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Mar 31, 2023
Diodes Q1 2023 Earnings Report
Diodes reported first quarter results with gross margin above 41% for four consecutive quarters, and automotive and industrial sectors reaching a record 47% of product revenue.
Key Takeaways
Diodes Incorporated reported a revenue of $467.2 million for Q1 2023, a decrease of 3.1% compared to Q1 2022. The GAAP net income was $71.2 million, resulting in a GAAP EPS of $1.54. The company's gross margin remained strong, and automotive and industrial markets reached a record 47% of product revenue.
Revenue decreased by 3.1% year-over-year to $467.2 million.
GAAP gross profit was $194.5 million with a gross profit margin of 41.6%.
GAAP net income was $71.2 million, with an EPS of $1.54 per diluted share.
Automotive and industrial markets accounted for a record 47% of total product revenue.
Forward Guidance
For the second quarter of 2023, Diodes expects revenue to be approximately $467 million, plus or minus 3 percent, and GAAP gross margin to be a record 41.8 percent, plus or minus 1 percent.
Positive Outlook
- Revenue expected to be approximately $467 million, plus or minus 3 percent.
- GAAP gross margin is expected to be a record 41.8 percent, plus or minus 1 percent.
- Non-GAAP operating expenses are expected to be approximately 22.0 percent of revenue, plus or minus 1 percent.
- Net interest expense is expected to be approximately $1.0 million.
- Shares used to calculate diluted EPS for the second quarter are anticipated to be approximately 46.5 million.
Challenges Ahead
- Slower than expected recovery in the consumer, computing and communications markets.
- Guiding flat sequentially at the mid-point to reduce the 3C channel inventory.
- Income tax rate is expected to be 20.0 percent, plus or minus 3 percent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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