WASHINGTON (dpa-AFX) - Vishay Intertechnology Inc. (VSH) Wednesday reported a sharp decrease in profit for the first quarter, due mainly to lower revenues.
The Malvern, Pennsylvania-based company's net profit attributable to stockholders for the first quarter was $33.81 million or $0.21 per share, compared to $75.29 million or $0.43 per share last year.
Adjusted net income for the quarter dropped to $33.81 million or $0.21 per share from $85.31 million or $0.49 per share in the prior-year quarter. On average, five analysts polled by Thomson Reuters expected the company to earn $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $538.55 million from $695.15 million in the prior-year quarter. Four analysts had a consensus revenue estimate of $552.40 million for the quarter.
Looking ahead, the company's President and Chief Executive Gerald Paul said, 'We anticipate revenues between $580 and $620 million at improved margins.'
Four analysts currently expect second quarter revenues of $583.78 million.
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