Vishay's Sales Climb, but Earnings Are Lower - TheStreet

Vishay's Sales Climb, but Earnings Are Lower

The company's second-quarter included restructuring charges.
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Semiconductor and electronics component maker

Vishay Intertechnology

(VSH) - Get Report

posted a drop in second-quarter earnings as restructuring charges took a toll on the company's results.

Including items, the company earned $2.9 million, or 2 cents a share, compared with $15.6 million, or 10 cents a share, in the prior-year quarter.

The 2003 quarter's results included after-tax restructuring expenses of $12.3 million, or 5 cents a share, compared with restructuring costs of $1.9 million, or a penny a share, in last year's quarter, the company said.

Analysts were expecting Vishay to earn 7 cents a share.

Sales spiked 17.5% to $538 million. Bookings rose to $517.4 million, up 10.3%, Vishay said. The book-to-bill ratio for the quarter was 0.96 and backlog at June 30 was $420 million, the company said.

Shares of Vishay were losing 13 cents, or 0.9%, to $14.55 in recent

New York Stock Exchange

trading.