Vishay Posts Q2 Adjusted Revenue of $919M, Guides Q3 to $945M–$975M

summarizeSummary

Vishay reported Q2 adjusted revenue of $919 million, exceeding guidance, and guided Q3 revenue to $945–$975 million, signaling accelerating demand across all end markets.

check_boxKey Events · Earnings and Guidance · VSH

• Q2 Revenue Beats Guidance

  Adjusted revenue of $918.6 million grew 9.5% sequentially, exceeding the top end of management's guidance, driven by strengthening demand across all end markets, channels, and regions.

• Q3 Guidance Raised Significantly

  Management guided Q3 revenue to $945–$975 million, well above Q2's $919 million, with gross margin expected to improve to 24.0% +/- 50 bps, indicating confidence in sustained demand.

• Diluted EPS Impacted by Convertible Notes

  Q2 diluted EPS of $0.19 reflects 147.9 million diluted shares, including the effect of the $750 million convertible notes. The company provided a formula showing how share count will increase with stock price, reaching ~168 million shares at a $50 average price.

• Book-to-Bill Remains Strong

  Q2 book-to-bill was 1.32, with semiconductors at 1.23 and passive components at 1.40, and backlog stood at 6.1 months, supporting the positive outlook.

auto_awesomeAnalysis · VSH · Manufacturing

Vishay delivered a strong Q2, with adjusted revenue of $919 million beating the high end of its guidance, and set Q3 revenue guidance at $945–$975 million — well above the current run rate. The sequential growth and bullish outlook signal that the upcycle is gaining momentum, which matters because the company recently raised $750 million in a dilutive offering to fund capacity expansion. If demand materializes as guided, that capital deployment could pay off, but the stock is trading well below the $50 offering price, raising questions about near-term dilution overhang.