Vishay Intertechnology Inc. reported fiscal fourth‑quarter 2025 results with revenue of $800.92 million, a 1.3 % sequential increase and a 12.1 % year‑over‑year gain. Earnings per share came in at $0.01, falling short of the $0.02 consensus estimate. The company’s book‑to‑bill ratio reached 1.20, the highest in nine quarters, indicating a healthy order backlog.
Revenue growth was driven by robust demand in industrial and AI‑related power applications, with distribution channels expanding. The automotive segment, however, posted a sequential decline, while the resistors business was pressured by a slowdown in U.S. aerospace and defense spending. These mixed segment dynamics explain the modest revenue lift despite a challenging macro backdrop.
The earnings miss was largely attributable to cost inflation and the ongoing impact of the Newport fabrication facility. The Newport plant imposed a 130‑basis‑point drag on gross margin, which settled at 19.6 % versus the guidance range of 19.9 % ± 50 bps. Rising material costs and the capital intensity of the new fab also weighed on profitability, offsetting the revenue upside.
Management guided for first‑quarter 2026 revenue of $800 million to $830 million and a gross margin of 19.9 % ± 50 bps. CEO Joel Smejkal emphasized that the Newport facility will become gross‑profit neutral in Q1 2026, while CFO Dave McConnell noted a 130‑basis‑point drag that is improving sequentially. The guidance signals confidence in sustained revenue growth and a gradual margin recovery as the new plant reaches full capacity.
Comparing to prior periods, Q3 2025 revenue was $790.64 million with an EPS of $0.04, while Q4 2024 revenue was $714.7 million and a GAAP loss per share of $0.49. The current quarter’s performance therefore represents a clear acceleration in both top‑line growth and profitability, underscoring the company’s progress in high‑growth segments.
Market reaction was muted by the EPS miss: the stock fell 5.98 % in pre‑market trading and 4.2 % on the day of the announcement. Investors focused on the profitability shortfall, which outweighed the revenue beat and the positive book‑to‑bill signal.
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