engagement with OEMs to prevent production line-downs amid Nexperia export restrictions.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $791 million, up 4% sequentially and 8% year-over-year, driven by automotive, industrial, and AI-related power demand. Book-to-bill ratio of 0.97, with October orders at a run rate of 1.15.
- **Market Performance**: Automotive revenue increased 7% QoQ, industrial up 2%, and AI server-related sales in Asia grew 4%. Short-term delivery orders (e.g., expedites) accounted for over 50% of Asia sales.
- **Strategic Initiatives**: Expanded capacity investments ($179M YTD) and cross-selling efforts in automotive and medical markets.

**【CFO Financial Commentary】**
- **Gross Margin**: 19.5% (Q3), with Newport fab dragging 150-170bps in Q4. Metal prices (gold, silver) and FX headwinds offset by tariff cost pass-through.
- **Cash Flow**: Q3 free cash flow (-$24M), with $52M CapEx for capacity expansion. 2025 guidance: $790M±$20M, gross margin 19.5%±50bps.
- **Liquidity**: $444M cash, $189M revolver draw for U.S. operations.

**【Q&A Highlights】**
- **Nexperia Impact**: OEMs seeking alternative suppliers amid export restrictions; Vishay in active discussions to mitigate automotive line-down risks.
- **2026 Outlook**: Consensus for 7%+ revenue growth, targeting 23.6% gross margin with Newport fab neutralization by Q1 2026.

Vishay Intertechnology, Inc. (VSH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VSH

VSH fundamentals

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