Components supplier Vishay Intertechnology, Inc. reported revenue for the third fiscal 2019 quarter ended September 28, 2019 of $628.3 million, down from $685.2 million for the previous quarter and $781.0 million for the year-ago fiscal quarter. Third-quarter 2019 net income was $30.0 million, or 21 cents per diluted share, compared with $44.5 million or 31 cents per diluted share for the second quarter, and $77.9 million, or 51 cents per diluted share for the year-ago third quarter.
Commenting on results for the third quarter 2019, Dr. Gerald Paul, President and Chief Executive Officer said in a statement, “Vishay’s financial performance has been negatively impacted by low demand, especially from distribution. However, during the third quarter inventories of Vishay’s products at distribution started to come down noticeably. Still, high levels of inventories in the global supply chain should impact our business for another two quarters. We are managing the slowdown by adapting costs as we have done in the past. On the other hand, our increased machine capacities will enable Vishay to participate in the next upturn to the full extent.”
For the fourth quarter, Dr. Paul stated, “We expect a continuation of the inventory reduction in the supply chain and guide for revenues in a range of $580 to $620 million and gross margins of 23% to 24%.”