Vishay Intertechnology (NYSE: VSH) reported Q1 EPS of $0.19, $0.03 better than the analyst estimate of $0.16. Revenue for the quarter came in at $571 million versus the consensus estimate of $559.16 million.

Commenting on the results for the first quarter 2016, Dr. Gerald Paul, President and Chief Executive Officer, stated, “A broad recovery of orders from all regions resulted in higher revenues than expected. The automotive market and several industrial product sectors continue to do well. The point of sales of distribution improved during the first quarter and inventory turns for Vishay products at distributors recovered. The production move of MOSFETs has been finalized as scheduled and we will enjoy major cost benefits going forward.”

Dr. Paul continued, “We continue to focus on total stockholder return. After having announced the repatriation of $300 million of foreign earnings over the next several years, we are now initiating a $100 million stock repurchase program over one year.”

Commenting on the outlook Dr. Paul stated, “For the second quarter, we guide for revenues of $565 to $605 million and gross margins of 23% to 25% at constant exchange rates.”

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