lowered its sales and earnings expectations for the fourth quarter because of customer order cancellations and extended deliveries.
The company now expects earnings to come in 10% to 20% below Wall Street's estimates, which would translate to a range of 96 cents to $1.08 a share. Seven analysts polled by
First Call/Thomson Financial
called for Vishay to earn $1.20 a share. The electronic components maker earned 28 cents a share in the year-ago period.
The company, which is based in Malvern, Pa., added that fourth-quarter sales will be 5% to 7% lower than the $670 million recorded in the third quarter. Vishay also warned that, because of the softness in incoming orders, the company expects earnings for 2001 to come in below the expected 2000 totals. Analysts are calling for the company to earn $3.88 this year and $4.54 in 2001.
Shares of Vishay finished down $1.13, or 5.7%, to $18.63 in regular session
New York Stock Exchange
trading today and fell to $15 in after-hours
Vishay will release its fourth-quarter results on Feb. 6.