Vishay Intertechnology Q2 Profit Down - Quick Facts

(RTTNews) - Vishay Intertechnology Inc. (VSH) reported that its second-quarter net earnings attributable to stockholders declined to $31.3 million or $0.21 per share, from $45.7 million or $0.29 per share in the year ago quarter.

Net earnings attributable to stockholders for the latest-quarter include an adjustment of $1.8 million related to performance-based stock compensation for certain former executives, following a determination that achievement of the three-year performance targets was no longer probable. These costs had been originally reported as a separate line item upon cessation of employment of these executives in 2011, and accordingly, this adjustment is also reported as a separate line item.

Net earnings for the prior year quarter result include a pretax gain of $12.2 million on the sale of a vacated property in Belgium.

Adjusted net earnings per share were $0.20, compared to $0.24 last year.

Revenues for the quarter were $597.7 million, compared to $588.2 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share and revenues of $592.05 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter 2013, the company expects revenues to be in the range of $605 million to $645 million. Analysts expect the company to report revenues of $614.99 million for the third-quarter.