Vishay shares soar on strong 1Q
Vishay Intertechnology shares soar on better-than-expected 1Q
MALVERN, Pa. (AP) -- Vishay Intertechnology Inc.'s soared Tuesday after the semiconductor company reported better-than-expected first-quarter profit and revenue.
The Malvern, Pa., company earned $28.9 million, or 19 cents per share, for the quarter that ended March 30. That's compared to $33.8 million, or 21 cents per share, for the prior year's quarter. After adjusting for one-time items, it earned 18 cents per share in the most recent quarter.
Vishay's revenue increased to $554.3 million from $538.5 million.
Analysts polled by FactSet were expecting earnings of 10 cents per share on revenue of $542.6 million.
Vishay President and CEO Gerald Paul said that the company benefited from better economic conditions, lower costs and improved demand from the automotive and industrial end markets.
The company recently agreed to acquire MCB Industrie S.A., a manufacturer of specialty resistors, which the Vishay says will substantially expand and strengthen its resistors portfolio.
Vishay forecast revenue of $570 million to $610 million for the second quarter. Analysts had forecast $575 million.
Its shares jumped $1.24, almost 10 percent, to $14.03 in late trading, after hitting a new 52-week trading high of $14.20 earlier in the day.
