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Sep 30, 2020
Diodes Q3 2020 Earnings Report
Revenue exceeded expectations with a 7.2% sequential increase, driven by record revenue in automotive, computing, and consumer end markets.
Key Takeaways
Diodes Incorporated reported strong third-quarter results, with revenue exceeding expectations due to a recovery in Asia and North America. Record revenue was achieved in the automotive, consumer, and computing end markets. The company's revenue increased 10% from the first quarter of 2020, and net income increased approximately 35%.
Revenue increased by 7.2% sequentially to $309.5 million.
Gross profit increased by 9.5% sequentially to $111.1 million.
GAAP net income was $27.2 million, or $0.51 per diluted share.
Non-GAAP adjusted net income was $32.8 million, or $0.62 per diluted share.
Forward Guidance
Diodes expects fourth quarter revenue to increase to a record of approximately $324 million, plus or minus 3 percent. GAAP gross margin is expected to be 36 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. Non-GAAP net interest expense is expected to be approximately $1.5 million. The income tax rate is expected to be 18 percent, plus or minus 3 percent, and shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 53.0 million.
Positive Outlook
- Expects fourth quarter revenue to increase to a record of approximately $324 million, plus or minus 3 percent
- Represents growth of 4.7 percent sequentially and 7.6 percent year-over-year
- GAAP gross margin to be 36 percent, plus or minus 1 percent
- Non-GAAP operating expenses expected to be approximately 22.0 percent of revenue, plus or minus 1 percent
- Shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 53.0 million.
Challenges Ahead
- Revenue expectations exclude any contribution from the Lite-On Semiconductor acquisition
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