Vishay Intertechnology Predicts Lower Fourth-Quarter Earnings than Expected
Felix Zandman, chairman and CEO of Vishay Intertechnology Inc. (Malvern, PA) announced that Vishay's sales and net earnings for the fourth quarter, ending December 31, 2000, would be five to seven percent lower than previously expected due to customer order cancellations and extended deliveries.
Earnings per share for the fourth quarter of 2000 were estimated to be $1.20, but Vishay reports that they will likely be 10 to 20 percent lower. However, it is expected that they will still exceed last year's fourth-quarter earnings, $0.28 per share, by a wide margin. It is believed that they will also be substantially higher than any previous full year's earnings.
Zandman also stated that the company will be net-debt-free by the end of 2000. He added that the company will continue to pursue acquisition opportunities as in the past to facilitate the growth of the business and strengthen its leadership. Fourth-quarter and year-end results for 2000 will be released on February 6, 2001.