Diodes Incorporated reported record revenue of $413.1 million for Q1 2021, a 47% increase year-over-year, driven by the inclusion of LITE-ON Semiconductor Corporation (LSC) and strong organic growth. The company also achieved record GAAP gross profit and adjusted EPS.
Revenue reached a record $413.1 million, including the first full quarter of revenue from LSC.
GAAP gross profit was a record $138.6 million with a gross profit margin of 33.6 percent.
GAAP net income was $39.5 million, or $0.87 per diluted share.
Non-GAAP adjusted net income was $42.0 million, or $0.93 per diluted share.
For the second quarter of 2021, Diodes expects revenue to increase to approximately $434 million, plus or minus 3 percent. GAAP gross margin is expected to be 35.6 percent, plus or minus 1 percent. Non-GAAP operating expenses are expected to be approximately 20.5 percent of revenue, plus or minus 1 percent. The company expects net interest expense to be approximately $1.6 million and an income tax rate of 19 percent, plus or minus 3 percent. Shares used to calculate diluted EPS are anticipated to be approximately 45.7 million.
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