We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Vishay (VSH) Q4 Earnings In Line, Revenues Beat Estimates
Read MoreHide Full Article
Vishay Intertechnology, Inc. (VSH - Free Report) reported fourth-quarter 2021 adjusted earnings of 62 cents per share, which was in line with the Zacks Consensus Estimate and surged 121.4% year over year. However, the figure fell 1.6% sequentially.
Revenues of $843.1 million increased 26.4% year over year and 3.6% from the previous quarter. Further, the figure surpassed the Zacks Consensus Estimate of $825 million.
The strong performance of resistor, inductor, diode, MOSFET, capacitor and opto product lines drove year-over-year revenues growth in the reported quarter.
Vishay’s book-to-bill ratio was 1.09 at the end of the fourth quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Resistors: The segment generated revenues of $190 million (23% of total revenues), up 20% year over year. The strong momentum of resistors across automotive, industrial, military and medical markets was a positive. The book-to-bill ratio for the product line was 1.14 in the reported quarter.
Inductors: The product line generated revenues of $82 million (10% of total revenues), which increased 9% on a year-over-year basis. This was primarily attributed to the company’s well-performing magnetics, which continued to drive its specialty business. The book-to-bill ratio for the product line was 1.13 at the end of the reported quarter.
MOSFET: The product line generated revenues of $171 million (20% of total revenues), improving 32% year over year. The book-to-bill ratio for the product line was 1.01 at the end of the reported quarter. Growing momentum across the automotive space and solid demand environment contributed well.
Capacitors: The product line generated revenues of $129 million (15% of total revenues), up 45% year over year. The book-to-bill ratio for the product line was 1.4 in the reported quarter. Growing opportunities for capacitors in the areas of power transmission and electro cars remain tailwinds.
Diodes: The segment generated revenues of $192 million (23% of total revenues), up 40% from the year-ago quarter. Vishay’s strong momentum across the automotive and industrial markets with diodes remained a positive. The book-to-bill ratio for the product line was 1.10 in the quarter under review.
Optoelectronics: The product line generated revenues of $78 million (9% of the total revenues) in the reported quarter. The figure was up 17% from the year-ago quarter, owing to strong demand environment. The book-to-bill ratio for the product line was 1.21 for the period.
Operating Details
In fourth-quarter 2021, the gross margin was 27.3%, expanding 450 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $108.3 million, increasing 17.4% year over year. As a percentage of total revenues, the figure contracted 100 bps from the year-ago quarter to 12.8%.
Consequently, the operating margin expanded 540 bps on a year-over-year basis to 14.4%.
Balance Sheet & Cash Flows
As of Dec 31, 2021, cash and cash equivalents were $774.1 million, down from $831.8 million as of Oct 2, 2021. Short-term investments were $146.7 million, up from $84.2 million in the previous quarter. Inventories were $536.5 million, up from $532.7 million in the prior quarter.
Long-term debt was $455.7 million at the end of the fourth quarter compared with $454.8 million at the end of the third quarter.
In the fourth quarter, Vishay generated $146.7 million of cash from operations, up from $135.7 million in the previous quarter.
The company’s free cash flow in the reported quarter was $46.5 million, down from $79.2 million in the prior quarter.
Guidance
For first-quarter 2022, Vishay expects total revenues of $820-$860 million. The Zacks Consensus Estimate for the same is pegged at $848.7 million.
The company anticipates a first-quarter gross margin of 27.3% (+/-50 bps).
Bruker is scheduled to release fourth-quarter 2021 results on Feb 11. The company has gained 15.7% over a year. The long-term earnings growth rate for BRKR is currently projected at 20.6%.
Intuit is slated to report second-quarter fiscal 2022 results on Feb 24. The company has gained 37.3% over a year. The long-term earnings growth rate for INTU is currently projected at 15.7%.
Zscaler is slated to report second-quarter fiscal 2022 results on Feb 24. The company has gained 17.8% over a year. The long-term earnings growth rate for ZS is currently projected at 37.1%.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Vishay (VSH) Q4 Earnings In Line, Revenues Beat Estimates
Vishay Intertechnology, Inc. (VSH - Free Report) reported fourth-quarter 2021 adjusted earnings of 62 cents per share, which was in line with the Zacks Consensus Estimate and surged 121.4% year over year. However, the figure fell 1.6% sequentially.
Revenues of $843.1 million increased 26.4% year over year and 3.6% from the previous quarter. Further, the figure surpassed the Zacks Consensus Estimate of $825 million.
The strong performance of resistor, inductor, diode, MOSFET, capacitor and opto product lines drove year-over-year revenues growth in the reported quarter.
Vishay’s book-to-bill ratio was 1.09 at the end of the fourth quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Vishay Intertechnology, Inc. price-consensus-eps-surprise-chart | Vishay Intertechnology, Inc. Quote
Product Segments in Detail
Resistors: The segment generated revenues of $190 million (23% of total revenues), up 20% year over year. The strong momentum of resistors across automotive, industrial, military and medical markets was a positive. The book-to-bill ratio for the product line was 1.14 in the reported quarter.
Inductors: The product line generated revenues of $82 million (10% of total revenues), which increased 9% on a year-over-year basis. This was primarily attributed to the company’s well-performing magnetics, which continued to drive its specialty business. The book-to-bill ratio for the product line was 1.13 at the end of the reported quarter.
MOSFET: The product line generated revenues of $171 million (20% of total revenues), improving 32% year over year. The book-to-bill ratio for the product line was 1.01 at the end of the reported quarter. Growing momentum across the automotive space and solid demand environment contributed well.
Capacitors: The product line generated revenues of $129 million (15% of total revenues), up 45% year over year. The book-to-bill ratio for the product line was 1.4 in the reported quarter. Growing opportunities for capacitors in the areas of power transmission and electro cars remain tailwinds.
Diodes: The segment generated revenues of $192 million (23% of total revenues), up 40% from the year-ago quarter. Vishay’s strong momentum across the automotive and industrial markets with diodes remained a positive. The book-to-bill ratio for the product line was 1.10 in the quarter under review.
Optoelectronics: The product line generated revenues of $78 million (9% of the total revenues) in the reported quarter. The figure was up 17% from the year-ago quarter, owing to strong demand environment. The book-to-bill ratio for the product line was 1.21 for the period.
Operating Details
In fourth-quarter 2021, the gross margin was 27.3%, expanding 450 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $108.3 million, increasing 17.4% year over year. As a percentage of total revenues, the figure contracted 100 bps from the year-ago quarter to 12.8%.
Consequently, the operating margin expanded 540 bps on a year-over-year basis to 14.4%.
Balance Sheet & Cash Flows
As of Dec 31, 2021, cash and cash equivalents were $774.1 million, down from $831.8 million as of Oct 2, 2021. Short-term investments were $146.7 million, up from $84.2 million in the previous quarter. Inventories were $536.5 million, up from $532.7 million in the prior quarter.
Long-term debt was $455.7 million at the end of the fourth quarter compared with $454.8 million at the end of the third quarter.
In the fourth quarter, Vishay generated $146.7 million of cash from operations, up from $135.7 million in the previous quarter.
The company’s free cash flow in the reported quarter was $46.5 million, down from $79.2 million in the prior quarter.
Guidance
For first-quarter 2022, Vishay expects total revenues of $820-$860 million. The Zacks Consensus Estimate for the same is pegged at $848.7 million.
The company anticipates a first-quarter gross margin of 27.3% (+/-50 bps).
Zacks Rank & Stocks to Consider
Vishay currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Bruker (BRKR - Free Report) , Intuit (INTU - Free Report) and Zscaler (ZS - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bruker is scheduled to release fourth-quarter 2021 results on Feb 11. The company has gained 15.7% over a year. The long-term earnings growth rate for BRKR is currently projected at 20.6%.
Intuit is slated to report second-quarter fiscal 2022 results on Feb 24. The company has gained 37.3% over a year. The long-term earnings growth rate for INTU is currently projected at 15.7%.
Zscaler is slated to report second-quarter fiscal 2022 results on Feb 24. The company has gained 17.8% over a year. The long-term earnings growth rate for ZS is currently projected at 37.1%.