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Vishay (VSH) Q4 Earnings & Revenues Miss Estimates, Rise Y/Y
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Vishay Intertechnology, Inc. (VSH - Free Report) reported fourth-quarter 2022 adjusted earnings of 69 cents per share, which rose 11.3% year over year. However, the figure missed the Zacks Consensus Estimate by 11.5%.
Revenues of $855.3 million increased 1.4% year over year. The figure came below the Zacks Consensus Estimate of $881 million.
Top line growth was driven by a strong demand environment and an ongoing mega-electrification trend across the automotive and industrial end-markets.
Vishay’s book-to-bill ratio was 0.94 at the end of the third quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
In fourth-quarter 2022, the gross margin was 29.1%, expanding 180 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $113.8 million, increasing 5.1% year over year. As a percentage of the total revenues, the figure expanded 50 bps from the year-ago quarter to 13.3%.
The operating margin expanded 140 bps on a year-over-year basis to 15.8%.
Balance Sheet & Cash Flows
As of Dec 31, 2022, cash and cash equivalents were $610.8 million, down from $734.9 million as of Oct 1, 2022.
Long-term debt was $500.9 million at the end of the fourth quarter of 2022 compared with $458.1 million at the end of the third quarter of 2022.
The company generated $166.5 million in cash from operations in the reported quarter, down from $209.5 million in the previous quarter.
In the fourth quarter, capital expenditures were $153.1 million. Also, free cash flow was $14.1 million.
Vishay returned $42.4 million to its stockholders, of which $14.1 million was paid out as dividends and $28.3 million was stock repurchased
Guidance
For first-quarter 2023, Vishay expects total revenues of $825-$865 million.
VSH anticipates a first-quarter gross margin of 28% (+/-50 bps).
Agilent Technologies is set to report its first-quarter fiscal 2023 results on Feb 28. The Zacks Consensus Estimate for Agilent’s earnings is pegged at $1.31 per share, suggesting an increase of 8.3% from the prior-year period’s reported figure. Agilent has gained 9% in the past year.
Arista Networks is scheduled to release its fourth-quarter 2022 results on Feb 13. The Zacks Consensus Estimate for ANET’s earnings is pegged at $1.21 per share, suggesting an increase of 47.6% from the prior-year quarter’s reported figure. ANET has gained 7.4% in the past year.
Endava is scheduled to release its second-quarter fiscal 2023 results on Feb 14. The Zacks Consensus Estimate for DAVA’s earnings is pegged at 68 cents per share, suggesting an increase of 7.9% from the prior-year quarter’s reported figure. DAVA has lost 18.5% in the past year.
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Vishay (VSH) Q4 Earnings & Revenues Miss Estimates, Rise Y/Y
Vishay Intertechnology, Inc. (VSH - Free Report) reported fourth-quarter 2022 adjusted earnings of 69 cents per share, which rose 11.3% year over year. However, the figure missed the Zacks Consensus Estimate by 11.5%.
Revenues of $855.3 million increased 1.4% year over year. The figure came below the Zacks Consensus Estimate of $881 million.
Top line growth was driven by a strong demand environment and an ongoing mega-electrification trend across the automotive and industrial end-markets.
Vishay’s book-to-bill ratio was 0.94 at the end of the third quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Vishay Intertechnology, Inc. price-consensus-eps-surprise-chart | Vishay Intertechnology, Inc. Quote
Operating Details
In fourth-quarter 2022, the gross margin was 29.1%, expanding 180 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $113.8 million, increasing 5.1% year over year. As a percentage of the total revenues, the figure expanded 50 bps from the year-ago quarter to 13.3%.
The operating margin expanded 140 bps on a year-over-year basis to 15.8%.
Balance Sheet & Cash Flows
As of Dec 31, 2022, cash and cash equivalents were $610.8 million, down from $734.9 million as of Oct 1, 2022.
Long-term debt was $500.9 million at the end of the fourth quarter of 2022 compared with $458.1 million at the end of the third quarter of 2022.
The company generated $166.5 million in cash from operations in the reported quarter, down from $209.5 million in the previous quarter.
In the fourth quarter, capital expenditures were $153.1 million. Also, free cash flow was $14.1 million.
Vishay returned $42.4 million to its stockholders, of which $14.1 million was paid out as dividends and $28.3 million was stock repurchased
Guidance
For first-quarter 2023, Vishay expects total revenues of $825-$865 million.
VSH anticipates a first-quarter gross margin of 28% (+/-50 bps).
Zacks Rank & Stocks to Consider
Vishay currently has a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Agilent Technologies (A - Free Report) , Arista Networks (ANET - Free Report) and Endava (DAVA - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agilent Technologies is set to report its first-quarter fiscal 2023 results on Feb 28. The Zacks Consensus Estimate for Agilent’s earnings is pegged at $1.31 per share, suggesting an increase of 8.3% from the prior-year period’s reported figure. Agilent has gained 9% in the past year.
Arista Networks is scheduled to release its fourth-quarter 2022 results on Feb 13. The Zacks Consensus Estimate for ANET’s earnings is pegged at $1.21 per share, suggesting an increase of 47.6% from the prior-year quarter’s reported figure. ANET has gained 7.4% in the past year.
Endava is scheduled to release its second-quarter fiscal 2023 results on Feb 14. The Zacks Consensus Estimate for DAVA’s earnings is pegged at 68 cents per share, suggesting an increase of 7.9% from the prior-year quarter’s reported figure. DAVA has lost 18.5% in the past year.