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.
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.
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