Vishay Intertechnology, Inc. (VSH) saw its loss narrow to $48.75 million, or $0.33 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $137.82 million, or $0.93 a share. On the other hand, adjusted net income for the quarter stood at $27.34 million, or $0.18 a share compared with $21.30 million or $0.14 a share, a year ago.
Revenue during the quarter went up marginally by 2.68 percent to $570.82 million from $555.93 million in the previous year period. Gross margin for the quarter expanded 62 basis points over the previous year period to 23.20 percent. Operating margin for the quarter stood at negative 7.97 percent as compared to a positive 5.44 percent for the previous year period.
Operating loss for the quarter was $45.47 million, compared with an operating income of $30.23 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $82.13 million compared with $80.99 million in the prior year period. At the same time, adjusted EBITDA margin contracted 18 basis points in the quarter to 14.39 percent from 14.57 percent in the last year period.
Commenting on the results for the fourth quarter 2016, Dr. Gerald Paul, president and chief executive officer, stated, "Revenues for the quarter came in close to expectations when excluding exchange rate effects. Gross margin was impacted by unfavorable product mix and the effect of an inventory reduction in the quarter, mostly due to the depletion of the safety stock at MOSFETs required for the completed production move. Year over year sales of Vishay products from distribution to end customers increased."
For the first-quarter, Vishay Intertechnology forecasts revenue to be in the range of $575 million to $615 million.
Operating cash flow improves
Vishay Intertechnology, Inc. has generated cash of $295.97 million from operating activities during the year, up 20.64 percent or $50.64 million, when compared with the last year.
The company has spent $148.64 million cash to meet investing activities during the year as against cash outgo of $297.38 million in the last year. It has incurred net capital expenditure of $128.93 million on net basis during the year, down 11.14 percent or $16.16 million from year ago.
The company has spent $142 million cash to carry out financing activities during the year as against cash outgo of $49.83 million in the last year period.
Cash and cash equivalents stood at $471.78 million as on Dec. 31, 2016, down 0.78 percent or $3.73 million from $475.51 million on Dec. 31, 2015.
Working capital decreases marginally
Vishay Intertechnology, Inc. has witnessed a decline in the working capital over the last year. It stood at $1,407.62 million as at Dec. 31, 2016, down 1.55 percent or $22.15 million from $1,429.77 million on Dec. 31, 2015. Current ratio was at 4.08 as on Dec. 31, 2016, down from 4.12 on Dec. 31, 2015.
Debt comes down
Vishay Intertechnology, Inc. has recorded a decline in total debt over the last one year. It stood at $357.03 million as on Dec. 31, 2016, down 18.25 percent or $79.72 million from $436.74 million on Dec. 31, 2015. Total debt was 11.60 percent of total assets as on Dec. 31, 2016, compared with 13.85 percent on Dec. 31, 2015. Debt to equity ratio was at 0.23 as on Dec. 31, 2016, down from 0.27 as on Dec. 31, 2015.
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