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 Intertechnology, Inc. (VSH - Free Report) delivered second-quarter 2023 adjusted earnings of 68 cents per share, surpassing the Zacks Consensus Estimate by 13.3%. The figure fell by 17.1% year over year.
Revenues of $892.11 million increased by 3.3% year over year. The figure surpassed the Zacks Consensus Estimate of $873.7 million.
The solid performance of MOSFETS drove year-over-year revenue growth in the reported quarter. Strength in resistor and capacitor product lines contributed well.
However, softness in diodes, optoelectronics and inductors was a concern.
Vishay’s book-to-bill ratio was 0.69 at the end of the second quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Resistors: The segment generated revenues of $222.4 million (25% of the total revenues), up 4.3% year over year. The figure missed the Zacks Consensus Estimate of $224 million. The book-to-bill was 0.74.
Inductors: The product line generated revenues of $89.2 million (10% of the total revenues), which decreased 0.4% on a year-over-year basis. The figure came ahead of the Zacks Consensus Estimate of $81 million. The book-to-bill was 0.84.
MOSFET: The product line generated revenues of $207.4 million (23.2% of the total revenues), increasing 30.9% year over year. The figure beat the Zacks Consensus Estimate of $174 million. The book-to-bill was 0.68.
Capacitors: The product line generated revenues of $133.9 million (15% of the total revenues), up 1.2% year over year. The figure came below the Zacks Consensus Estimate of $137 million. The book-to-bill was 0.70.
Diodes: The segment generated revenues of $174.7 million (19.6% of the total revenues), down 9.1% from the year-ago quarter. The figure missed the Zacks Consensus Estimate of $189 million. The book-to-bill was 0.54.
Optoelectronics: The product line generated revenues of $64.4 million (7.2% of the total revenues) in the reported quarter. The figure came below the Zacks Consensus Estimate of $69 million. The figure was down 17.3% from the year-ago quarter. The book-to-bill was 0.70.
Operating Details
In second-quarter 2023, the gross margin was 28.9%, contracting 140 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $122.9 million, increasing by 11.3% year over year. As a percentage of total revenues, the figure expanded 100 bps from the year-ago quarter to 13.8%.
The operating margin contracted 240 bps on a year-over-year basis to 15.1%.
Balance Sheet & Cash Flows
As of Jul 1, 2023, cash and cash equivalents were $1.1 billion, up from $847.5 million as of Apr 1, 2023.
Long-term debt was $639.7 million at the end of second-quarter 2023 compared with $566.8 million at the end of first-quarter 2023.
The company generated $107.2 million in cash from operations in the reported quarter, down from $129.9 million in the previous quarter.
In the second quarter, capital expenditures were $71.7 million. Also, free cash flow was $36.2 million.
Guidance
For third-quarter 2023, Vishay expects total revenues of $840-$880 million. The Zacks Consensus Estimate for the same is pegged at $856.1 million.
VSH anticipates a third-quarter gross margin of 27.7% (+/-50 bps).
Zacks Rank & Other Stocks to Consider
Vishay currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Image: Bigstock
Vishay (VSH) Q2 Earnings Beat Estimates, Revenues Rise Y/Y
Vishay Intertechnology, Inc. (VSH - Free Report) delivered second-quarter 2023 adjusted earnings of 68 cents per share, surpassing the Zacks Consensus Estimate by 13.3%. The figure fell by 17.1% year over year.
Revenues of $892.11 million increased by 3.3% year over year. The figure surpassed the Zacks Consensus Estimate of $873.7 million.
The solid performance of MOSFETS drove year-over-year revenue growth in the reported quarter. Strength in resistor and capacitor product lines contributed well.
However, softness in diodes, optoelectronics and inductors was a concern.
Vishay’s book-to-bill ratio was 0.69 at the end of the second 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 $222.4 million (25% of the total revenues), up 4.3% year over year. The figure missed the Zacks Consensus Estimate of $224 million. The book-to-bill was 0.74.
Inductors: The product line generated revenues of $89.2 million (10% of the total revenues), which decreased 0.4% on a year-over-year basis. The figure came ahead of the Zacks Consensus Estimate of $81 million. The book-to-bill was 0.84.
MOSFET: The product line generated revenues of $207.4 million (23.2% of the total revenues), increasing 30.9% year over year. The figure beat the Zacks Consensus Estimate of $174 million. The book-to-bill was 0.68.
Capacitors: The product line generated revenues of $133.9 million (15% of the total revenues), up 1.2% year over year. The figure came below the Zacks Consensus Estimate of $137 million. The book-to-bill was 0.70.
Diodes: The segment generated revenues of $174.7 million (19.6% of the total revenues), down 9.1% from the year-ago quarter. The figure missed the Zacks Consensus Estimate of $189 million. The book-to-bill was 0.54.
Optoelectronics: The product line generated revenues of $64.4 million (7.2% of the total revenues) in the reported quarter. The figure came below the Zacks Consensus Estimate of $69 million. The figure was down 17.3% from the year-ago quarter. The book-to-bill was 0.70.
Operating Details
In second-quarter 2023, the gross margin was 28.9%, contracting 140 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $122.9 million, increasing by 11.3% year over year. As a percentage of total revenues, the figure expanded 100 bps from the year-ago quarter to 13.8%.
The operating margin contracted 240 bps on a year-over-year basis to 15.1%.
Balance Sheet & Cash Flows
As of Jul 1, 2023, cash and cash equivalents were $1.1 billion, up from $847.5 million as of Apr 1, 2023.
Long-term debt was $639.7 million at the end of second-quarter 2023 compared with $566.8 million at the end of first-quarter 2023.
The company generated $107.2 million in cash from operations in the reported quarter, down from $129.9 million in the previous quarter.
In the second quarter, capital expenditures were $71.7 million. Also, free cash flow was $36.2 million.
Guidance
For third-quarter 2023, Vishay expects total revenues of $840-$880 million. The Zacks Consensus Estimate for the same is pegged at $856.1 million.
VSH anticipates a third-quarter gross margin of 27.7% (+/-50 bps).
Zacks Rank & Other Stocks to Consider
Vishay currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked stocks in the broader technology sector are Badger Meter (BMI - Free Report) , Arista Networks (ANET - Free Report) and Salesforce (CRM - Free Report) . While Badger Meter sports a Zacks Rank #1 (Strong Buy), Arista Networks and Salesforce carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Badger Meter shares have gained 48.6% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 15.05%.
Arista Networks shares have gained 46.2% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Salesforce shares have gained 55.3% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 19.25%.