Exhibit 99.1

VISHAY REPORTS RESULTS FOR FOURTH QUARTER AND YEAR 2020

•
Revenues Q4 of $667 million; year 2020 of $2,502 million.
•
Gross margin Q4 of 22.8%; year 2020 of 23.3%.
•
Adjusted gross margin Q4 of 22.9%; year 2020 of 23.4%.
•
Operating margin Q4 of 9.0%; year 2020 of 8.4%.
•
Adjusted operating margin Q4 of 8.9%; year 2020 of 8.5%.
•
EPS Q4 of $0.26; year 2020 of $0.85.
•
Adjusted EPS Q4 of $0.28; year 2020 of $0.92.
•
Free Cash for the year 2020 of $192 million.
•
Guidance Q1 2021 of revenues $705 to $745 million and gross margins of 25.0% plus/minus 60 basis points at the exchange rates of Q4 2020.

Malvern, PA, February 9, 2021—Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today announced its results for the year and fiscal quarter ended December 31, 2020.

Revenues for the year ended December 31, 2020 were $2,501.9 million, compared to $2,668.3 million for the year ended December 31, 2019.  Net earnings attributable to Vishay stockholders for the year ended December 31, 2020 were $122.9 million, or $0.85 per diluted share compared to $163.9 million, or $1.13 per diluted share for the year ended December 31, 2019.

Revenues for the fiscal quarter ended December 31, 2020 were $667.2 million, compared to $640.2 million for the fiscal quarter ended October 3, 2020, and $609.6 million for the fiscal quarter ended December 31, 2019.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2020 were $37.6 million, or $0.26 per diluted share, compared to $33.5 million, or $0.23 per diluted share for the fiscal quarter ended October 3, 2020, and $14.0 million, or $0.10 per diluted share for the fiscal quarter ended December 31, 2019.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude these items net of tax and the unusual tax items, were $0.28 and $0.92 for the fiscal quarter and year ended December 31, 2020, respectively, $0.25 for the fiscal quarter ended October 3, 2020, and $0.13 and $1.26 for the fiscal quarter and year ended December 31, 2019, respectively.

Commenting on results for the year 2020, Dr. Gerald Paul, President and Chief Executive Officer stated, “The year 2020 has been for Vishay and its business partners overshadowed by the global pandemic. From temporary plant shutdowns in Asia and temporary shortages in the early part of the year, to drastic reactions by automotive customers in the second quarter to a steep and broad recovery of orders since October, Vishay was able to defend efficiencies while minimizing fixed costs and then to quickly ramp back up again. During 2020, Vishay generated free cash flow of $192 million.”

Dr. Paul continued, commenting on the results for the fourth quarter 2020, “Revenues in the fourth quarter have been strong but Vishay’s incremental performance was negatively impacted by a lower than usual contributive margin in the quarter mainly caused by higher freight costs and a weaker dollar versus most currencies. The revenue increase quarter over quarter was driven by higher sales to automotive customers and to distribution. At the same time, inventories of Vishay’s products at distribution were reduced by a further $24 million, increasing again the inventory turns in all regions.”

Commenting on the outlook Dr. Paul stated, “For the first quarter 2021, based on the current order intake and Vishay’s increased 13-week backlog, we guide for revenues in the range of $705 to $745 million at a gross margin of 25.0% plus/minus 60 basis points, assuming the same exchange rates versus the dollar as in the fourth quarter.”

A conference call to discuss Vishay’s fourth quarter and full year financial results is scheduled for Tuesday, February 9, 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 4219657.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call from 12:00 p.m. ET on Tuesday, February 9, 2021 through 11:59 p.m. ET on Sunday, February 24. 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 4219657.


About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.™ Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

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.

Statements contained herein that relate to the Company's future performance, including statements with respect to forecasted revenues, margins, inventories, product demand, anticipated areas of growth, market segment performance, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand because of COVID-19; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech™ is a trademark of Vishay Intertechnology.


VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(In thousands, except per share amounts)
            
             
   
Years ended
  
   
December 31, 2020
    
December 31, 2019
  
   
(Unaudited)
        
             
Net revenues
  
$
2,501,898
    
$
2,668,305
  
Costs of products sold*
    
1,919,995
      
1,997,105
  
Gross profit
    
581,903
      
671,200
  
  Gross margin
    
23.3
%
    
25.2
%
                 
Selling, general, and administrative expenses*
    
371,450
      
384,631
  
Restructuring and severance costs
    
743
      
24,139
  
Operating income
    
209,710
      
262,430
  
  Operating margin
    
8.4
%
    
9.8
%
                 
Other income (expense):
                
  Interest expense
    
(31,555
)
    
(33,683
)
  Other
    
(11,754
)
    
(419
)
  Loss on early extinguishment of debt
    
(8,073
)
    
(2,030
)
  Total other income (expense) - net
    
(51,382
)
    
(36,132
)
                 
Income before taxes
    
158,328
      
226,298
  
                 
Income tax expense
    
34,545
      
61,508
  
                 
Net earnings
    
123,783
      
164,790
  
                 
Less: net earnings attributable to noncontrolling interests
    
860
      
854
  
                 
Net earnings attributable to Vishay stockholders
  
$
122,923
    
$
163,936
  
                 
Basic earnings per share attributable to Vishay stockholders
  
$
0.85
    
$
1.13
  
                 
Diluted earnings per share attributable to Vishay stockholders
  
$
0.85
    
$
1.13
  
                 
Weighted average shares outstanding - basic
    
144,836
      
144,608
  
                 
Weighted average shares outstanding - diluted
    
145,228
      
145,136
  
                 
Cash dividends per share
  
$
0.38
    
$
0.37
  
                 
* 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 $4,563 and $(1,451), respectively.
  


VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
December 31, 2020
    
October 3, 2020
    
December 31, 2019
  
                   
Net revenues
  
$
667,180
    
$
640,160
    
$
609,577
  
Costs of products sold*
    
514,896
      
488,451
      
474,216
  
Gross profit
    
152,284
      
151,709
      
135,361
  
  Gross margin
    
22.8
%
    
23.7
%
    
22.2
%
                         
Selling, general, and administrative expenses**
    
92,272
      
90,219
      
94,299
  
Restructuring and severance costs
    
-
      
-
      
16,884
  
Operating income
    
60,012
      
61,490
      
24,178
  
  Operating margin
    
9.0
%
    
9.6
%
    
4.0
%
                         
Other income (expense):
                        
  Interest expense
    
(7,159
)
    
(7,414
)
    
(8,523
)
  Other
    
(5,570
)
    
(4,898
)
    
(3,652
)
  Loss on early extinguishment of debt
    
(553
)
    
(3,454
)
    
(723
)
  Total other income (expense) - net
    
(13,282
)
    
(15,766
)
    
(12,898
)
                         
Income before taxes
    
46,730
      
45,724
      
11,280
  
                         
Income tax expense
    
8,887
      
12,063
      
(2,869
)
                         
Net earnings
    
37,843
      
33,661
      
14,149
  
                         
Less: net earnings attributable to noncontrolling interests
    
276
      
177
      
187
  
                         
Net earnings attributable to Vishay stockholders
  
$
37,567
    
$
33,484
    
$
13,962
  
                         
Basic earnings per share attributable to Vishay stockholders
  
$
0.26
    
$
0.23
    
$
0.10
  
                         
Diluted earnings per share attributable to Vishay stockholders
  
$
0.26
    
$
0.23
    
$
0.10
  
                         
Weighted average shares outstanding - basic
    
144,855
      
144,854
      
144,628
  
                         
Weighted average shares outstanding - diluted
    
145,251
      
145,197
      
145,202
  
                         
Cash dividends per share
  
$
0.095
    
$
0.095
    
$
0.095
  
                         
* Includes incremental costs of products sold separable from normal operations directly attributable to the COVID-19 pandemic of $268 and $242 for the fiscal quarters ended December 31, 2020 and October 3, 2020, respectively.
  
** Includes incremental selling, general, and administrative expenses (benefits) separable from normal operations directly attributable to the COVID-19 pandemic of $(580) and $(441), for the fiscal quarters ended December 31, 2020 and October 3, 2020, respectively.
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(In thousands)
            
             
   
December 31, 2020
    
December 31, 2019
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
619,874
    
$
694,133
  
  Short-term investments
    
158,476
      
108,822
  
  Accounts receivable, net
    
338,632
      
328,187
  
  Inventories:
                
    Finished goods
    
120,792
      
122,466
  
    Work in process
    
201,259
      
187,354
  
    Raw materials
    
126,200
      
121,860
  
  Total inventories
    
448,251
      
431,680
  
                 
  Prepaid expenses and other current assets
    
132,103
      
141,294
  
Total current assets
    
1,697,336
      
1,704,116
  
                 
Property and equipment, at cost:
                
  Land
    
76,231
      
75,011
  
  Buildings and improvements
    
641,041
      
585,064
  
  Machinery and equipment
    
2,732,771
      
2,606,355
  
  Construction in progress
    
86,520
      
110,722
  
  Allowance for depreciation
    
(2,593,398
)
    
(2,425,627
)
     
943,165
      
951,525
  
                 
Right of use assets
    
102,440
      
93,162
  
                 
Goodwill
    
158,183
      
150,642
  
                 
Other intangible assets, net
    
66,795
      
60,659
  
                 
Other assets
    
186,554
      
160,671
  
     Total assets
  
$
3,154,473
    
$
3,120,775
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(In thousands)
            
             
   
December 31, 2020
    
December 31, 2019
  
   
(Unaudited)
        
             
Liabilities and equity
            
Current liabilities:
            
  Notes payable to banks
  
$
-
    
$
2
  
  Trade accounts payable
    
196,203
      
173,915
  
  Payroll and related expenses
    
141,034
      
122,100
  
  Lease liabilities
    
22,074
      
20,217
  
  Other accrued expenses
    
182,642
      
186,463
  
  Income taxes
    
20,470
      
17,731
  
Total current liabilities
    
562,423
      
520,428
  
                 
Long-term debt less current portion
    
394,886
      
499,147
  
U.S. transition tax payable
    
125,438
      
140,196
  
Deferred income taxes
    
1,852
      
22,021
  
Long-term lease liabilities
    
86,220
      
78,511
  
Other liabilities
    
104,356
      
100,207
  
Accrued pension and other postretirement costs
    
300,113
      
272,402
  
Total liabilities
    
1,575,288
      
1,632,912
  
                 
Redeemable convertible debentures
    
170
      
174
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,256
      
13,235
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,409,200
      
1,425,170
  
  Retained earnings
    
138,990
      
72,180
  
  Accumulated other comprehensive income (loss)
    
13,559
      
(26,646
)
  Total Vishay stockholders' equity
    
1,576,215
      
1,485,149
  
Noncontrolling interests
    
2,800
      
2,540
  
Total equity
    
1,579,015
      
1,487,689
  
Total liabilities, temporary equity, and equity
  
$
3,154,473
    
$
3,120,775
  


VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(In thousands)
            
   
Years ended
  
   
December 31, 2020
    
December 31, 2019
  
   
(Unaudited)
        
Operating activities
            
Net earnings
  
$
123,783
    
$
164,790
  
Adjustments to reconcile net earnings to
                
    net cash provided by operating activities:
                
      Depreciation and amortization
    
166,230
      
164,461
  
      (Gain) loss on disposal of property and equipment
    
157
      
(157
)
      Accretion of interest on convertible debt instruments
    
13,161
      
14,146
  
      Inventory write-offs for obsolescence
    
22,730
      
26,494
  
      Pensions and other postretirement benefits, net of contributions
    
2,864
      
(552
)
      Loss on early extinguishment of debt
    
8,073
      
2,030
  
      Deferred income taxes
    
(12,141
)
    
(23,009
)
      Other
    
3,304
      
13,341
  
      Change in U.S. transition tax liability
    
(14,757
)
    
(14,757
)
      Change in repatriation tax liability
    
(16,258
)
    
(38,814
)
      Changes in operating assets and liabilities, net of effects of businesses acquired
    
17,792
      
(11,529
)
Net cash provided by operating activities
    
314,938
      
296,444
  
                 
Investing activities
                
Purchase of property and equipment
    
(123,599
)
    
(156,641
)
Proceeds from sale of property and equipment
    
403
      
577
  
Purchase of businesses, net of cash acquired
    
(25,852
)
    
(11,862
)
Purchase of short-term investments
    
(293,087
)
    
(111,631
)
Maturity of short-term investments
    
250,580
      
81,012
  
Other investing activities
    
(529
)
    
3,587
  
Net cash used in investing activities
    
(192,084
)
    
(194,958
)
                 
Financing activities
                
Issuance costs
    
-
      
(5,394
)
Repurchase of convertible debt instruments
    
(151,683
)
    
(27,863
)
Net changes in short-term borrowings
    
(114
)
    
(16
)
Dividends paid to common stockholders
    
(50,372
)
    
(48,968
)
Dividends paid to Class B common stockholders
    
(4,597
)
    
(4,476
)
Distributions to noncontrolling interests
    
(600
)
    
(600
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(2,016
)
    
(2,708
)
Net cash used in financing activities
    
(209,382
)
    
(90,025
)
Effect of exchange rate changes on cash and cash equivalents
    
12,269
      
(3,360
)
                 
Net increase (decrease) in cash and cash equivalents
    
(74,259
)
    
8,101
  
                 
Cash and cash equivalents at beginning of period
    
694,133
      
686,032
  
Cash and cash equivalents at end of period
  
$
619,874
    
$
694,133
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                          
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2020
    
October 3, 2020
    
December 31, 2019
    
December 31, 2020
    
December 31, 2019
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
37,567
    
$
33,484
    
$
13,962
    
$
122,923
    
$
163,936
  
                                         
Reconciling items affecting gross profit:
                                        
Impact of the COVID-19 pandemic
  
$
268
    
$
242
    
$
-
    
$
4,563
    
$
-
  
                                         
Other reconciling items affecting operating income:
                                  
Restructuring and severance costs
  
$
-
    
$
-
    
$
16,884
    
$
743
    
$
24,139
  
Impact of the COVID-19 pandemic
    
(580
)
    
(441
)
    
-
      
(1,451
)
    
-
  
                                         
Reconciling items affecting other income (expense):
                                  
Loss on early extinguishment of debt
  
$
553
    
$
3,454
    
$
723
    
$
8,073
    
$
2,030
  
                                         
Reconciling items affecting tax expense (benefit):
                                  
Change in deferred taxes due to early extinguishment of debt
  
$
(217
)
  
$
-
    
$
(289
)
  
$
(1,563
)
  
$
(1,601
)
Effects of cash repatriation program
    
-
      
-
      
(11,554
)
    
(190
)
    
(9,583
)
Effects of changes in uncertain tax positions
    
3,751
      
-
      
2,831
      
3,751
      
2,831
  
Effects of tax-basis foreign exchange gain
    
-
      
-
      
-
      
-
      
7,554
  
Tax effects of pre-tax items above
    
(12
)
    
(716
)
    
(4,277
)
    
(2,799
)
    
(6,211
)
                                         
Adjusted net earnings
  
$
41,330
    
$
36,023
    
$
18,280
    
$
134,050
    
$
183,095
  
                                         
Adjusted weighted average diluted shares outstanding
    
145,251
      
145,197
      
145,202
      
145,228
      
145,136
  
                                         
Adjusted earnings per diluted share
  
$
0.28
    
$
0.25
    
$
0.13
    
$
0.92
    
$
1.26
  



VISHAY INTERTECHNOLOGY, INC.
                          
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2020
    
October 3, 2020
    
December 31, 2019
    
December 31, 2020
    
December 31, 2019
  
Net cash provided by operating activities
  
$
125,699
    
$
64,330
     $
84,423
    
$
314,938
    
$
296,444
  
Proceeds from sale of property and equipment
    
110
      
63
      
91
      
403
      
577
  
Less: Capital expenditures
    
(52,798
)
    
(21,969
)
    
(56,374
)
    
(123,599
)
    
(156,641
)
Free cash
  
$
73,011
    
$
42,424
    
$
28,140
    
$
191,742
    
$
140,380
  



                                                
VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                          
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2020
    
October 3, 2020
    
December 31, 2019
    
December 31, 2020
    
December 31, 2019
  
                               
GAAP net earnings attributable to Vishay stockholders
  
$
37,567
    
$
33,484
    
$
13,962
    
$
122,923
    
$
163,936
  
Net earnings attributable to noncontrolling interests
    
276
      
177
      
187
      
860
      
854
  
Net earnings
  
$
37,843
    
$
33,661
    
$
14,149
    
$
123,783
    
$
164,790
  
                                         
Interest expense
  
$
7,159
    
$
7,414
    
$
8,523
    
$
31,555
    
$
33,683
  
Interest income
    
(385
)
    
(514
)
    
(1,734
)
    
(3,709
)
    
(8,445
)
Income taxes
    
8,887
      
12,063
      
(2,869
)
    
34,545
      
61,508
  
Depreciation and amortization
    
42,454
      
41,618
      
42,159
      
166,230
      
164,461
  
EBITDA
  
$
95,958
    
$
94,242
    
$
60,228
    
$
352,404
    
$
415,997
  
                                         
Reconciling items
                                        
Impact of the COVID-19 pandemic
  
$
(312
)
  
$
(199
)
  
$
-
    
$
3,112
    
$
-
  
Restructuring and severance costs
    
-
      
-
      
16,884
      
743
      
24,139
  
Loss on early extinguishment of debt
    
553
      
3,454
      
723
      
8,073
      
2,030
  
                                         
Adjusted EBITDA
  
$
96,199
    
$
97,497
    
$
77,835
    
$
364,332
    
$
442,166
  
                                         
Adjusted EBITDA margin**
    
14.4
%
    
15.2
%
    
12.8
%
    
14.6
%
    
16.6
%
                                         
** Adjusted EBITDA as a percentage of net revenues
                                  

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300