- Vishay Intertechnology Inc (NYSE:VSH) reported Q1 2023 net revenue growth of 2.0% Y/Y to $871.0 million, beating the analyst consensus of $845.8 million.
- Gross margin expanded 170 bps Y/Y to 32.0%. Operating margin expanded 110 bps Y/Y to 18.2%.
- Adjusted EBITDA margin expanded 170 bps to 22.9%.
- Adjusted EPS of $0.79 beat the analyst consensus of $0.55.
- Vishay held ~$1 billion in cash and cash equivalents. It generated $129.9 million in operating cash flow during Q1.
- Total inventories as of April 1, 2023, totalled $656.7 million versus $618.9 million as of Dec. 31, 2022.
- Q2 2023 Outlook: Vishay sees revenue of $860 million-$900 million compared to the analyst consensus of $841.91 million.
- The company sees a gross margin of 29.0% (+/- 50 basis points).
- “We also increased investments in capacity expansion for our 30 key product lines in support of high growth and high return opportunities that meet our customers’ accelerating demand. While 2023 is a staging year at Vishay as we prepare to participate fully in the next step up in demand related to connectivity, mobility and sustainability megatrends, we remain committed to spending approximately $385 million in capex and returning at least $100 million to our stockholders,” said Joel Smejkal, president and CEO.
- Price Action: VSH shares are trading higher by 8.75% at $23.00 premarket on the last check Wednesday.
Telsey Advisory Group Maintains Outperform on Arhaus, Raises Price Target to $14
Telsey Advisory Group analyst Joseph Feldman maintains Arhaus (NASDAQ:ARHS) with a Outperform and raises the price target from $12 to $14.
