Vishay Intertechnology (NYSE: VSH) reported Q1 EPS of $0.51, $0.01 better than the analyst estimate of $0.50. Revenue for the quarter came in at $745 million versus the consensus estimate of $751.48 million.

• Revenues for Q1 2019 of $745 million
• Gross Margin Q1 of 28.3%
• Operating Margin Q1 of 14.5%
• EPS Q1 of $0.52
• Adjusted EPS Q1 of $0.51
• Free cash for trailing 12 months Q1 2019 of $109 million
• Guidance for Q2 2019 for revenues of $700 to $740 million and gross margins of 26% to 27% at Q1 exchange rates

Commenting on the results for the first quarter 2019, Dr. Gerald Paul, President and Chief Executive Officer, stated, “The first quarter 2019 results are in line with the past two excellent years. While most of our end markets continued to be friendly, we saw a substantial increase of inventories in the supply chain. We seem to be entering a phase of normalization of backlogs and inventories of our products at distributors. In the short-term, the anticipated inventory reductions of distributors will negatively impact our revenues, as reflected in our guidance. At the same time, we had a book-to-bill for OEM of again substantially above 1.”

Commenting on the outlook Dr. Paul stated, “For the second quarter, we guide for revenues of $700 to $740 million and gross margins of 26% to 27% at the exchange rates for the first quarter.”

GUIDANCE:

Vishay Intertechnology sees Q2 2019 revenue of $700-740 million, versus the consensus of $766.33 million.

For earnings history and earnings-related data on Vishay Intertechnology (VSH) click here.