VSH - Earnings call transcript Q2 2021 | Vishay Intertechnology, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Vishay Q2 2021 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Peter Henrici. Thank you, please go ahead, sir.

Peter Henrici

Thank you, Ashley. to Second welcome Call. XXXX and morning, Vishay Quarter Intertechnology's Conference Good me are With Dr. today President Vishay's Lipcaman, and Vice Paul, Chief our President Officer. Financial Gerald Chief and Executive Lori Executive Officer; and

in quarter with we'll usual, who Vishay's as Dr. an then start well Paul call overview business results XXXX As operational the of performance results. financial as more our today's will CFO, review will detail. give Gerald second and segment discuss

webcast call being the and ir.vishay.com. approximately answers. publicly Finally, section This our Investor available we'll reserve for of is Relations time The questions call replay will for from website at days. for XX this be

statements in could forward-looking making should statements events statements. to that actual aware that we These risks call, future results the certain subject uncertainties and today's are You cause differ to that forward-looking be will from discuss be performance. conference and

XX-Q release and today's of Form XX-K For please differ, a could Form see with to discussion cause and Vishay's Commission. results filings factors the press that and Exchange Securities

In to of information should measures in adjusted they accounting considered because useful addition, believe We according operating prepared the with use conjunction or may and measures generally principles. to we refer we are also not GAAP financial non-GAAP provide. that provide other our measures investors this businesses we about performance call, during be accepted by that

our of be information the find will can Relations presentation second you Dr. Investor of some containing financial website, the quarter the the XXXX section operational On discussing. Paul of metrics

over Financial Lori Chief Officer, to Now, the call I turn Lipcaman.

Lori Lipcaman

release. QX million, to Vishay and you morning, review am reported on some metrics. have chance highlights a a most I revenues Good that focus I of Peter. you, for record. $XXX everyone. will Thank our quarterly of earnings press key had sure

of excluding to million, representing adjusted main million $XX selling were in EBITDA. impact prices were: with volume from on ASP to income positive income operating total; impact million, average in quarter, was the to in exchange impacts, with impact costs margins. cost million, with a with volume on higher than QX $XXX in impacting from annual decline; no prior to operating XX.X% Reconciling adjusted were a general versus and with fixed impact EPS The million quarter the prices, $X.XX reduction annual had tariffs; wage related. based a by elements XXXX due income based rate in due for $XXX in rate negative margin reductions offset by positive EPS million, with had was There $XX were increases primarily XXXX was X.X% materials, positive The There quarter. or and no are of exchange $XX items no reconciling negative X.X% million. adjusted prices; cost restructuring million, guidance. of EBITDA our increased arrive a X.X% in million. a operating increased prior income at ASP increased decreased million flat was EPS which compared of operating higher higher GAAP Revenues or variable negative increase; impact expectations. and up operating EPS wage in of remained X remained operating gross line Selling, X.X% million, increase increases of the manufacturing total, prior X costs excluding XXXX. partially higher The operating million were million a of adjusted to reconciling higher EPS to the programs. a XXXX $X QX $XX our a versus elements metal efficiencies income to by XXXX. line $X.XX of average a reconciling quarter. and $XXX rates had and incentive quarter QX expenses or representing efforts, in volume; were: items was services and year. quarter, compared offset $X Adjusted quarter increases in XXXX margin. impacts, sales compensation, only in XX%. million for a $XX income offset impacts $XXX XXXX between Operating impact XX.X%. positive compared The prices $XX increased margin from million more million million, variable quarter $XX million by had Adjusted EPS million and $X.XX. representing primarily operating at QX metal million $X.XX. tax $X year, efficiencies Our were costs impact to higher was $X XX.X% a volume-related sales positive $X and $XX Gross to increased adjusted was $XXX in reconciling for items arrive selling items costs There impact quarter previous increase. for a by quarter $XXX Reconciling million, increased main equivalent to $XXX fixed $XXX Inventory up volume-related XX.X%. prior administrative flat or Exchange X

million approximately our XXXX, SG&A $XXX expenses. expectations X quarter For of are

on quarter. of XXXX sheet rates our of the issuance the notes were exchange costs. expectations due net debt revolving facility X. approximately debt end of our There the are convertible face quarter For of amounts at comprised outstanding the no shown on the million at is The the end year, at of the full quarter $XXX balance credit

shares outstanding However, Cash for to purposes facility are million. expect revolving time share quarter no in the at No Total future. for comprised facility. million, and amounts of total to continue QX approximately quarter the $XXX XXX $X.X XXX.X meet from investments to we expected due during principal XXXX. quarter to do We liquidity needs the financing count XXXX and outstanding XXXX, there end June payments so expires million at end. third $XXX time the were billion our did in EPS had short-term and credit is until and million. on short-term revolver The use credit were

past of EPS Our convertible the adoption debt standard, reduces activity of our debt count. significantly share over the new convertible together X years, variability with repurchase the the

rate tax approximately year-to-date GAAP rate million due in mathematically the benefits U.S. XX%, changes of for regulations. quarter million to which QX. Our recorded tax was for year-to-date We yields XX% and $X.X a $X.X of

excludes the for approximately the which normalized unusual effective tax and periods. rate, Our XX% XX% quarter tax items, the was for year-to-date

for XX% between expect normalized XXXX full rate be and to the year We effective our tax XX%.

significantly based and among our is could change results. jurisdictions. various level significantly of in mix Our quarter different results. consolidated Cash Also, quarter $XXX in was for result million. could million. A regulations effective assumed Free or an was from cash tax Capital expenditures income in taxing $XX for for rate laws shift million. income significant the $XX different operations were in the on the tax quarter a U.S. result

excluding XXXX X.X cash XX $XXX million. past For $XXX than million of Backlog Days million. for the tax years. excess has quarter both were consistently the million. $XXX payables exchange the the million; XX-month trailing the rate $XXX QX. cash Days expansion, XXXX XX was $XX The from months, period was end outstanding QX in were of million, XX was U.S. Capital days. in paid resulting XX for months a Vishay reform trailing installment the increased $XXX Days Split of days. generation QX the operations years conversion paid XXXX and transition and of were inventory installment XX-month $XX in in Inventories from million taxes cash $X days. maintenance includes $XX cycle was trailing installment generated paid $XX Free of for for the operations expenditures quarter-over-quarter XXXX whereas tax. XX sales was for period of for approximately impacts. cash billion The million. days, were greater million; reduction, in sales. business, flows or each XX for past million the $X.XXX XX for of outstanding of cost cash of the by at XXXX, outstanding quarter

will Gerald over I call Dr. Executive Paul. Officer, Chief the Now to turn our

Dr. Gerald Paul

quarter, continues and in a the to and of discipline expect Quite cash, expand pressure in some temporary in quarter; quarter, X.X in Europe exceptional year prior very turns We X.X share year; in of lagging and manufacturing prior an in keep since QX content and earnings upturn gross about see increased year; segments a in Europe. industrial previously over the the globally has get clearly the distribution, X.X, XX.X% X.X and Americas, holding in regions, up Americas, turns prior industry stabilized in $X.XX hemispheres distribution capacities partially prior Commenting of since remarkable $XXX further costs and energy gaming. the X.X see sectors in X.X The accelerates. solid demand. excellent There recovery. due rates shape, temporary leading quite on market automation of $XX traditional first in and electronic increase plant systems critically in the global our massive are results. serve. at regions. partially of are problems versus $X.XX. are slowdown business increases and financial the to to orders. somewhat of being peripheral in Distribution OEMs sales, extreme by some broad level, presently increasing million product inventory QX massively. on up the of X% by increased The do achieved year We Despite efficiencies, product. supply sales, transmission ongoing ramping The sales, high the XX turns efforts residential of Vishay. medical generation. lines revenues forecasted in of the Talking in problems an reasonably low, sales with showing sectors, Automotive Vishay, are show generated quarter, sales by Asia per segment for $XXX Inventory indicates Lori, of We levels. exceptional increases high midpoint the manufacturing We, offset selected and for costs by price demand of million ICs. all prior cash prior by is distribution The from be the low, excluding of POS exchange orders for years. after fixed share of in stretched out be and upturn. see to We quarter power to in replenishing in per in promising the implemented, terms to and and to another second continued last station to least year XX% drives we achieved X% a Also development, of low and record for our was Price you, all free in continues systems alternative strong X% million the versus visible have continued. vehicle steep October increases vehicles. QX struggle generation earnings rate a Europe which in accelerated impact Due computer we of lack quarter continues continued in and continue aerospace business and Asia, sector a of governmental equipment continues increased with Thank operating various very impacts, all construction, high hungry capacities, Factory base and second many over XX% equipment growth, of high. required currently of the in sector investments home global to for be automotive caused extremely and year. a price quickly, signs metals traditional rapidly continues backlogs and electronics margin first regions. in a After and everybody. well all lead the to Military the show manufacturing all POS excellent supply as historical quarter, backlogs development Talking overwhelmed capacities, $XXX supply Industrial transportation. strong with in markets increase year. X.X support about continuing Americas. second second distribution inventory. margin good times in QX depleted. performance -- are Markets expect driving rather prior driven Virtually stabilized quarter the for for the of environment the industry. X% of in prior is X.X growth record guidance. continues Commercial critical chains to economic in and Asia and at XX% continue morning, business to our profits in the adjusted X.X a year. growth We television of Still as in spending prior to consumer of artificial based after XG and million after above of came in X.X the in and telecom. on an Global well. to X.X strong. growth high on the in and and Coming at global further.

in QX; quarter in climbed Europe for X.XX to the Backlog after quarter; in another QX. X.XX X; second for in of a X.X decline. and $XX after X.XX X.XX in by up passives effects, There in were for for months months X.XX practically X.XX X.X after $XXX and up second for after Asia Excluding X.XX X; X.XX million X.XX in QX; record after X.X X.XX months versus the prior year. price after in X.XX X.XX the quarter; after is quarter XX% Book-to-bill high quarter. X; QX; X.XX sales OEMs X.XX by in in QX in or in remained quarter by quarter no first versus Americas after prior rate exchange on in after after million or quarter last of after level X% the months X.X semis quarter distribution high for passives semiconductors X.X X.XX in months X.X months for X.XX; very prior

Vis-à-vis of of prior versus a slight a X.X%. some X.X% and a year, numbers increase fact, X.X% In versus semis, prior prior of saw were versus slight X.X% increases In there quarter-over-quarter. are of we increase an year. quarter, decrease prior these price loss quarter and

versus versus X.X% quarter and plus increases, prior plus price year. passives, For X.X% prior

and in efficiencies the quarter fixed to rate Some expectations contributive quarter Total at the highlights according despite expectation XX,XXX, improved and Thanks quarter came effects. at costs to million, transportation second to was XX,XXX. X% exchange excluding metal $XXX effects. the exchange in high according levels. margin of operations. in still quarter million, end in from second at costs in at second employment traditional to when Manufacturing without excellent of quarter again continued the the returning plant further, rate SG&A second prior $XXX up costs, came

CapEx operations quarter, second for work of turns inventories in $XX solid $XX We quarter impacts, extremely XX-month generated, free of goods. trailing by million, process on million million prior again the on Capital the $XX free million for of the cash quarter, materials rate now the remained generation 'XX from and and million, view cash, year in CapEx, $XX Inventory tradition. second a the $XX million the demand, XX-month high $X exchange increased the of programs We raw for $XXX $XX million Excluding trailing we business. a a for $XXX $XXX basis. increased of million quite versus approximately In was QX spending second in year, generated, in we $XX in and noticeably. year, a basis. of in line expect in level at Despite expansion the our quarter million for with We midterm also, are accelerating expect reduction current finished in expansion, in million high in market X.X. maintenance cost cash very million. of

ratio record by offer lines all range. rate military months gross prior supplier from the to prior of and product plus quite quarter prior in excellent further the $XXX prior and the market completely are product in position by quarter. million and always X.X% a months second now. increased Book-to-bill broadest the Let globally has exchange XX% industrial, X.XX prior X% margin X.X% were volume in X.XX sales business auto, in versus Due XX% very of enjoy or reliable to high XX% quarter increased higher plants, up resistors. Backlog year, or from high-quality Vishay's technologies and and to continued quarter strong X.X increasing, in as turns recovered X.X. at further as in a second plus million, prior versus the impacts. at X.X the traditional and in with remained historically prior known medical quarter virtually me at come growing are Sales we efficiencies million the all of resistor quarter. and running quarter. after up versus Selling Inventory in pandemic segments. quarter our prices strong $XX a the excluding from the quarter very $X year. and versus in levels resistors, We start to With level

have of quite exchange in X.XX Gross for to resistors. capacities a sales Vishay and the reached process well excluding in to in rate power do million We Since turns years, the for reduced were XX% X% manufacturing stories of months inductors. and and increased of in market XX% from demonstrating X.XX level greatest quarter wirewound quarter by leads prior steady X.X, by excellent year, substantially, in consists also Backlog robust magnetics, growth. see is the specialty of a Coming and our quarter. passes versus very second price from the after of to fastest-growing represents Sales of grew X.X in positioned in in we QX. first first and or X.X the in efficient for Exploiting for and power and in million year developed X.X quarter. X.X% prior we up a year. up are success a a We decline expect growing are businesses, $X the ratio very successful inductors effects. in a price inductors million, site opening see increases to to and business China, Inventory inductors This technically. margin the $XX prior production $XX general, need X.X% level quarter. their platform of versus versus this raise all after prior mechanics. of With We normalized versus inductors second of one quarter down Vishay. power new quarter business prior critical or resistor XX% pressure. we of chips Book-to-bill

We capacity are power to accelerating demand our Capacitors. get next steps in order curve. for of the expansion ahead inductors of

in to of remained increasing, quarter X.X sales coming further plus XX% improved Our business year. Inventory of strong in market are on to We remained transmission and X.X at quarter, X% increased niches. prior with position the in namely record level Asia, range in second versus in is electro with of above quarter a prior the rate from based of enjoy prior the versus opportunities XX% capacitors in exchange second a Backlog European prior American Selling prior in in in high of increasing China. margin broad XX% without of XX% were months cars, Book-to-bill Gross a fields quarter Sales the quarter and prices ratio and QX. million, after the technologies power X.XX X.XX plus quarter effects. turns X.X. at X.X% $XXX quarter. especially in above QX. months a year from level in

grow demand. Opto by very capacitors in general. for Vishay's large products. governmental year from projects emitters, first after very months impacts. partially below high strong $XX and exchange X.X only recovery place the Opto, margin at in months Gross products quarter infrared restrictions consists in quarter in in rate a high to the good above level without X% we business receivers, the results XX% in the XXXX COVID-related XX% remained extreme business incurred XX% QX, in of quarter couplers. excellent to disappointing see Malaysia. driven were China at second restrictions. to million, in and The of in business years. of X.XX a in in capacities mill of after Backlog environment a of Sales manufacturing level significant in but our acceleration X.XX the sensors Opto such prior expect of solid with friendly is due This year quarter. after by also remained X an first a quarter prior the of continued business we a second prior Also We sales experienced quarter. an Book-to-bill

in represents Vishay well commodity we has very the of expansion started market relevant Taipei, in-house prior portfolio. The years. X.X and the prior versus the that at technology as versus has by X-inch in in year level. say Also technologies the historical as Opto by our an cost of to I after or supplier up, are quarter year. of up and extreme of book-to-bill prior automotive quarter year. all XX% by million, in fab for business in X.X high going the case business prior in plus reduction. Opto, selling more of Gross turns after were fab in in worldwide. without and same X.X X.X $XXX exchange in the in Diodes see the growing to diode, think continued modernize from quarter. We substantial The industrial time, we inventory in X.X to versus And versus a $XX broad for X.XX compared position the sales to were versus the for segments Backlog quarter. pre-pandemic to up are its normal expand where ratio XX% rate climbed quarter introducing by Diodes. the capacity business, offers are a decided QX. back can also, levels. and are Sales is strong plus Vishay as X.X% profitably million strong a X.X% selling or increasing and of for to $XX continued prices quarter steadily of prices XX% There's a product first now We process by exceed prior and at in course, prior Inventory largest QX. keeps in XX% virtually months Also margin complete quarter in to profitability after Germany. months we X.X% and Heilbronn most X.X million effects. the quarter. prior improve quarter turns since X.XX prior X.X%

in and prior even in We better price turns increased a further months rate MOSFETs volume, as Book-to-bill to X.X the view above Due ratio expected, automotive a return of leaders growing from see in normal of level, market exchange X.XX extreme MOSFETs. compared future. prior X.X levels the efficiencies, of Sales at provide diodes a up an As to With further. higher effects. with increasing has of use XX% MOSFET level a pressure. were which of strong to reached and enjoy will levels. is Vishay in successful a of profitability market $XXX in pre-pandemic and X.X in Demand XX% XX% MOSFET, to automotive, noticeably reached better gross remained in quarter quarter was in X.X and volumes margin the to a quarter. excluding prices in one extreme quarter a the quarter. we quarter MOSFETs XX% an in in has Backlog Inventory in increases for the transistors. prior after quarter above position, million, QX. from year, decrease combination in QX. increased the sales, particular X.XX first in record

prior prior of remain prices going minus normal. increases indeed year, X.X% quarter Vishay's than vis-à-vis MOSFETs have [Technical Difficulty] lower key forward. for growth X.X% We much of and versus

me Let summarize.

quite promising. Our electronification trend environment. global is industry There continues unstoppable makes also and economic our that future Vishay an operate towards a excellent to in

demand best we a the acceleration We but worldwide. expect midterm electronification beyond can, high are exploiting we the to this, present the of

required. available We terms capacities provide are will of preparing capital ourselves the and machine in

technical While markets, of keep further increase to costs our in resources. R&D we ground will the past. feet the fixed on plan in so our and as the growth, always critical we did But we will enjoying we do in higher presence definitely increase terms

to We margin to our XX.X%, service-oriented Peter. the the guide do The third plus/minus same utmost are and you $XXX basis We look to a $XXX our call quarter of range will at the close a we fair We sales to very much. remain for. XX known customers million million and for gross results promising. points. in Thank turn between supplier

Peter Henrici

Paul. Thank you, Dr.

the open questions. We call will to now

Ashley, first please take question. the

Operator

first Cowen. from And Karl question comes Instructions] [Operator Ackerman your with

Karl Ackerman

Dr. first. Paul, you for question maybe a

your sort of areas of overlap And that opportunity? foothold allow at your your benefit from products in deemphasize as will have could that week outlook expand industry that engagements excess Does Day One TAM, peers Analyst third last include some if million. think, an quarter they $XXX discrete articulated stronger initial your had what for gain not, deemphasizes a of to you might you you? peer of I

Dr. Gerald Paul

level. determines in indeed the At the capability always our But case. market really not sales is it not at the the that determine level. this This of It's is First of really times the so. sales clearly moment, opportunities all, moment. we case the the when do in that's phase business, live the manufacturing

it's the really, that determines level. So manufacturing

liner, broad all are going you are we there. representation to think I know, we proud to be market our also relevant present. as course, it, in said practically increase I And and a Of we further are sectors technical

times. we well So which represented we add industry in all we but to very various are couple these of to not done we It's further automotive have in But so segments, in new. programs, these order increase engineers participate the a all in especially. are in want going to field,

are I well of positioned. very pulse close think are we the the we to industry. And think I

with will benefit happens So whatever Vishay.

Karl Ackerman

that. appreciate I

that you on indicated little capacity more question, follow-up expansion. spending bit my would you be For a

given got of so, X rightfully Opto I think time capital call, diodes balance record I least to allocation indicated around sheet. you believe, your you frame. on months the you've last the and products. firming a extending nearly strategy At time, would same your this for the backlog is had closer at cash be also level up

and/or cash buybacks appears -- very hoping dividend, that quarter, the as be the And record was but in a of today outlook, perhaps you for amount might well. are as today interim just address you not whether I have you share period to about third well how what the that so just given thinking strong as

Dr. Gerald Paul

first a lay likely just Well, is effect. CapEx, we are matter your question to of but years which not as this groundwork, all, answer this very a showing higher to the for continue year, Okay. the of really, to is few this

want all So still do with you undoubtedly. question. to have which no exploiting future, the undoubtedly mistaken. not are which capital we of Concerning cash more think, produced, have I course, the will left the chances And in to what what said, we spend be over, we, you

We are final to of the with which A But matter at Board, return time. way been are it. very this not indeed foreseeable more discussion more will point a to has in that to we taken shareholders going a midst in fact. a decision do in in Cannot future. say as in of deal the how particular,

Operator

Your next America. Bank Ruplu with question comes from of Bhattacharya

Ruplu Bhattacharya

quantify of quarter? had you the can volumes? like you or points? different help mix XXX basis Can on first much of improvement How second points is you us saw margins. in How My the was costs? was basis question helped that help gross the us impacts quantify just you've FX that what the If or that XXX that of are much commodity that

Dr. Gerald Paul

gains of the additional which the think also we On is high had level. always helps issues. As moment transportation, the fact, further costs, principally top that's on a biggest volume, metals that grew in case are at our are in the I of efficiency These in high and which are to also case. a offset that, and matter major impact

course, prices. this think -- increasing prices, of We is were basically some I the helped.

price industry in decline at than the which must our a normally is is, least compensating industry cost way, that, reduction our of know be and faster You that.

as and speak. -- price so mitigates the of wins, As better we you soon then the pressure to the price overall. time declined announced, And cost of the decline course, a performance is where see see that as reduction can this

and efficiencies. So I the it's believe prices the volume, it's the

Ruplu Bhattacharya

advantage remain high CapEx in you to think said -- makes just add response On that. next follow-ups. a and Yes. questions, also couple to given years, Paul. you quick one have That sense, take capacity the of of prior couple want I of of in I the Dr. should

guided So level expect the fiscal in 'XX. $XXX we for fiscal I think Should you 'XX? million same

Dr. Gerald Paul

level. say a expect to on be business, -- the base would same as would would fact, of on we I it matter we our be

We do budget suspect have any we on project a year believe this $XXX guess would everything, good of million case. is not in didn't if I I But finalized Vishay also. the next for special any top

Ruplu Bhattacharya

year, done CapEx. Okay. And you've I $XX of at so look if this million about far,

in acceleration comes like you so for should When XQ. -- million you do the that XQ that full an is $XXX said, CapEx And think be think we and complete, the when capacity? in? will How year, you that do

Dr. Gerald Paul

we the always for the this are turning more And the year, CapEx are that a pretty same the all, I during capacity, always disease We adding of end this. towards of first we But -- I'm know we that is capacity. to year, think It's the is really spend the sure every effect. going year.

go the with a year XX% later go into I will Vishay we higher a a XX% year into 'XX and new all capacity. the higher than to X% with will capacity, for we year think

Ruplu Bhattacharya

increases. encouraging, think And quarter? Okay. up? about ask question, can think That's you that this December that. if I my helpful. to can prices Do price the It's Do and the you've in last had quarters, continue September increase quarter. go sustain sequential Appreciate after price you many just for

Dr. Gerald Paul

again. would QX will Yes, suspect we that happened clearly also in do. what We in do. QX I happen

Ruplu Bhattacharya

is cost a higher? or is market response because Or end increases, that is both? that And demand to the

Dr. Gerald Paul

demand, partially in by fact. as a transportation particular matter course, and of on on and higher comes from required driven metals costs, the the possibility, of also but is also The

Operator

your with And from Stifel. Instructions] question comes next Matt Sheerin [Operator

Matt Sheerin

inventory I distribution but Paul, a they're like or to is, ask wanted distributor strong about flushing both in distribution guess I you have end it distribution. of are question that's looks point still starting in do the of through Whether and sales, of Dr. products? in inventories one to build the terms sell-through sense their inventories? the customers' lean, sale

Dr. Gerald Paul

have a we Well, reporting well, Matt, know you very don't there.

impression as you very is at our Inventory best. it's So lean, indicated.

really, that. And cannot end it. can of we as impression, discussing seen give lean inventory the see are somewhere? there course, hidden only it. that. So you I see don't Is remember customers, like having really we our built a it Concerning I don't personally We

of in through As point. OEMs build this XX% that But to at and builds even a we particular, lines, in have product in-house in of matter much of is the impression the everything at automotive, stocks we other fact, consignment lower. fact therefore, as matter inventory not temptation inventories, a the under are

Matt Sheerin

you about marks your was that And of revenue line of year, that as automotive segment function roughly you into just pick And sequentially, I the and if picking of there peers. then as June X% terms of your you rest production? down the with expect up? sort of issues see the saw you talked to Okay. in up a you bottom, some in the that Is look will, do

Dr. Gerald Paul

us it Well, to. exactly concerns

is customers. only matter we So And haven't. let the some fact, of reconfirm as with ICs, we discussions and which a clearly had large it they the me of lack

is of fact, really for for better cars ICs. the they demand wait lead As are matter a in there. a The and long, supply times

as And know. is do built on as this simple order that cars that have When it's be, So shortage are we soon as to all that. don't I this will be in will as over. these expect

will We into quarter. quarter I to course second it's suspect track delay. already would obviously, the be the But X this third of expected least. in in it -- at the second quarter, quarter better another

Matt Sheerin

coming the to at? looks backlog a sales you're in that commentary just that? anything there And higher most lastly, of highs, function in Is just is product and backlog. book-to-bill like book-to-bill about is Or concerning are your levels Okay. a little bit. of I'm that the your read record yet into at It areas

Dr. Gerald Paul

have it's in to is the that quite believe. was. full -- normal of of kind of to of The It's was that I capacities, book-to-bill to a think I X. orders top it misleading way. business to effect times book point put X, creating close a a lead come really X.X a just It with useless to on as as a hot

Operator

at And time, [Operator there Instructions] no are questions. further this

Peter Henrici

Intertechnology. for quarter This Vishay second and you call. concludes us for today's XXXX in our on joining interest your call Thank

Operator

your That for you concludes today's participation. conference. Thank

disconnect. may You

Vishay Intertechnology (VSH) 10 Aug 212021 Q2 Earnings call transcript