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Mar 31, 2024
Diodes Q1 2024 Earnings Report
Diodes reported first quarter results, which reflected slower recovery in consumer, computing, and communications markets coupled with typical first quarter seasonality.
Key Takeaways
Diodes Incorporated reported first quarter fiscal 2024 financial results with revenue of $302.0 million and GAAP net income of $14.0 million, or $0.30 per diluted share. The company is guiding for a return to seasonal growth in the second quarter.
Revenue was $302.0 million, compared to $467.2 million in the first quarter 2023.
GAAP gross profit was $99.6 million, compared to $194.5 million in the first quarter 2023.
GAAP net income was $14.0 million, compared to $71.2 million in the first quarter 2023.
Non-GAAP EPS was $0.28 per diluted share, compared to $1.59 per diluted share in the prior year quarter.
Forward Guidance
For the second quarter of 2024, Diodes expects revenue to be approximately $316 million, plus or minus 3 percent. GAAP gross margin is expected to be 33.5 percent, plus or minus 1 percent. Non-GAAP operating expenses are expected to be approximately 28.5 percent of revenue, plus or minus 1 percent. Net interest income is expected to be approximately $3.0 million. The income tax rate is expected to be 18.5 percent, plus or minus 3 percent, and shares used to calculate diluted EPS for the second quarter are anticipated to be approximately 46.5 million.
Positive Outlook
- Revenue is expected to be approximately $316 million, plus or minus 3 percent.
- Represents a 4.6% sequential increase at the mid-point and reflecting a return to typical seasonal growth.
- GAAP gross margin is expected to be 33.5 percent, plus or minus 1 percent.
- Net interest income to be approximately $3.0 million.
- Shares used to calculate diluted EPS for the second quarter are anticipated to be approximately 46.5 million.
Challenges Ahead
- Reflecting the lower mix of revenue from the automotive and industrial markets as the 3C markets recover.
Historical Earnings Impact
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