Vishay Profit Remains Steady, Stock Rises

Vishay Intertechnology says first-quarter earnings remain unchanged, with a loss of $29.1 million, or 16 cents a share.
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Vishay Intertechnology

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The semiconductor manufacturer said first-quarter earnings remained unchanged, with a loss of $29.1 million, or 16 cents a share. The first quarter last year Vishay lost $30.7 million, or 16 cents a share.

Shares of the company were up 4% to $5.34 in afternoon trading.

The quarter was impacted by pretax charges for restructuring and severance costs of $18.9 million, which had an 8 cent a share after-tax effect on the net loss. Revenue decreased 39% to $450 million.

"Semiconductors already show first signs of a recovery in the course of the quarter, picking up even more in April," Gerald Paul, president and CEO said in a statement. "However, the passive components with their stronger exposure to the automotive and industrial segments in Europe and the US may still decline slightly. During preceding downturns passive components followed for Vishay the lead of semiconductors by several months."

Earlier in the month rivals

Fairchild Semiconductor

(FCS)

and chipmaker

Cypress Semiconductor

posted narrower-than-expected quarterly losses. The companies both said they saw strong bookings as demand from consumers stabilizes.

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