•	Revenues Q3 of $814 million.

•	Gross margin Q3 of 27.7%.

•	Operating margin Q3 of 15.2%.

•	EPS Q3 of $0.67; adjusted EPS of $0.63.

•	Free Cash for the trailing 12 months Q3 of $267 million.

•	Guidance Q4 2021 for revenues of $805 to $845 million and at a gross margin of 27.7% plus/minus 50 basis points at Q3 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 fiscal quarter and nine fiscal months ended October 2, 2021.

Revenues for the fiscal quarter ended October 2, 2021 were $813.7 million, compared to $819.1 million for the fiscal quarter ended July 3, 2021, and $640.2 million for the fiscal quarter ended October 3, 2020.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended October 2, 2021 were $96.8 million, or $0.67 per diluted share, compared to $93.2 million, or $0.64 per diluted share for the fiscal quarter ended July 3, 2021, and $33.5 million, or $0.23 per diluted share for the fiscal quarter ended October 3, 2020.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude certain items net of tax and the unusual tax items, were $0.63, $0.61, and $0.25 for the fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020, respectively.

Commenting on results for the third quarter 2021, Dr. Gerald Paul, President and Chief Executive Officer stated, “In the third quarter of 2021, we continued to operate under excellent economic conditions, resulting in a further increase of our record backlogs. During the quarter we experienced localized shortages of labor impacting the manufacturing output. The automotive sector is expected to increase over the next quarters as the current supply chain problems are getting resolved step by step. We also continued to strategically increase prices to offset the increased inflationary costs for metals, materials and transportation.”

Dr. Paul continued, “We anticipate higher growth rates than in the past for our key end markets and we intend to further invest in the expansion of our manufacturing capacities to be well positioned to take advantage of these growth opportunities. In this context, we announced that we will build a 12” fab for MOSFETs adjacent to our existing fab in Itzehoe, Germany. Despite increased capital expenditures, we expect to continue to generate strong annual free cash flow.”

Commenting on the outlook Dr. Paul stated, “For the fourth quarter 2021 we guide for revenues in the range of $805 to $845 million at a gross margin of 27.7% plus/minus 50 basis points at the exchange rates of Q3 2021.”

A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 3, 2021 at 9:00 a.m. ET. The dial-in number for the conference call is 877 589-6174 (+1 706-643-1406, if calling from outside the United States) and the access code is 9760937.

There will be a replay of the conference call from 12:00 p.m. ET on Wednesday, November 3, 2021 through 11:59 p.m. ET on Thursday, November 18. The telephone number for the replay is +1 855-859-2056 (+1 404-537-3406, if calling from outside the United States or Canada) and the access code is 9760937.

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About Vishay

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

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VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
		Nine fiscal months ended
		October 2, 2021				October 3, 2020
Net revenues		$	2,397,415			$	1,834,718
Costs of products sold*			1,739,458				1,405,099
Gross profit			657,957				429,619
Gross margin			27.4	%			23.4	%
Selling, general, and administrative expenses*			311,800				279,178
Restructuring and severance costs			-				743
Operating income			346,157				149,698
Operating margin			14.4	%			8.2	%
Other income (expense):
Interest expense			(13,246	)			(24,396	)
Loss on early extinguishment of debt			-				(7,520	)
Other			(12,159	)			(6,184	)
Total other income (expense) - net			(25,405	)			(38,100	)
Income before taxes			320,752				111,598
Income tax expense			58,646				25,658
Net earnings			262,106				85,940
Less: net earnings attributable to noncontrolling interests			659				584
Net earnings attributable to Vishay stockholders		$	261,447			$	85,356
Basic earnings per share attributable to Vishay stockholders		$	1.80			$	0.59
Diluted earnings per share attributable to Vishay stockholders		$	1.80			$	0.59
Weighted average shares outstanding - basic			145,000				144,831
Weighted average shares outstanding - diluted			145,455				145,221
Cash dividends per share		$	0.285			$	0.285
* The nine fiscal months ended October 3, 2020 includes incremental costs of products sold and selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the COVID-19 pandemic of $4,295 and $(871), respectively.

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
		October 2, 2021				December 31, 2020
		(Unaudited)
Liabilities and equity
Current liabilities:
Trade accounts payable		$	221,666			$	196,203
Payroll and related expenses			155,792				141,034
Lease liabilities			21,583				22,074
Other accrued expenses			206,045				182,642
Income taxes			40,648				20,470
Total current liabilities			645,734				562,423
Long-term debt less current portion			454,848				394,886
U.S. transition tax payable			110,681				125,438
Deferred income taxes			1,843				1,852
Long-term lease liabilities			94,064				86,220
Other liabilities			105,880				104,356
Accrued pension and other postretirement costs			283,049				300,113
Total liabilities			1,696,099				1,575,288
Redeemable convertible debentures			-				170
Equity:
Vishay stockholders' equity
Common stock			13,271				13,256
Class B convertible common stock			1,210				1,210
Capital in excess of par value			1,346,980				1,409,200
Retained earnings			379,672				138,990
Accumulated other comprehensive income (loss)			(15,613	)			13,559
Total Vishay stockholders' equity			1,725,520				1,576,215
Noncontrolling interests			2,659				2,800
Total equity			1,728,179				1,579,015
Total liabilities, temporary equity, and equity		$	3,424,278			$	3,154,473

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
		Nine fiscal months ended
		October 2, 2021				October 3, 2020
Operating activities
Net earnings		$	262,106			$	85,940
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization			125,095				123,776
(Gain) loss on disposal of property and equipment			(254	)			257
Accretion of interest on convertible debt instruments			-				10,232
Inventory write-offs for obsolescence			14,960				17,891
Loss on early extinguishment of debt			-				7,520
Deferred income taxes			(4,208	)			(1,142	)
Other			8,376				3,188
Change in U.S. transition tax liability			(14,757	)			(14,757	)
Change in repatriation tax liability			-				(16,258	)
Changes in operating assets and liabilities, net of effects of business acquired			(80,866	)			(27,408	)
Net cash provided by operating activities			310,452				189,239
Investing activities
Purchase of property and equipment			(118,156	)			(70,801	)
Proceeds from sale of property and equipment			1,257				293
Purchase of businesses, net of cash acquired			-				(25,852	)
Purchase of short-term investments			(55,491	)			(157,177	)
Maturity of short-term investments			126,171				241,016
Other investing activities			347				(529	)
Net cash used in investing activities			(45,872	)			(13,050	)
Financing activities
Repurchase of convertible debt instruments			(300	)			(148,177	)
Net changes in short-term borrowings			-				(110	)
Dividends paid to common stockholders			(37,823	)			(37,779	)
Dividends paid to Class B common stockholders			(3,448	)			(3,448	)
Distributions to noncontrolling interests			(800	)			(600	)
Cash withholding taxes paid when shares withheld for vested equity awards			(1,963	)			(2,016	)
Net cash used in financing activities			(44,334	)			(192,130	)
Effect of exchange rate changes on cash and cash equivalents			(8,360	)			4,230
Net increase (decrease) in cash and cash equivalents			211,886				(11,711	)
Cash and cash equivalents at beginning of period			619,874				694,133
Cash and cash equivalents at end of period		$	831,760			$	682,422

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
		Fiscal quarters ended												Nine fiscal months ended
		October 2, 2021				July 3, 2021				October 3, 2020				October 2, 2021				October 3, 2020
GAAP net earnings attributable to Vishay stockholders		$	96,820			$	93,192			$	33,484			$	261,447			$	85,356
Reconciling items affecting gross profit:
Impact of the COVID-19 pandemic		$	-			$	-			$	242			$	-			$	4,295
Other reconciling items affecting operating income:
Restructuring and severance costs		$	-			$	-			$	-			$	-			$	743
Impact of the COVID-19 pandemic		$	-			$	-			$	(441	)			-				(871	)
Reconciling items affecting other income (expense):
Loss on early extinguishment of debt		$	-			$	-			$	3,454			$	-			$	7,520
Reconciling items affecting tax expense (benefit):
Changes in tax regulation		$	-			$	(3,881	)		$	-			$	(8,276	)		$	-
Change in deferred taxes due to early extinguishment of debt			-				-				-				-				(1,346	)
Effects of cash repatriation program			-				-				-				-				(190	)
Effects of changes in valuation allowances			(5,714	)			-				-				(5,714	)			-
Tax effects of pre-tax items above			-				-				(716	)			-				(2,787	)
Adjusted net earnings		$	91,106			$	89,311			$	36,023			$	247,457			$	92,720
Adjusted weighted average diluted shares outstanding			145,458				145,445				145,197				145,455				145,221
Adjusted earnings per diluted share		$	0.63			$	0.61			$	0.25			$	1.70			$	0.64

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)
		Fiscal quarters ended												Nine fiscal months ended
		October 2, 2021				July 3, 2021				October 3, 2020				October 2, 2021				October 3, 2020
Net cash provided by operating activities		$	135,669			$	117,461			$	64,330			$	310,452			$	189,239
Proceeds from sale of property and equipment			1,023				34				63				1,257				293
Less: Capital expenditures			(57,446	)			(32,183	)			(21,969	)			(118,156	)			(70,801	)
Free cash		$	79,246			$	85,312			$	42,424			$	193,553			$	118,731

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)
		Fiscal quarters ended												Nine fiscal months ended
		October 2, 2021				July 3, 2021				October 3, 2020				October 2, 2021				October 3, 2020
GAAP net earnings attributable to Vishay stockholders		$	96,820			$	93,192			$	33,484			$	261,447			$	85,356
Net earnings attributable to noncontrolling interests			262				189				177				659				584
Net earnings		$	97,082			$	93,381			$	33,661			$	262,106			$	85,940
Interest expense		$	4,427			$	4,443			$	7,414			$	13,246			$	24,396
Interest income			(295	)			(325	)			(514	)			(907	)			(3,324	)
Income taxes			19,333				23,799				12,063				58,646				25,658
Depreciation and amortization			41,216				41,733				41,618				125,095				123,776
EBITDA		$	161,763			$	163,031			$	94,242			$	458,186			$	256,446
Reconciling items
Impact of the COVID-19 pandemic		$	-			$	-			$	(199	)		$	-			$	3,424
Restructuring and severance costs			-				-				-				-				743
Loss on early extinguishment of debt			-				-				3,454				-				7,520
Adjusted EBITDA		$	161,763			$	163,031			$	97,497			$	458,186			$	268,133
Adjusted EBITDA margin**			19.9	%			19.9	%			15.2	%			19.1	%			14.6	%
** Adjusted EBITDA as a percentage of net revenues