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Jun 30, 2021
Diodes Q2 2021 Earnings Report
Diodes achieved record revenue for the third consecutive quarter, resulting in record gross profit, net income, EPS, and EBITDA.
Key Takeaways
Diodes Incorporated reported record financial results for Q2 2021, with revenue reaching $440.4 million, a 53% increase from Q2 2020. The company also achieved record GAAP gross profit, net income, and EBITDA. Revenue growth was driven by record global POS revenue and strong performance in the automotive, industrial, consumer, and computing markets.
Revenue reached a record $440.4 million, up 53% year-over-year.
GAAP gross profit was a record $159.8 million, increasing 57% year-over-year.
GAAP net income was a record $55.4 million, or $1.22 per diluted share.
EBITDA was a record $99.4 million, representing 22.6% of revenue.
Forward Guidance
For the third quarter of 2021, Diodes expects revenue to increase to approximately $467 million, plus or minus 3 percent. GAAP gross margin is expected to be 37 percent, plus or minus 1 percent. Non-GAAP operating expenses are expected to be approximately 20.0 percent of revenue, plus or minus 1 percent. The company expects net interest expense to be approximately $1.2 million and an income tax rate of 18 percent, plus or minus 3 percent. Shares used to calculate diluted EPS for the third quarter are anticipated to be approximately 45.8 million.
Positive Outlook
- Revenue to increase to approximately $467 million, plus or minus 3 percent
- Represents a record on both an organic and consolidated basis
- Combined increase of about 6 percent sequentially at the mid-point
- Better than typical seasonality
- GAAP gross margin on a consolidated basis to be 37 percent, plus or minus 1 percent
Challenges Ahead
- Non-GAAP operating expenses expected to be approximately 20.0 percent of revenue, plus or minus 1 percent.
- Net interest expense expected to be approximately $1.2 million.
Historical Earnings Impact
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