Q1 2024 Vishay Intertechnology Inc Earnings Call Transcript
Key Points
- Vishay Intertechnology Inc (VSH) reported Q1 2024 revenue of $746.3 million, within the guidance range and slightly above the midpoint.
- Aerospace and Defense market segment showed strong performance with a 13.6% increase compared to the previous quarter and a 34.2% increase year-over-year.
- Automotive revenue grew by 1% compared to the first quarter of the previous year, with increased design activity and wins focused on ADAS and e-mobility.
- The company received a significant order worth $77 million from a European industrial customer for a multiyear grid project, indicating strong design activity and growth in infrastructure projects.
- Vishay Intertechnology Inc (VSH) is actively expanding capacity and engaging in new design projects, positioning the company well for future demand in key markets such as e-mobility and sustainability.
- Sequential revenue decline of 5% due to ongoing inventory digestion, particularly in semiconductor products.
- Industrial customer revenue declined by 6.2% from the previous quarter and 23.9% year-over-year, influenced by economic uncertainties and inventory adjustments.
- Medical market segment revenue decreased by 4.3% compared to the previous quarter and 18.3% year-over-year as demand normalized.
- Revenue from computing, telecom, and consumer segments declined both sequentially and year-over-year, reflecting continued inventory digestion and pricing pressures.
- The company faces challenges with the Newport acquisition, including a projected gross margin drag and the need to manage decreasing production volumes from the previous fab owner.
Good morning, and thank you for standing by. Welcome to the Vishay Intertechnology First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Peter Henrici, Head of Investor Relations. Please go ahead.
Thank you, Olivia. Good morning, and welcome to Vishay Intertechnology's First Quarter 2024 Earnings Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer. This morning, we reported results for our first quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com.
This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. During the call, we will be referring to a
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