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Vishay Intertechnology, Inc. (VSH - Free Report) reported third-quarter 2022 adjusted earnings of 93 cents per share, beating the Zacks Consensus Estimate by 9.4%. The bottom line surged 48% year over year and 13% sequentially.
Revenues of $924.8 million missed the Zacks Consensus Estimate of $925.2 million. The top line increased 13.7% year over year and 7.1% from the previous quarter’s level.
The strong performance of resistors, diodes, MOSFETs, capacitors and opto product lines drove revenues from the year-ago quarter’s reported quarter.
Vishay’s book-to-bill ratio was 0.88 at the end of the third quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Resistors: The segment generated revenues of $207.4 million (22% of total revenues), up 14.5% year over year. The book-to-bill ratio for the product line was 1.08 in the reported quarter.
Inductors: The product line generated revenues of $83.5 million (9% of total revenues), which decreased 1.5% on a year-over-year basis. The book-to-bill ratio for the product line was 1.02 at the end of the reported quarter.
MOSFETs: The product line generated revenues of $225.2 million (24% of total revenues), improving 28.3% year over year. The book-to-bill ratio for the product line was 0.78 at the end of the reported quarter.
Capacitors: The product line generated revenues of $126.2 million (14% of total revenues), up 8.7% year over year. The book-to-bill ratio for the product line was 0.95 in the reported quarter.
Diodes: The segment generated revenues of $209 million (23% of total revenues), up 12.8% from the year-ago quarter’s level. The book-to-bill ratio for the product line was 0.79 in the quarter under review.
Optoelectronics: The product line generated revenues of $73.4 million (8% of the top line) in the reported quarter. The figure was up 3.8% from the year-ago quarter’s level. The book-to-bill ratio for the product line was 0.57 for the period.
End-Market Details
Industrial: The industrial market generated $362.4 million (39% of total revenues) in the reported quarter, up 8% year over year.
Automotive: The automotive market generated $286.3 million (30% of total revenues) with an increase of 31% from the prior-year period’s level.
Telecommunications: The telecommunications market generated $32.3 million (3% of total revenues), increasing 31% from the same quarter’s level last year.
Computing: The computing market generated $52.3 million (7% of total revenues), down 11% year over year.
Consumer Products: The consumer products market generated $50.2 million (5% of total revenues), increasing 15% from the year-ago period’s level.
Power Supplies: The power supplies market generated $50.8 million (5% of total revenues), up 21% year over year.
Military & Aerospace: The military & aerospace market generated $56.9 million (6% of total revenues) and rose 41% from the same-quarter level last year.
Medical: The medical market generated $33.7 million (4% of total revenues), increasing 18% on a year-over-year basis.
Regional Details
Vishay generated $352.2 million revenues from Asia (38% of total revenues), which declined 3.6% year over year. Revenues generated from Europe increased 12.6% from the year-ago quarter’s level to $296.8 million (32% of total revenues). VSH generated $275.9 million (30% of total revenues) from Americas, up 49.2% year over year.
Operating Results
In third-quarter 2022, the gross margin was 31.3%, expanding 360 basis points (bps) on a year-over-year basis.
Selling, general and administrative (SG&A) expenses were $106.4 million, decreasing 3.6% year over year. As a percentage of total revenues, SG&A expenses contracted 210 bps from the year-ago quarter’s level to 11.5%.
The operating margin expanded 460 bps on a year-over-year basis to 19.8%.
Balance Sheet
As of Oct 1, 2022, cash and cash equivalents were $734.99 million, down from $765.6 million as of Jul 2, 2022.
Long-term debt was $458.1 million at the end of the third quarter of 2022 compared with $463.3 million at the end of the second quarter of 2022.
Vishay returned $32.8 million to its stockholders, of which $14.3 million was paid out as dividends, while $18.5 million was stock repurchased.
Guidance
For fourth-quarter 2022, Vishay expects total revenues of $860-$900 million. The Zacks Consensus Estimate for the same is pegged at $893.9 million.
VSH anticipates a fourth-quarter gross margin of 30% (+/-50 bps).
US Foods is set to report third-quarter 2022 results on Nov 10. The Zacks Consensus Estimate for USFD’s earnings is pegged at 59 cents per share, suggesting an increase of 22.9% from the prior-year period’s reported figure. USFD has lost 15% in the year-to-date period. Its long-term earnings growth rate is currently projected at 20%.
The Trade Desk is scheduled to release third-quarter 2022 results on Nov 9. The Zacks Consensus Estimate for TTD’s earnings is pegged at 24 cents per share, suggesting an increase of 33.3% from the prior-year quarter’s reported figure. TTD has lost 42% in the year-to-date period. TTD’s long-term earnings growth rate is currently projected at 24%.
Tencent Music is scheduled to release third-quarter 2022 results on Nov 15. The Zacks Consensus Estimate for TME’s earnings is pegged at 11 cents per share, suggesting a 22.2% increase from the prior-year quarter’s reported figure. TME has lost 45.2% in the year-to-date period. TME’s long-term earnings growth rate is currently projected at 17.9%.
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Vishay (VSH) Q3 Earnings Surpass Mark, Revenues Rise Y/Y
Vishay Intertechnology, Inc. (VSH - Free Report) reported third-quarter 2022 adjusted earnings of 93 cents per share, beating the Zacks Consensus Estimate by 9.4%. The bottom line surged 48% year over year and 13% sequentially.
Revenues of $924.8 million missed the Zacks Consensus Estimate of $925.2 million. The top line increased 13.7% year over year and 7.1% from the previous quarter’s level.
The strong performance of resistors, diodes, MOSFETs, capacitors and opto product lines drove revenues from the year-ago quarter’s reported quarter.
Vishay’s book-to-bill ratio was 0.88 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
Product Segments in Detail
Resistors: The segment generated revenues of $207.4 million (22% of total revenues), up 14.5% year over year. The book-to-bill ratio for the product line was 1.08 in the reported quarter.
Inductors: The product line generated revenues of $83.5 million (9% of total revenues), which decreased 1.5% on a year-over-year basis. The book-to-bill ratio for the product line was 1.02 at the end of the reported quarter.
MOSFETs: The product line generated revenues of $225.2 million (24% of total revenues), improving 28.3% year over year. The book-to-bill ratio for the product line was 0.78 at the end of the reported quarter.
Capacitors: The product line generated revenues of $126.2 million (14% of total revenues), up 8.7% year over year. The book-to-bill ratio for the product line was 0.95 in the reported quarter.
Diodes: The segment generated revenues of $209 million (23% of total revenues), up 12.8% from the year-ago quarter’s level. The book-to-bill ratio for the product line was 0.79 in the quarter under review.
Optoelectronics: The product line generated revenues of $73.4 million (8% of the top line) in the reported quarter. The figure was up 3.8% from the year-ago quarter’s level. The book-to-bill ratio for the product line was 0.57 for the period.
End-Market Details
Industrial: The industrial market generated $362.4 million (39% of total revenues) in the reported quarter, up 8% year over year.
Automotive: The automotive market generated $286.3 million (30% of total revenues) with an increase of 31% from the prior-year period’s level.
Telecommunications: The telecommunications market generated $32.3 million (3% of total revenues), increasing 31% from the same quarter’s level last year.
Computing: The computing market generated $52.3 million (7% of total revenues), down 11% year over year.
Consumer Products: The consumer products market generated $50.2 million (5% of total revenues), increasing 15% from the year-ago period’s level.
Power Supplies: The power supplies market generated $50.8 million (5% of total revenues), up 21% year over year.
Military & Aerospace: The military & aerospace market generated $56.9 million (6% of total revenues) and rose 41% from the same-quarter level last year.
Medical: The medical market generated $33.7 million (4% of total revenues), increasing 18% on a year-over-year basis.
Regional Details
Vishay generated $352.2 million revenues from Asia (38% of total revenues), which declined 3.6% year over year. Revenues generated from Europe increased 12.6% from the year-ago quarter’s level to $296.8 million (32% of total revenues). VSH generated $275.9 million (30% of total revenues) from Americas, up 49.2% year over year.
Operating Results
In third-quarter 2022, the gross margin was 31.3%, expanding 360 basis points (bps) on a year-over-year basis.
Selling, general and administrative (SG&A) expenses were $106.4 million, decreasing 3.6% year over year. As a percentage of total revenues, SG&A expenses contracted 210 bps from the year-ago quarter’s level to 11.5%.
The operating margin expanded 460 bps on a year-over-year basis to 19.8%.
Balance Sheet
As of Oct 1, 2022, cash and cash equivalents were $734.99 million, down from $765.6 million as of Jul 2, 2022.
Long-term debt was $458.1 million at the end of the third quarter of 2022 compared with $463.3 million at the end of the second quarter of 2022.
Vishay returned $32.8 million to its stockholders, of which $14.3 million was paid out as dividends, while $18.5 million was stock repurchased.
Guidance
For fourth-quarter 2022, Vishay expects total revenues of $860-$900 million. The Zacks Consensus Estimate for the same is pegged at $893.9 million.
VSH anticipates a fourth-quarter gross margin of 30% (+/-50 bps).
Zacks Rank & Stocks to Consider
Vishay currently has a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks likeUS Foods (USFD - Free Report) , The Trade Desk (TTD - Free Report) and Tencent Music Entertainment Group (TME - 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.
US Foods is set to report third-quarter 2022 results on Nov 10. The Zacks Consensus Estimate for USFD’s earnings is pegged at 59 cents per share, suggesting an increase of 22.9% from the prior-year period’s reported figure. USFD has lost 15% in the year-to-date period. Its long-term earnings growth rate is currently projected at 20%.
The Trade Desk is scheduled to release third-quarter 2022 results on Nov 9. The Zacks Consensus Estimate for TTD’s earnings is pegged at 24 cents per share, suggesting an increase of 33.3% from the prior-year quarter’s reported figure. TTD has lost 42% in the year-to-date period. TTD’s long-term earnings growth rate is currently projected at 24%.
Tencent Music is scheduled to release third-quarter 2022 results on Nov 15. The Zacks Consensus Estimate for TME’s earnings is pegged at 11 cents per share, suggesting a 22.2% increase from the prior-year quarter’s reported figure. TME has lost 45.2% in the year-to-date period. TME’s long-term earnings growth rate is currently projected at 17.9%.