Vishay (VSH) Up 7.4% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Vishay Intertechnology (VSH). Shares have added about 7.4% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vishay due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Vishay Q4 Earnings Beat Estimates, Revenues Down Y/Y
Vishay Intertechnology, Inc. (VSH) delivered fourth-quarter 2023 adjusted earnings of 37 cents per share, surpassing the Zacks Consensus Estimate by 2.8%. The figure fell 27.5% year over year.
Revenues of $785.24 million decreased 8.2% year over year. The figure beat the Zacks Consensus Estimate of $778.75 million.
Softness in MOSFETs, diodes, optoelectronics, resistor and capacitor product lines was a major concern.
Vishay’s book-to-bill ratio was 0.75 at the end of the fourth quarter.
Product Segments in Detail
Resistors: The segment generated revenues of $198 million (25.2% of the total revenues), down 3.5% year over year. The figure beat the Zacks Consensus Estimate of $183.02 million. The book-to-bill was 0.82.
Inductors: The product line generated revenues of $87.9 million (11.2% of the total revenues), which increased 16.9% on a year-over-year basis. The figure came ahead of the Zacks Consensus Estimate of $71.26 million. The book-to-bill was 0.91.
MOSFET: The product line generated revenues of $168.2 million (21.4% of the total revenues), decreasing 18.3% year over year. The figure beat the Zacks Consensus Estimate of $203.01 million. The book-to-bill was 0.62.
Capacitors: The product line generated revenues of $114 million (14.5% of the total revenues), down 7.5% year over year. The figure beat the Zacks Consensus Estimate of $113.95 million. The book-to-bill was 0.95.
Diodes: The segment generated revenues of $163.3 million (20.8% of the total revenues), down 10.2% from the year-ago quarter. The figure beat the Zacks Consensus Estimate of $158.4 million. The book-to-bill was 0.61.
Optoelectronics: The product line generated revenues of $53.9 million (6.9% of the total revenues), down 15.8% from the year-ago quarter. The figure came below the Zacks Consensus Estimate of $55.4 million. The figure decreased 12.3% from the year-ago quarter. The book-to-bill was 0.59.
Operating Details
In fourth-quarter 2023, the gross margin was 25.6%, contracting 350 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses were $122.8 million, increasing 7.9% year over year. As a percentage of total revenues, the figure expanded 230 bps from the year-ago quarter to 15.6%.
The operating margin contracted 590 bps on a year-over-year basis to 9.9%.