Vishay Intertechnology (VSH) Tops Q2 EPS by 11c, Revenues Beat

Vishay Intertechnology (NYSE: VSH) reported Q2 EPS of $0.18, $0.11 better than the analyst estimate of $0.07. Revenue for the quarter came in at $582 million versus the consensus estimate of $561.2 million.

Commenting on results for the second quarter 2020, Dr. Gerald Paul, President and Chief Executive Officer stated, “The second quarter has been strongly impacted by the lockdowns in many countries due to COVID-19, in particular the shutdown of automotive plants in Europe and the Americas. Asia, especially China, having gone through a lockdown already in the first quarter, showed a quick recovery whereas revenues in Europe and the Americas were steeply lower. The weakest end market was automotive with revenues lower by 34% compared to the first quarter.”

Dr. Paul continued, “On the other hand, the second quarter seems to represent the bottom of this cycle and, clearly, the fundamentals for Vishay’s growth remain intact. Vishay has successfully mastered temporary economic downturns in the past and we are doing so again. We continue to be focused on profitability and cash generation while safeguarding the health and well-being of our employees.”

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

You May Also Be Interested In

• AppFolio (APPF) Tops Q2 EPS by 2c ; Offers Guidance
• Tootsie Roll Industries, Inc. (TR) Reports Q2 EPS of $0.18
• Magyar Bancorp (MGYR) Tops Q3 EPS by 49c