Vishay Intertechnology Inc. announced that sales in the second quarter ended June 30 were $457.8 milllion, up 5.5% over sales of $434.1 for the first quarter ended March 31.
Net earnings were $15.6 milllion, or 10 cents per share after restructuring expenses, up from $2.4 million, or 3 cents per share, in the March quarter.
Second-quarter pro-forma earnings were $17 million, or 11 cents per share. Vishay's sales and earnings also increased over the year-ago quarter, when the company earned $3.1 million, or 2 cents per share after restructuring expenses, on sales of $383.4 million.
For the September 2002 quarter, Vishay forecasts its revenues to be flat to slightly up over the June 2002 quarter.
Felix Zandman, chairman and chief executive of the Malvern, Pa., component supplier, attributed the improved earnings to the company's cost reduction programs as well as a higher percentage of sales (59%) from discrete semiconductors, which carry higher margins.
Despite a good second-quarter showing, Vishay is still behind its earnings and sales pace of 2001. Sales for the six months ended June 30, 2002 were $892 million, down from $941.9 million for the six-month period a year ago. Including restructuring expenses, net earnings for the first six months of 2002 were $18 million, or 11 cents per share, compared to $93.2 million, or 67 cents per share a year ago.