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MALVERN, Pa. - On Wednesday, Vishay Intertechnology, Inc. (NYSE:VSH) reported second quarter revenue that exceeded analyst expectations, despite posting an adjusted loss.
The electronic components manufacturer’s shares rose 3% in pre-market trading after the quarterly results.
The company reported second quarter revenue of $762.3 million, slightly above the analyst consensus estimate of $761.16 million, but down 2.9% compared to $741.2 million in the same quarter last year. Vishay posted an adjusted loss per share of $0.07, missing analyst expectations of $0.02 earnings per share.
The company’s shares gained 3% following the results, as investors focused on the revenue beat and sequential improvement in business conditions.
"The promising signals we saw emerging at the beginning of the year contributed to a 7% sequential increase in revenue for the second quarter," said Joel Smejkal, president and CEO. "We delivered growth for semis and passives, across each of our end markets, each region, and to distributors and EMS customers."
Gross margin was 19.5%, which included a negative impact of approximately 160 basis points related to the addition of Newport. The company reported a book-to-bill ratio of 1.02 for the quarter, with semiconductors at 0.98 and passive components at 1.06.
For the third quarter, Vishay expects revenues in the range of $775 million, plus or minus $20 million, representing a sequential increase. The company forecasts gross profit margin of approximately 19.7%, plus or minus 50 basis points, including a negative impact of 160 to 185 basis points from the Newport acquisition.
The company’s backlog at quarter end stood at 4.6 months, positioning Vishay to capitalize on improving market conditions.
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