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Jun 30, 2024
Diodes Q2 2024 Earnings Report
Diodes' Q2 2024 financial results exceeded expectations due to demand recovery, particularly in the computing market in Asia, and maintained automotive and industrial product revenue at 41% of total.
Key Takeaways
Diodes Incorporated reported a revenue of $319.8 million for Q2 2024, a gross profit of $107.4 million, and a GAAP net income of $8 million or $0.17 per diluted share. The company's demand began to recover, especially in the computing market in Asia. For Q3 2024, Diodes expects revenue to be approximately $346 million, representing an 8.2% sequential increase at the midpoint.
Second quarter results exceeded prior expectations as Diodes demand began to recover from the low point in the first quarter, especially in the computing market in Asia.
Additional positive indicators included improvement in distributor inventory levels with a sequential decrease in channel inventory weeks.
Demand improvement during the quarter was most prominent in our computing end market, where Diodes is increasingly participating in the growth of AI servers.
Diodes was able to maintain automotive and industrial product revenue at 41% of total due to the content increases in both markets, even though the recovery remains slow due to the ongoing inventory adjustments.
Forward Guidance
For the third quarter of 2024, Diodes expects revenue to be approximately $346 million, plus or minus 3%. GAAP gross margin is expected to be 34%, plus or minus 1%.
Positive Outlook
- Revenue to be approximately $346 million, plus or minus 3%, representing an 8.2% sequential increase at the midpoint.
- GAAP gross margin is expected to be 34% plus or minus 1%.
- Non-GAAP operating expenses are expected to be approximately 27.5% of revenue, plus or minus 1%.
- Net interest income to be approximately $2.5 million.
- Shares used to calculate EPS for the third quarter are anticipated to be approximately $46.6 million.
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