Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended March 29, 2014.
Revenues for the fiscal quarter ended March 29, 2014 were $602.4 million, compared to $554.3 million for the fiscal quarter ended March 30, 2013. The net earnings attributable to Vishay stockholders for the fiscal quarter ended March 29, 2014 were $25.8 million, or $0.17 per diluted share, compared to $28.9 million, or $0.19 per diluted share for the fiscal quarter ended March 30, 2013.
Net earnings attributable to Vishay stockholders for the fiscal quarter ended March 29, 2014 include restructuring and severance costs of $6.4 million. Net earnings attributable to Vishay stockholders for the fiscal quarter ended March 30, 2013 include one-time tax benefits due to the retroactive enactment of the American Taxpayer Relief Act of 2012, signed into law on January 2, 2013. Adjusted net earnings per diluted share, which exclude these items, were $0.20 and $0.18 for the fiscal quarters ended March 29, 2014 and March 30, 2013, respectively.
Commenting on the results for the first quarter 2014, Dr. Gerald Paul, President and Chief Executive Officer, stated, “The first quarter represented a promising start to 2014 for Vishay. We experienced continued economic improvement in almost all market segments and a positive outlook across the board. Point of sale, the sales of Vishay products by its distributors to end customers, increased 6% quarter over quarter while inventory turns of Vishay products at its distributors increased to 3.6. Due to the higher backlog we increased internal inventories by $19 million quarter over quarter, which benefited results. Lead times remained overall well under control.”
Dr. Gerald Paul continued, “By continuously doing our ‘homework’—such as implementing our announced restructuring programs, penetrating the Asian industrial markets, further expanding manufacturing capacities for strategic product lines—we believe we are very well positioned to exploit our opportunities.”