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Tech Industry

Vishay cuts 4Q targets, sees lower 2001

    Vishay Intertechnology (NYSE: VSH) expects to miss analyst forecasts in the fourth quarter and anticipates lower results in 2001.

    After market close Tuesday, the semiconductor company said earnings would likely be 10 to 20 percent below the $1.20 per share expected by First Call's survey of seven analysts.

    Shares of Vishay slid to 15 in afterhours activity on the Island electronics communication network, following the news. Vishay fell 1.125 to 18.625 in Tuesday's regular trading ahead of the fourth quarter warning.

    Fourth quarter sales are expected to be 5 to 7 percent less than the $670 million shipped in the third quarter, partly because of slowness in Vishay's Siliconix (Nasdaq: SILI) unit.

    Order cancellations and extended delivery times are hurting Vishay's revenue, the company said. Vishay's announcement is the latest in a host of warnings from chip and electronic component makers.

    Fiscal 2001 results are expected to be lower than 2000 because of soft orders, Vishay said.>