VSH - Earnings call transcript Q1 2024 | Vishay Intertechnology, Inc.

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Operator

Good morning, and thank you for standing by. Welcome to the Vishay Intertechnology First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Peter Henrici, Head of Investor Relations. Please go ahead.

Peter Henrici

Olivia. you, Thank welcome Call. and Intertechnology's Quarter First Good to Earnings XXXX morning, Vishay I our Financial Joel Executive by am today joined Smejkal, by McConnell, Officer; Dave President our Chief Officer. and Chief and results for This morning, we our quarter. first reported available A Relations the ir.vishay.com. section release at Investor website in copy our earnings of our is of website. live being This web can call broadcast is be and the over accessed through our

on being In and will replay call via is recorded our today's addition, available website. be

we to During at also the which we slide call, posted referring a be ir.vishay.com. presentation, will

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

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

release various this information are on conference our measures. and non-GAAP on press call and We in including GAAP

a and full you will reconciliation the our ir.vishay.com believe we have well in non-GAAP which presentation useful posted believe We the provide when and in we performance measures as release results. GAAP GAAP non-GAAP about conjunction businesses by information should measures. We of our considered investors because find operating comparing as be included useful press on our in they non-GAAP to GAAP use with

President Chief Officer, Executive and to Joel over call the turn I Now Smejkal.

Joel Smejkal

joining XXXX results of of market, After the Then Good then our we'll the for wrap of Thank call. and quarter by with your that, demand XXXX. second for review any Thank review be X goals start through for the will of guidance questions. highlights quarter end and and take a answer XXXX, first to on happy of the you, Peter. and I'll up our initiatives first Slide for our financial us quarter my a Dave region. with morning, you everyone. I'll earnings channel remarks trends

we to The are of impact quarter, for million, and inventory sequentially. of the first fell greater million products semiconductor above digestion the the of guidance A quarter, demand million. our $XXX.X into this that to $XXX extended slightly inventory to reporting X% revenue For $XXX our revenue first quarter, our proportion passives. The of oversupply compared last midpoint range began is

However, as I and we aerospace some is, improve defense, in quarter-over-quarter. Notably expect mentioned fact, and and that last with happened markets end February, what both sooner. year-over-year growth to

largest on steady with Automotive, orders at beginning powertrain left are mix, and revenue the Let's still Vishay is regions, Tier now the effect is hybrids X.X% on total also OEMs and well look revenue, ] declined X. by in Demand Xs Regardless segment slightly into our for which more market in contributor and January by weakened Slide of while programs contracts to to increasing. needs. the due to most detail that due supply EV their of engines X. the side annual combustion just internal primarily of of from [ went positioned customers'

automotive our wins systems, management including increase year, X%. inverters was last automotive design Compared Design onboard traction of the to revenue chargers. and activity e-mobility, battery continued focused quarter remain and in and ADAS first up on and to

next-generation and with for for and demand engaging While current closely their are moderated, more Xs discussions and EV us technology near-term EV capability projects. somewhat automotive design OEMs Tier has for

increase engagements potential in new plus We new discussions OEMs. have with silicon year-over-year X% OEMs, design carbide an multiple with design

to digest in digestion by sluggish China. uncertainties contributor Demand the and also revenue continue declined largest Asia, fourth and in remained economic semiconductors. primarily to the second and remains influenced versus our X.X% customers, inventory. from industrial XX.X% weak Americas quarter due the quarter, inventory last Europe year's from Revenue first as continued ongoing customers in

order should of a through soft our is million. will revenue program European their commitment high first has from some for one in large The improvement a sizable the industrial The passive some positions. this quarter, customer the count we they million. at point This quarter and do component saw demands order It the first received The capacitors in grid. for upside. $XX infrastructure this and $XXX in noted is customer. Although with and multiyear sole-source was offer projects support projects was a Vishay where be in XXXX we project XXXX, the renewable quarter,

industrial as and be activity redesign With versus growing to major XX.X% continues smart regions renewable generation Aerospace automation energy quarter first for our quarter, Design customers versus and year. in energy grid customers fourth the focus and last across storage. for increased all remaining the year. XX.X% revenue the industrial the infrastructure along last In strong. Defense, XX% our over and with

commercial production of and in are Europe, ramping demand from weapon the replenished being is and aviation systems communication systems weapon up. strong new in Continued and where munitions Americas system contractors and

this Vishay's States presence Department continued us qualified position list in Defense growth on parts for puts market. in excellent of an United the

segment companies those With strengthen we at than demand throughout greater delivery their end As expedited one to EMS for book-to-bill and quarter expect products require customers requests, and a OEM builds. XXXX. in this military placing qualified market

implantable telecom and declined equipment respectively. to fourth monitoring year-over-year normalized in last inventory XX.X%, the strong segments, to computing, digestion Design devices. and and to our and decreased customers and of the Reflecting as both ongoing levels. pricing market XX.X% more X.X% year remains activity demand and other sequentially semiconductor some from returns medical from compared areas Revenue quarter consumer XX.X% by Revenue compared remote pressure.

Design for transmission, systems by the year-over-year. in next servers the soft, demand improved upgrade cards, servers. targeting standard activity computer cycle telecom is on remains consumer data power and in and up and begins. AI notebooks also demand Asia center servers, XX% high-speed computing AI accelerator computing as data management for for While driven

than to was X% quarter lower fourth the revenue Turning declined quarter. to compared our X.X% channel sales. first year's OEM and last

reduce fourth saw products inventory quarter sequentially short below and new as was worldwide fourth customers continue quarter the was their to in declined XX and at all inventory. lead was quarter-over-quarter OEMs, EMS flat. and times indicating long-term and digest XX.X% annual further like orders. some for increased automotive the automotive POS markets serving to flat have lead X.X% industrial for they place semiconductor first contract manageable the EMS customers, last customers Distribution all are and inventory year and the regions. those came revenue worldwide for consume Customers to digesting demand, some customers. that pricing some need replenish Distribution saw increases, is fell effect while aerospace on weeks. to given from inventory into quarter regions and as XX.X% also quarter low, times defense X.X% year-over-year. inventory revenue need First in

flat customers. this masked aerospace the of to POS X.X% passives strong sell-through and However, increase defense worldwide the in Americas reflecting

expect input we still inventory extend the on customers, from to our Based through quarter. the second correction

With the continues recovery build markets. in lines the moving to by computing. improving as the passive. and into lag positive is into third quarter. of Bookings and passive [indiscernible] To some end aerospace territory recovery in the the second are prominently to book-to-bill the the for half extend end defense Semiconductor markets is likely also industrial passives serving year those

all advance that reliably allow our supply the cycles. in us during deepen capacity continued and our with to to now we initiative expansions needs their market to quarter, distributors will Finally, engagement our

have the leaders unit business distributors. Our to traveled

Some by with meetings on items. are were strengthen initial shelves action to meetings, and enlightening meetings position come others improve SKUs. the were many follow-up she's All distributor adding and

to I my Dave, turning express Vishay. the of employees all want call to Before appreciation to deep

the taking place Dave turning X.X. For the now their continued changes I'll creating excitement potential over our at reality, a commitment the for embrace And turn for and call our and their into collectively and company our enthusiasm review financials. to a of to for future Vishay to

David McConnell

Thank you, everyone. Good Joel. morning,

with the our review Let's X. on highlights quarter of first Slide the start results

including our were pressure channels. ASP in million of revenues reflecting quarter, to business in end fourth distribution reduction reduction occurred decrease attributed to continued decreased acquisition EMS X% X.X% volume Newport in in demand reflecting a recently the of soft volume First industrial ASPs. our and a markets segments quarter Most pricing compared in and computed and the and semiconductor range the and ongoing $X million, Revenues guidance. X% within our $XXX.X

Vishay was was approximately X%. by the semis volume inductors months business X%, $X resistors, the for decrease reportable -- MOSFETs quarter Compared sequentially book-to-bill down reduction for months respectively. slightly were quarter comprised at million to last of passers. passes. in and and revenues compared followed XX.X%, for decrease and which Opto ASPs. segment of to attributable end Vishay the and X.XX% X.XX% decreased revenues was by mainly of were to These of and in offset Our year, We first increases prior of which each X.XX% reflecting X% by total the end, declines At the declined X.X% for revenues Backlog and a in a quarter. X.X X.X XX.X% diodes

quarter-over-quarter Looking months. at X.X X.X the X.X compared Backlog semis for months compared and backlog category. was for product passives by months months comparison was to to backlog X.X

the decreased the to mentioned presenting ASPs, the versus Compared statement million was was SG&A compared quarter, the for negative impact impact Gross includes Newport fourth previously the The the Operating due Newport. MOSFETs $XX.X to of to $XX.X $XXX.X included XX on the quarter of for Moving of million Gross on acquisition, basis million. to impact were particularly fourth related gross primarily impact expense of margin gross in the lower well the profit. points for income million. was XX.X% in margin next gross Newport. as $XXX.X negative lower included margin profit income as the million, the the quarter. volumes $XXX.X depreciation and slide, to fourth highlights. which decreased profit quarter expenses

prior lower higher fourth of expenses. and to extent, Operating quarter XXXX. million, lesser compared Compared XX.X%. income X.X% the EBITDA operating was was for million an SG&A driven margin and first XX.X% year quarter quarter, to first by EBITDA decreased sales the $XX.X X.X% quarter $XXX.X a of margin for for to volumes

share, the of was quarter share to quarter fourth Our for the and quarter for share EPS effective tax this rate normalized $X.XX first per the $X.XX for $X.XX XXXX. XX%. compares per was EPS of per

Proceeding to Slide X.

illustrating and book-to-bill ratios reportable for For includes presentation gross table margin revenue, of the each of segments. business ease the the our reference,

days, resulting Newport. days. about XX days quarter a million quarter, XXX metrics. at at flat of to quarter, fourth end for XX related days was quarter, present $XX Inventory X Turning cycle of while X. DPO $XXX.X XXX day the our were conversion the to XXX cash remained was the fourth days outstanding the first cash in the including to We days. inventory the of than higher for DSO million Slide Inventory cycle conversion compared

first the On you cash can flow see that Slide for amounted operations to from quarter. million X, $XX.X

million unusually on As was reminder, payment the cash of is transactions. Compared lower $XX.X XXXX, capacity was compared XX.X% CapEx basis, that for of period repatriation the to capital flow operations Total expansion the due to trailing a for withholding to fourth same $XX.X reduction quarter quarter quarter in was in earnings. a projects. taxes last filing On X.X% invested the year. low largely million from with intensity cash first the the XX-month total of

X.X repurchased the cash first million, was flow paid during for $XX.X of million to repatriation. and per $XX.X a for repurchases. share high million million the for from shares levels our share. quarter the quarterly dividend amounted shares related average fourth quarter was Free the number of significant and consisting cash The compared of to returns at an of free quarter $XX.X use CapEx price $XX.XX of to of Stockholder in million quarter cash $XX.X taxes

shareholders. end utilized we million cash hand Cash still $XXX $XX to to decreased on investments we to the quarter, of on expect the the the have fund of million at the At cash least acquisition. $XXX.X and return to of end For after in $XXX we of the million Newport U.S. XXXX, at hand approximately quarter short-term million

Turning to Slide X for our guidance.

be XX.X%, minus has approximately expected plus by $X including year. second in $X or spending, which is the addition the the minus in gross for our acquisition the plus year for to an related expected planned lower offset basis salary guidance or minus or minus adjustments our million, $X.X and million to million approximately $XXX the well headcount, be or XXX million margin of on quarter $XXX XX range the basis are plus full be $XXX The as Newport $XX on million, of drag as travel. Included Gross to SG&A Newport are expenses points. is SG&A is to plus nondiscretionary and hiring margin. revenues million. to freezes of quarter increases point million expected For XXXX, XXXX

XX% expect to effective tax normalized approximately we of XX%. XXXX, a For

Okay, to the Joe. I'll call over turn back

Joel Smejkal

we to Dave. reliable customers, and X, April from the Investor about to more At more communication Day, customers. need you, we Thank from our be with more capacity scale customers on a attract to they new held and our and want our clearly also Vishay. to talked travels supplier

our are us we customers, scale As deepen growth. our to with expansions engagements their one support for component capacity and

commitment technology supply direction which our and e-mobility to their to innovate is megatrends and Second and products the sustainability. support of

meet the are the greater expand broadly accelerate pulling returns are Slide we to more To to our X-year serve our product plan, making X drive addressable portfolio, strategic our commitments displayed levers XX. to market executing growth we customers, on and and revenue and a

growth cornerstone plan. of one is Expanding capacity our

I we is X XX% to XXXX, earnings of internal capacity During for the earmarked of February $X.X and invest in CapEx billion that shared over planning which expansion. conference first are call years,

expansion in come With we and billion plan total in of for million made the be CapEx $X.X COO, investing X-year to at XXXX. and Then XXXX and XXXX will Jeff March capacity of to on $XXX the Day, million between a around our expected landed X% in Fab our added acquisition strategic we $XXX we've XXXX growth have CapEx, Newport Webster, in which And investments The which XXXX. detailed includes qualification. XXXX, plan invest X-year are spent in plan. expansion Investor is online to our XXXX, are projects,

you on five progress with our share our of now to projects. like expansion I'd

induct a commercially inductors. capacity in scheduling half may our in of is first completed ship customers and around Laguna, inductors products capacity of you we and qualification qualified coming power began the audits internal Automotive XXXX, expansion. is we The the is underway. for Mexico, portfolio, 'XX. to in to La have remember QX the second be doubling And

We expect XXXX increase capacity to in be XX%.

resistors, shipped be the automotive a to qualified Mexico, also is some the coming the of current We're and expansion. with first Juarez, sense there and resistors, Doubling capacity shipping now, continue products commercially we quarter. happening product schedule through. in qualified this audits customer our will

XX%. in by expect to the capacity annualized increase We XXXX

We're begin qualifications Taiwan. our QX advance diodes Taipei, to commercially to while qualifying in expect automotive shipments continue also there. and we 'XX,

expect XXXX, We in annualized capacity to increase X.X%.

range on expansions capacity key select in of XX%. larger be will products the there However,

approval expect to commercially in Turin, Italy. the the ship and XXXX. early automotive qualification delay by complete now Due qualified a environmental the government, in to we diodes

March Finally, took fab, the fifth X. is Newport. The we control of the fab

for extending doing XXXX. transfers month We one fourth resistors. are and five will first for Opto in one beginning XX% of needed now tools for The technology qualifying will rest the product ordered and the in tools the and the half quarter three of be this December ordered into in transfers, the of MOSFETs, be were May.

automotive commercial Two XXXX, transfers. we If we complete shift technologies MOSFETs foundries, ICs. expansion, Korea. of are and to Key In transfers to while products, technology X are external capacity planning for

in have 'XX 'XX. to these QX available on technologies and expect engineering six QX, samples We

QX to 'XX QX expect begin shipping of in and QX qualification We manufacturing 'XX and complete 'XX. volume

by is goal annualized XX% increase Our products, to for charge increase capacity the that in compared capacity split underserved MOSFETs we market. gate with have XXXX the to XX% products, for XXXX an balance

early which addition, fab scheduled XX-inch a of Also for capacity, for we during one As added as 'XX. passives subcontractors XXXX first intermediate foundry we key step for is external is increasing fab capacity our complete Germany, Isao and three reminder, the the an semiconductors. quarter, this around in and

these capacity, expanding supplied commodity products our We're to to by products. some of subcontractors. new our portfolio addition for adding In also

to goals XXXX achieving For our we capacity on set of external our targets. for path use XXXX,

qualify to in expect outsourced revenue X% continue XXXX from as passives to we generate suppliers. We

semiconductor expect fabs from We wafer XX.X% production outsourced XXXX. in

assembly expect We XX.X% from semiconductor in XXXX. production outside

be would why released. our has importance And up have our silicon carbide, three shift current XXX-volt resistance bit these website like This is types we the now XXXX and partner to loaded carbide and planner track. foundry they'll technology to are the The X,XXX-volt longer technology, provided development we're different a Newport and heavy of looking stresses trench innovation of as currently XXXX. in planner the year we planner If package now we with is and carbide on available and half capabilities the taking moving customers. samples for X,XXX-volt We of show silicon weeks, and the next the we'll of couple to demand. technologies to the about talk silicon in technology, last in X,XXX-volt the on developments first forward than the

due site first process about silicon this talked 'XX, late the the priorities development. delivery If we we've tools -- beginning and tools to the activities with QX so ordered, carbide quarter the activities. Newport of we silicon transferring are begin talk early time the technology and to about can to given QX 'XX qualifying The the of qualification, were itself, the begin

So look the all when intending the expanding and all the the position with are customer. these XXXX, capacity, are silicon help carbide support innovation external with subcontractor, This at these the the strategy of internal capacity, scaling initiatives, to in of and to Newport. These the is we X.X. underway us you

direction. as about capacity sustainability. progress trends demand part in engagement, upturn market polishing we a with initiatives, they're our supplier, the excited and number catch-up expansions, e-mobility boosted increases of reliable an our in in in fully this for are by sideways are to X.X, in prepared factory remarks. closing, the innovation reputation So completes so We're we moving all customer and taking invest prepared That Vishay the making right advantage we're the

questions. Olivia, your let's to Now we'd be first of take question. happy any answer the

Operator

Matt question first the from our line And Sheerin Instructions] Stifel. of coming with [Operator

Matthew Sheerin

have think just through about guidance question start as the should first gross and also headwinds get how and to depreciation. year and see at thinking the as growth cycle margin you we recovers, the then growth, that contribution but regarding some sequential volume of Thank on you're you we typically and do I'm capacity margin incremental Yes. you Newport more XX% roughly the incremental

margins get So how through we as few should gross quarters? we about think next the

David McConnell

it's Matt, Dave.

second So automotive. better driven I aerospace, increased demand from think we our half to half primarily from defense for first and expect -- than the demand be the

is is stable The We volume year OEM quarter the the to in for on moment. everybody fairly with be else the since the expect issue limited in have rest contracts already visibility ASPs at place of X. we

Matthew Sheerin

terms else volume ex is of Okay. matter just like back? Or But of a volumes incremental so impacts in really coming other the it Newport, it's anything there? now just

David McConnell

Yes, just volume.

Matthew Sheerin

Okay. And was It then but more be more expectation? semis looked versus MOSFETs you saying you're Could things more on we're sounds pressure. the like specific the stable, are like looks it significant and erosion quarter. ASPs, what about like it ASP the this pricing in passives seeing

Joel Smejkal

it's whether the out yes, we've pressure, our ourselves the the EMS are the mid channel, Capacity in Pricing move that to in XX% seen. trying inventory XX%, distributor, from or the is and that's inventory. OEM, the at what people peers utilization

there diodes. also is There inventory. quarter. semiconductor ASPs most some many the agreements of we the of and that the pressure contract, it But the ship first was price debit were on We accounts price have annual that. that MOSFETs strategic and the The the do move with impacted quarter the in with pressure So inventory our on to see a first is push around through. move to

Matthew Sheerin

sense it's based Is from you're customers... here? a Okay. that why stable you on are that contracts And that the then seeing getting

Joel Smejkal

contract The annual they're agreements.

based in much and large patents activity are expect agreements. be continue The the anything those bit so don't for The less to ship a is annual those accounts for excessive. passives. inventory in have for not place. adjusted that channel I more semiconductors, debit could further on So

will excessive. stable. it quite is on we some semis, . don't but past the be spot So pressures There see

Operator

Our America. coming Bank from of question the of line Bhattacharya next Ruplu with

Ruplu Bhattacharya

question of normal distribution? know of you only think inventory expect? it in is, XQ that some how And the expect think the more Joel, the I second but many some that at XX quarters improvement inventory you you I half, weeks expectation? you for at as correction? think lines inventory your at quarter What XQ of inventory distribution. do correction weeks. Or to do were at said that of distribution be could it's do second part was trying you the well? new extending another increase product I more a you into is mean, is

Joel Smejkal

see Okay. is we XX weeks it. where about

and You we remember we adjusted where the be sit. that. may We we in SKUs The and were said their a we'd of around weeks have growing inventory do the XX high to intentionally. distributors the We as kind that's past calls, were continue rates. order adding

stocking. So type backlog just-in-time of supply of the versus a is more

are still adding We SKUs.

XX So say point, this at should where I the would weeks we is be.

increases, the go QX concern is The inventory good. feel of inventory POS passives, think be and year quarters we I the going there correcting be to through half passes, the we'll going quickly As depleted. trending quite to is It's normalized. of some second to that be more the then

we increase. expect However, to POS

go in this I into go be more And feel at done. QX. with OEMs, will where is that the will we're is then can digestion quarter that that the inventory and On par the the digested, inventory is semi in think beyond consumption QX, and we semis, it

Ruplu Bhattacharya

Okay.

couple questions. to with a you speak like of ask Dave David, I would the me Let call. on

$XX an frame You the project? win for revenues for think How about we industrial million. time coming in that mentioned should

David O'Connor

for the a QX. this XX XXXX. peak comment getting volume be about EUR XX production. XXXX orders been around now project. working XXXX we that. of I million and of excited that Quite smart program number are years, grid into in EUR on and This an is begins. The million that These it's years industrial business design received as heavy on here we've can will expect now There's materials in the that we've is to

has starting waiting them. to And leader good to and support to been a given us orders, We've sign. the move. it's industrial start purchase all to that So we're industrial here's a plan for large very

Ruplu Bhattacharya

Okay.

subsequent cash should How think cash and flow how about free quarter you terms quarters. and that we the for the do of that both In see cycle, June trending? conversion

David O'Connor

to expect cycle. conversion flat any quarter-on-quarter and I number. the changes added to our already is already Newport So cash fairly quarter wouldn't X material The inventory

In presented I we that I the at that's a our think think still free had a this guidance. terms of negative and Day, cash slightly indicated our number chart generation, year, Investor

Ruplu Bhattacharya

Got it. Okay.

more last Okay. the like question, the one that? you're Maybe is you about Joel, is with head like? count is Can that? my growth And that Slide increase if that And you of strategic geographies would would impact levers there on need you so, you do to how which increasing technical are would that done Or specific headcount. XX or showing think areas SG&A? you talk

Joel Smejkal

asking met head projects they're EMS. their Tier could as calls, been This working We're technical the our We with in be engineering and us. ] for technology one could customer help from which could come design be be Vishay. and we've design access the for and OEMs, for new engagements, Xs Flex closer There's will are given of it in move [ Through teams. teams count to is mentioned offering forward. It we've The it customers the engineers. early to well. Jabil's assistance their customers us technical also continue. last

place, further next the So we're field. in back in by and the maps talent steps starting Europe put at going to in the Asia, we're engineering looking Americas and

but think expense, going This These not of you're second is with to customer Vishay be scale. and to projects their pay of half forward year. the because And driving the investing the SG&A I the the will value customer which the think be the have. I this off in did previously opportunities, clearly, highlights quite some engagement us. for coming will increase

Can the now. We be production increases, closer then You're support investing see volume it you it. when to together. scale there beneficial can

Operator

the question from next with our And Cowen. Joshua coming Buchalter line of TD

Joshua Buchalter

Could Let welcome have headwinds? couple some is fixed the to the Newport because of me is abate? . foundry of guidance that to need how Or get long gross here to over that level a margin or call provide the least fun. it earnings And to Dave to, start on sort of years? to arrangement shape sort the we at of revenue of next there you maybe the echo from the

Joel Smejkal

I with echo. could then can off start it Dave and

second We their And declining volumes which full. the owner now the previous diminishing I We qualified QX which as they to to see and in is lower committed see partially and quarter-on-quarter. This and towards partially building be And that. XXXX. will place, impact it's the transfers, half then will expediting fab, that we're in volumes start have quarter QX. a to exiting The when is in we we're start say full, volume is be their us is volume will to production first technology we parallel, mentioned production of the going and in begin our margins QX. in in

Diminishing business then Vishay trying stepping we're So the there owner. to offset an in. previous with exit of

second comment half to do you at all? impact. see going we're want to Dave, So

David McConnell

Yes, sure.

guiding to sales to impact second XXX QX $X that the the QX, margin $XX million. going one for drop again number quarter, on million roughly for points and So approximately of the That's sales. basis Newport. we're is

it's So revenue. negligible

think and QX QX to impact closer we margin, basis XXX points, Josh. So on the . the is total

Operator

no now questions turn will this call showing the the And to any closing. in time. I'm at I further Mr. back queue for Joel over Smejkal

Joel Smejkal

Thank good again. you, look you our August, We a morning then day. this a Again, talking quarter to and our early results. will joining in and second of Thank you performance. us quarter first report forward Have we you, thank review everyone, for for Olivia. to

Operator

conference participation, you conclude gentlemen, may today. now the and Ladies and for Thank for you your that disconnect.

Vishay Intertechnology (VSH) 8 May 242024 Q1 Earnings call transcript