Loading...
•
Mar 31, 2020
Diodes Q1 2020 Earnings Report
Diodes' first quarter results were in line with expectations, impacted by the Chinese New Year holiday and temporary U.K. facility closures due to COVID-19, with automotive revenue growing sequentially and year-over-year.
Key Takeaways
Diodes Incorporated reported first quarter 2020 revenue of $280.7 million and GAAP net income of $20.2 million, or $0.38 per diluted share. The results were impacted by the delayed start of manufacturing production following the extended Chinese New Year holiday and the temporary closure of U.K. wafer fabs. Automotive revenue grew sequentially and year-over-year.
Revenue was $280.7 million, compared to $301.2 million in the fourth quarter 2019.
GAAP gross profit was $95.8 million, or 34.1 percent of revenue.
GAAP net income was $20.2 million, or $0.38 per diluted share.
Automotive revenue grew sequentially and year-over-year to 11% of revenue.
Revenue by Geographic Location
Forward Guidance
For the second quarter of 2020, Diodes expects revenue to be approximately $283 million, plus or minus 3 percent, and GAAP gross margin to be 35.0 percent, plus or minus 1 percent.
Positive Outlook
- Revenue expected to be approximately $283 million, plus or minus 3 percent.
- GAAP gross margin expected to be 35.0 percent, plus or minus 1 percent.
- Non-GAAP operating expenses expected to be approximately 23.0 percent of revenue, plus or minus 1 percent.
- Net interest expense expected to be approximately $1.5 million.
- Income tax rate expected to be 18 percent, plus or minus 3 percent.
Challenges Ahead
- Increased uncertainty resulting from COVID-19.
- Significant softness in the automotive market.
- Purchase accounting adjustments related to amortization of acquisition-related intangible assets of $3.2 million, after tax, for Pericom and previous acquisitions are not included in these non-GAAP estimates.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...