MANHASSET, N.Y. Vishay Intertechnology Inc. (Malvern, Pa.) reported third-quarter earnings of $22.1 million, or 13 cents per share on sales of $584.3 million, compared to $6.7 million, or 4 cents per share on sales of $533.2 million in the year-ago quarter.
Third-quarter earnings include $5 million in restructuring and severance costs and a write-off of process equipment related to the acquisition of IC design house RFWaves, completed during the quarter.
Vishay's third-quarter sales met the revised guidance issued in September, when the component supplier said falling sales would result in the company failing to meet its original guidance calling for revenue to be flat with the $647 million recorded in the second quarter.
"During the third quarter, our level of bookings was significantly below what we expected due to the deteriorating economic conditions for the components industry," said Felix Zandman, chairman and chief executive of Vishay, in a statement.
Zandman added, "Our industry does not expect any short-term recovery in bookings. Therefore, we expect revenue for the fourth quarter to be slightly below the revenue for the third quarter."