A month has gone by since the last earnings report for Vishay Intertechnology (VSH). Shares have lost about 1.8% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Vishay due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Vishay's Q2 Earnings Beat, Revenues Down Y/YVishay Intertechnology reported second-quarter 2020 adjusted earnings of 18 cents per share, which beat the Zacks Consensus Estimate by 157.1%.However, the bottom line declined 50% year over year and 14.3% sequentially.Revenues of $581.7 million surpassed the Zacks Consensus Estimate of $558 million. However, the top line was down 15.1% from the year-ago quarter and 5.1% from the prior quarter.Coronavirus-induced disruptions remained a major overhang. Lockdowns in many countries were headwinds. Further, automotive plant shutdowns across American and European regions impacted the company’s second-quarter results significantly. Moreover, sluggish commercial avionics space in Americas was a concern.Nevertheless, the company witnessed recovery in the Asian markets during the reported quarter. Growth in the automotive, medical and automotive markets in China were tailwinds.Notably, Vishay’s book-to-bill ratio was 0.82 at the end of the second quarter.Coronvirus pandemic-induced uncertainty and economic volatility globally are major concerns in the near term.Nevertheless, the company’s continued focus toward expanding manufacturing capacities is a key catalyst. Moreover, growth opportunities across all the product segments remains a positive.All these factors are likely to instill investor optimism in the stock.Product Segments in DetailResistors: This product segment generated revenues of $135 million (23.2% of total revenues), down 17% year over year. This was primarily due to softness in the automotive market. Notably, the book-to-bill ratio for this product line was 0.73 in the reported quarter.Nevertheless, strong momentum of resistors across industrial, millitary and medical markets was a positive.Inductors: This product line generated revenues of $65 million (11.2% of total revenues), which decreased 15% on a year-over year basis. The book-to-bill ratio for this product was 0.96 at the end of the reported quarter. Sluggish automotive market impacted the top-line growth within this particular product segment.Nevertheless, the company’s well-performing magnetics continued to drive its specialty business.MOSFET: This product line generated revenues of $119 million (20.5% of total revenues), declining 7% year over year. The book-to-bill ratio for this product was 0.97 at the end of the reported quarter.Capacitors: This product line generated revenues of $84 million (14.5% of total revenues), down 24% year over year. The book-to-bill ratio for this product was 0.90 in the reported quarter. Disruption in the general market conditions owing to coronavirus pandemic remained a woe.However, this product line witnessed solid momentum across America and Europe. Further, growing opportunities for capacitors in the areas of power transmission and electro cars remain tailwinds. Additionally, growing momentum of this particular product line across military market and grid expansion opportunities in China were positives.Diodes: The segment generated revenues of $124 million (22% of total revenues), down12% from the year-ago quarter. This can primarily be attributed to high level of inventory in the supply chain. Further, sluggish market conditions were headwinds. Notably, the book-to-bill ratio for this product was 0.61 during the quarter under review.Optoelectronics: This product line generated revenues of $49 million (8.6% of total revenues) during the reported quarter. The figure was down 19% from the year-ago quarter. The book-to-bill ratio for this product was 0.96 during the reported quarter. Factory shutdowns remained a concern as it resulted in rise in manufacturing inefficiencies.Operating DetailsIn second-quarter 2020, gross margin was 22.5%, contracting 300 basis points (bps) on a year-over-year basis. Extra expenses that it incurred due to COVID-19 led disruptions were overhangs.Selling, general and administrative expenses were $89.1 million, declining 6.3% year over year. However, as a percentage of total revenues, the figure expanded 140 bps from the year-ago quarter.Consequently, operating margin contracted 460 bps on a year-over-year basis to 7%.Balance Sheet & Cash FlowsAs of Jul 4, 2020, cash and cash equivalents were $599.9 million, decreasing from $680.7 millionas of Apr 4, 2020. Short-term investments were $157.2 million, up from $140.7 million in the previous quarter. Inventories were $449.2 million, down from $453.2 million in the prior quarter.Long-term debt was $438.5 million at the end of the second quarter compared with $552.1 million at the end of the first quarter.In the second quarter, the company generated $90.4 million of cash from operations, up from $34.5 million in the previous quarter.The company’s free cash flow in the reported quarter was $66.1 million, declining from $10.2 million in the prior quarter.GuidanceFor third-quarter 2020, Vishay expects total revenues in the range of $580-$620 million.Further, the company anticipates the third-quarter gross margin of 22.8% with +/-70 bps.How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month. The consensus estimate has shifted 43.21% due to these changes.VGM ScoresCurrently, Vishay has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Vishay has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.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 Vishay Intertechnology, Inc. (VSH): Free Stock Analysis Report To read this article on Zacks.com click here.