Vishay Intertechnology, Inc. VSH reported fourth-quarter 2020 adjusted earnings of 28 cents per share, which met the Zacks Consensus Estimate. Further, the bottom line improved 12% sequentially and 115.4% year over year.Revenues of $667.2 million surpassed the Zacks Consensus Estimate of $646.8 million. Further, the top line was up 9.4% from the year-ago quarter and 4.2% from the prior quarter.Top-line growth was driven by strong performances of resistor, diode, MOSFET and opto product lines in the reported quarter. Further, a recovery in the automotive sector and a strong momentum across Asia markets, especially China, were tailwinds.However, the coronavirus-induced disruptions acted as major overhangs.Notably, Vishay’s book-to-bill ratio was 1.44 at the end of the fourth quarter.The company’s continued focus on expanding its manufacturing capacities is a key catalyst. Moreover, growth opportunities across all the product segments remain a positive.Vishay Intertechnology, Inc. Price, Consensus and EPS Surprise Vishay Intertechnology, Inc. price-consensus-eps-surprise-chart | Vishay Intertechnology, Inc. QuoteProduct Segments in DetailResistors: The segment generated revenues of $161 million (24% of total revenues), up5% year over year. The strong momentum of resistors acrossautomotive, industrial, military and medical markets was a positive. Notably, the book-to-bill ratio for this product linewas 1.24 in the reported quarter.Inductors: The product line generated revenues of $75 million (11% of total revenues), which decreased 3% on a year-over-year basis. The coronavirus-led softness in the automotive sector remained a headwind. Further, high transportation costs and foreign currency fluctuations were concerning. The book-to-bill ratio for this product was 1.03 at the end of the reported quarter.Nevertheless, the company’s well-performing magnetics continued to drive its specialty business.MOSFET: The product line generated revenues of $132 million (20% of total revenues), improving 12% year over year. The book-to-bill ratio for this product was 1.64 at the end of the reported quarter. Growing momentum across the automotive space and solid demand environment contributed well.Capacitors: The product line generated revenues of $92 million (14% of total revenues), down 6% year over year. The book-to-bill ratio for this product was 1.54 in the reported quarter. Delays in governmental projects were overhangs.However, the product line witnessed a solid momentum across America and Europe. Further, growing opportunities for capacitors in the areas of power transmission and electro cars remain tailwinds.Diodes: The segment generated revenues of $139 million (21% of total revenues), up 11% from the year-ago quarter. This can primarily be attributed to the strong recovery in this particular product line. Further, Vishay’s strong momentum across the automotive and industrial markets with diodes remained a positive. Notably, the book-to-bill ratio for this product was 1.65inthe quarter under review.Optoelectronics: The product line generated revenues of $68 million (10% of total revenues) during the reported quarter. The figure was up 29% from the year-ago quarter. The book-to-bill ratio for this product was 1.46 inthe period. Strengthening demand environment for the product line contributed well.Operating DetailsIn fourth-quarter 2020, gross margin was 22.8%, expanding 60 basis points (bps) on a year-over-year basis.Selling, general and administrative expenses were $92.3 million, declining 2.1% year over year. As a percentage of total revenues, the figure contracted 170 bps from the year-ago quarter to 13.8%.Consequently, operating margin expanded 500 bps on a year-over-year basis to 9%.Balance Sheet & Cash FlowsAs of Dec 31, 2020, cash and cash equivalents were $619.9 million, down from $682.4 millionas of Oct 3, 2020. Short-term investments were $158.5 million, up from $29.5 million in the previous quarter. Inventories were $448.3 million, up from $440.2 million in the prior quarter.Long-term debt was $394.9 million at the end of the fourth quarter compared with $392.3 million at the end of the third quarter.In the fourth quarter, the company generated $125.7 million of cash from operations, up from $64.3 million in the previous quarter.The company’s free cash flow in the reported quarter was $73.01 million, declining from $42.4 million in the prior quarter.GuidanceFor first-quarter 2021, Vishay expects total revenues of $705-$745 million. The Zacks Consensus Estimate for the same is pegged at $675.6 million.Further, the company anticipates first-quarter gross margin to be 25% with +/-60 bps.Zacks Rank & Stocks to ConsiderVishay Intertechnology currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector are CDW Corporation CDW, CrowdStrike CRWD and Garmin GRMN. All companies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Long-term earnings growth rates for CDW, CrowdStrike and Garmin are currently pegged at 13.1%, 25% and 6.8%, respectively.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Garmin Ltd. (GRMN): Free Stock Analysis Report Vishay Intertechnology, Inc. (VSH): Free Stock Analysis Report CDW Corporation (CDW): Free Stock Analysis Report CrowdStrike Holdings Inc. (CRWD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research