, a semiconductors and passive electronic component manufacturer, announced that its second-quarter profits rose more than three times helped by stronger gross margins and better sales.
The company earned $42.84 million or 22 cents a share, compared with $9.72 million or 5 cents a share, a year ago. The second quarter earnings were hurt by various items which trimmed earnings by 6 cents a share. Analysts surveyed by Thomson First Call were estimating earnings of 28 cents a share.
The second quarter revenue rose 13.4% from the year-ago quarter to $660.52 million as against analysts' expectation of $660.72 million.
For the third quarter, the company expects revenue to be between $650 million to $670 million. Gross margin for the latest quarter improved about 450 basis points to 27.2%.
"After a very good first quarter, Vishay was able to improve its results further," the Malvern, Pa.-based company said. "Due to continued high end demand and our efforts to expand critical capacities, we increased sales in the second quarter 2006 sequentially 4.7%, resulting in a significant improvement in our adjusted operating income. We achieved an adjusted operating margin in line with our business model at the current revenue level. We continued to generate free cash-cash flows from operations for the quarter were $77 million and capital expenditures were $34 million."
The company's shares were trading up 15 cents at $14.18 Tuesday.
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