Vishay Intertechnology Q2 Earnings Call Highlights

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Vishay Intertechnology (NYSE:VSH) reported second-quarter 2026 adjusted gross of $919 million, supra the precocious extremity of its guidance range, arsenic request accrued crossed its semiconductor and passive-component businesses, extremity markets, income channels and regions.

GAAP gross was $889 million, reflecting $30 cardinal successful tariff refunds that the institution said volition beryllium passed done to customers during the 2nd fractional of 2026. Vishay said the refunds reduced some reported nett gross and outgo of products sold, with nary interaction connected gross profit. Management utilized adjusted revenue, excluding the tariff refunds, successful discussing quarterly performance.

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Adjusted gross roseate 9.5% from the archetypal 4th and 20.5% from the year-earlier period. Chief Financial Officer David McConnell said the year-over-year summation was driven chiefly by an 18% emergence successful volume, a 2% summation successful mean selling prices and a 1% foreign-currency benefit, chiefly from the euro.

Bookings, backlog and request trends

President and Chief Executive Officer Joel Smejkal said the company's second-quarter book-to-bill ratio was 1.32, including 1.23 for semiconductors and 1.40 for passive components. Vishay recorded grounds bookings for resistors and inductors, and full backlog roseate 18% to $1.9 billion, representing 6.1 months of backlog.

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Smejkal said customers person been extending their ordering visibility arsenic manufacture pb times lengthen and concerns implicit merchandise availability persist. Many customers are forecasting six months ahead, portion request tied to artificial-intelligence applications has led immoderate customers to spot orders much than 52 weeks successful advance, helium said.

Management said it has announced terms increases connected astir one-third of its moving portion numbers since the 4th fourth of 2025, citing higher costs for metals, materials and logistics. Some of those increases were reflected successful second-quarter results. Smejkal told analysts that Vishay has been updating backlog pricing quickly, limiting customers' quality to propulsion guardant shipments up of the terms changes.

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Asked astir the imaginable for treble ordering, Smejkal said the institution presently views bid enactment arsenic "fairly rational." He pointed to expanding point-of-sale enactment astatine distributors and declining distributor inventory levels arsenic indications that request is being supported by consumption. Distribution inventory declined to 18 weeks astatine quarter-end from 20 weeks successful the archetypal quarter, portion distributor point-of-sale roseate 4.7% sequentially and 20.5% twelvemonth implicit year.