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Mar 31, 2022
Diodes Q1 2022 Earnings Report
Diodes' Q1 2022 earnings exceeded expectations, driven by record revenue and gross margin.
Key Takeaways
Diodes Incorporated reported record revenue, gross profit, and non-GAAP earnings per share for the first quarter of 2022. The company's performance was driven by strong demand in the automotive and industrial end markets, as well as Pericom products. Diodes is guiding for continued growth in the second quarter.
Achieved record revenue for the 6th consecutive quarter.
Gross margin exceeded 40% for the first time.
Automotive end market reached 13% of revenue.
Proposed acquisition of onsemi South Portland, Maine wafer fabrication facility.
Revenue by Geographic Location
Forward Guidance
Diodes anticipates continued growth and profitability in the second quarter, with revenue expected to be approximately $500 million, plus or minus 3%, and GAAP gross margin to be 41.0%, plus or minus 1%.
Positive Outlook
- Backlog and demand remain very strong.
- Excellent execution and recent improvements in capacity.
- Sequential growth expected.
- Gross margin expected to be 41.0%, plus or minus 1%.
- Strong book-to-bill ratio and a strong resell from Q1
Challenges Ahead
- COVID-related lockdowns in China impacted capacity at local facilities during the first month of the quarter.
- Non-GAAP operating expenses expected to be approximately 21.0% of revenue, plus or minus 1%.
- Net interest expense expected to be approximately $1.2 million.
- Income tax rate is expected to be 18.3%, plus or minus 3%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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