Vishay Intertechnology Beats Revenue Guidance as Margins Expand
Adjusted revenue rose 9.5% sequentially to $918.6 million in the second quarter.
Vishay Intertechnology (VSH) reported second-quarter adjusted revenue of $918.6 million. The electronic components maker exceeded the top end of its previously issued guidance range of $875 million to $905 million.
The results marked a period of margin expansion and growing demand. GAAP revenue increased to $888.6 million from $839.2 million in the first quarter and $762.3 million in the second quarter of 2024. GAAP net revenues for the quarter were reduced by $30.0 million due to tariff refunds passed through to customers.
Profitability metrics improved across the board. Gross margin rose to 23.3%, up from 21.0% in the first quarter and 19.5% in the second quarter of 2024. Operating margin reached 6.0%, compared to 2.6% in the prior quarter and 2.9% in the same period last year.
Adjusted EBITDA margin expanded to 11.4%, compared to 9.3% in the first quarter and 8.3% in the second quarter of 2024.
Demand indicators remained positive despite a slight sequential dip in the book-to-bill ratio, which stood at 1.32 in the second quarter compared to 1.34 in the first quarter. The ratio remained higher than the 1.20 and 0.97 recorded in the fourth and third quarters of 2024, respectively. Backlog increased to 6.1 months at the end of the quarter, up from 5.7 months in the first quarter, 4.9 months in the fourth quarter of 2024, and 4.4 months in the third quarter of 2024.
Vishay raised its third-quarter 2025 revenue guidance to a range of $945 million to $975 million. The company projected a gross profit margin of 24.0% plus or minus 50 basis points for the period.
On June 29, 2025, the company announced a proposed public offering of $750 million of common stock to reduce borrowings and accelerate growth initiatives.