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Vishay Intertechnology, Inc. (VSH - Free Report) delivered first-quarter 2024 earnings of 22 cents per share, surpassing the Zacks Consensus Estimate by 10%. The figure fell 72% year over year.
Revenues of $746.3 million beat the Zacks Consensus Estimate of $733 million. However, it declined 14.3% year over year.
Weakening momentum across industrial and automotive end markets was concerning.
Softness in MOSFETs, diodes, optoelectronics, resistor and capacitor product lines was a major negative.
Vishay’s book-to-bill ratio was 0.82 at the end of the first quarter.
Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise
Resistors: The segment generated revenues of $188.2 million (25.2% of the total revenues), down 15.6% year over year. The figure beat the Zacks Consensus Estimate of $182 million. The book-to-bill was 0.79.
Inductors: The product line generated revenues of $88.7 million (11.9% of the total revenues), which increased 10.5% on a year-over-year basis. The figure beat the Zacks Consensus Estimate of $81 million. The book-to-bill was 0.96.
MOSFET: The product line generated revenues of $153.2 million (20.5% of the total revenues), decreasing 22.7% year over year. The figure missed the Zacks Consensus Estimate of $168 million. The book-to-bill was 0.68.
Capacitors: The product line generated revenues of $117.9 million (15.8% of the total revenues), down 11.6% year over year. The figure surpassed the Zacks Consensus Estimate of $109 million. The book-to-bill was 1.03.
Diodes: The segment generated revenues of $149.1 million (20% of the total revenues), down 15.1% from the year-ago quarter. The figure beat the Zacks Consensus Estimate of $143 million. The book-to-bill was 0.58.
Optoelectronics: The product line generated revenues of $49.2 million (6.6% of the total revenues) in the reported quarter. The figure beat the Zacks Consensus Estimate of $48.8 million. The figure was also down 18.5% from the year-ago quarter. The book-to-bill was 0.89.
Operating Details
In first-quarter 2024, the gross margin was 22.8%, contracting 920 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $127.7 million, increasing 6.3% year over year. As a percentage of total revenues, the figure expanded 330 bps from the year-ago quarter to 17.1%.
The operating margin contracted to 5.7% from 18.2% in the year-ago quarter.
Balance Sheet & Cash Flows
As of Mar 30, 2024, cash and cash equivalents were $796.5 million, down from $972.7 million as of Dec 31, 2023. Short-term investments were $37.4 million, up from $35.8 million at the end of the prior quarter.
The long-term debt was $819.4 million at the end of first-quarter 2024 compared with $818.2 million at the end of fourth-quarter 2023.
The company generated $80.2 million in cash from operations in the reported quarter, up from $6.3 million in the previous quarter.
In the fourth quarter, capital expenditure was $53.1 million. Also, the free cash flow was $27.9 million.
Guidance
For second-quarter 2024, Vishay expects total revenues of $750 million (+/- $20 million). The Zacks Consensus Estimate for the same is pegged at $756.85 million.
VSH anticipates a gross margin of 21.7% (+/-50 bps).
Image: Bigstock
Vishay (VSH) Q1 Earnings Beat Estimates, Revenues Dip Y/Y
Vishay Intertechnology, Inc. (VSH - Free Report) delivered first-quarter 2024 earnings of 22 cents per share, surpassing the Zacks Consensus Estimate by 10%. The figure fell 72% year over year.
Revenues of $746.3 million beat the Zacks Consensus Estimate of $733 million. However, it declined 14.3% year over year.
Weakening momentum across industrial and automotive end markets was concerning.
Softness in MOSFETs, diodes, optoelectronics, resistor and capacitor product lines was a major negative.
Vishay’s book-to-bill ratio was 0.82 at the end of the first 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 $188.2 million (25.2% of the total revenues), down 15.6% year over year. The figure beat the Zacks Consensus Estimate of $182 million. The book-to-bill was 0.79.
Inductors: The product line generated revenues of $88.7 million (11.9% of the total revenues), which increased 10.5% on a year-over-year basis. The figure beat the Zacks Consensus Estimate of $81 million. The book-to-bill was 0.96.
MOSFET: The product line generated revenues of $153.2 million (20.5% of the total revenues), decreasing 22.7% year over year. The figure missed the Zacks Consensus Estimate of $168 million. The book-to-bill was 0.68.
Capacitors: The product line generated revenues of $117.9 million (15.8% of the total revenues), down 11.6% year over year. The figure surpassed the Zacks Consensus Estimate of $109 million. The book-to-bill was 1.03.
Diodes: The segment generated revenues of $149.1 million (20% of the total revenues), down 15.1% from the year-ago quarter. The figure beat the Zacks Consensus Estimate of $143 million. The book-to-bill was 0.58.
Optoelectronics: The product line generated revenues of $49.2 million (6.6% of the total revenues) in the reported quarter. The figure beat the Zacks Consensus Estimate of $48.8 million. The figure was also down 18.5% from the year-ago quarter. The book-to-bill was 0.89.
Operating Details
In first-quarter 2024, the gross margin was 22.8%, contracting 920 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $127.7 million, increasing 6.3% year over year. As a percentage of total revenues, the figure expanded 330 bps from the year-ago quarter to 17.1%.
The operating margin contracted to 5.7% from 18.2% in the year-ago quarter.
Balance Sheet & Cash Flows
As of Mar 30, 2024, cash and cash equivalents were $796.5 million, down from $972.7 million as of Dec 31, 2023. Short-term investments were $37.4 million, up from $35.8 million at the end of the prior quarter.
The long-term debt was $819.4 million at the end of first-quarter 2024 compared with $818.2 million at the end of fourth-quarter 2023.
The company generated $80.2 million in cash from operations in the reported quarter, up from $6.3 million in the previous quarter.
In the fourth quarter, capital expenditure was $53.1 million. Also, the free cash flow was $27.9 million.
Guidance
For second-quarter 2024, Vishay expects total revenues of $750 million (+/- $20 million). The Zacks Consensus Estimate for the same is pegged at $756.85 million.
VSH anticipates a gross margin of 21.7% (+/-50 bps).
Zacks Rank & Stocks to Consider
Vishay currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader technology sector are Akoustis Technologies (AKTS - Free Report) , NVIDIA (NVDA - Free Report) and Intrusion (INTZ - 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.
Akoustis Technologies’ shares have declined 31.6% year to date. AKTS is scheduled to release third-quarter fiscal 2024 results on May 13.
NVIDIA has surged 82.6% year to date. NVDA is scheduled to release first-quarter fiscal 2025 results on May 22.
Intrusion’s shares have declined 69.6% year to date. INTZ is set to report first-quarter 2024 results on May 14.