MANHASSET, N.Y. Vishay Intertechnology Inc. posted net earnings of $41.1 million on sales of $647 million in the second quarter ended June, up from $2.9 million on sales of $538 million in the year-ago second quarter. Net earnings for the second quarter of 2004 included restructuring and severance costs of $12.3 million.
The Malvern, Pa., component supplier reported bookings of $636 million, up 23% over the year-ago quarter. However, bookings slowed toward the end of the quarter and are expected to level during the seasonally slow third quarter, said Felix Zandman, chairman and chief executive of Vishay, in a statement.
The company projects third quarter revenue and net income to show no sequential improvement over the second quarter.
Vishay's semiconductor subsidiary, Siliconix Inc., reported net earnings of $15.2 million on sales of $120.7 million, up from $9.3 million on sales of $88.2 million in the second quarter of 2003. Siliconix saw gross margin rise from 31 to 33% year to year, which the company attributed to focusing on higher margin products and ongoing cost reduction programs.
As with parent company Vishay, Siliconix reported strong second-quarter bookings but expects slower bookings in the third quarter.