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Sep 30, 2021
Diodes Q3 2021 Earnings Report
Diodes achieved fourth consecutive quarter of record revenue, driven by content expansion initiatives and strong demand across all regions.
Key Takeaways
Diodes Incorporated reported a record revenue of $471.4 million for Q3 2021, a 7% increase sequentially. Gross profit also reached a record at $181.2 million, representing 38.4% of revenue. The company's growth was underpinned by content expansion initiatives, particularly in the automotive market, and increased loading at LITE-ON Semiconductor facilities.
Revenue for the third quarter 2021 was a record $471.4 million, an increase of 7% from the second quarter 2021.
Gross profit for the third quarter was also a record at $181.2 million or a record 38.4% of revenue.
GAAP net income for the third quarter of 2021 was a record $68.4 million or $1.50 per diluted share.
Automotive revenue grew over 65% year-over-year and 7% sequentially.
Revenue by Geographic Location
Forward Guidance
For the fourth quarter 2021, Diodes expects revenue to increase to approximately $476 million, plus or minus 3%, and GAAP gross margin to be 38.7%, plus or minus 1%.
Positive Outlook
- Revenue to increase to approximately $476 million, plus or minus 3%
- Represents a record on both an organic and a consolidated basis
- Combined increase of about 1% sequentially at the midpoint
- Better than typical seasonality of down 5%
- GAAP gross margin on a consolidated basis to be 38.7%, plus or minus 1%
Challenges Ahead
- Non-GAAP operating expenses are expected to be approximately 21% of revenue, plus or minus 1%
- Net interest expense is expected to be approximately $1.2 million.
- Income tax rate is expected to be 18%, plus or minus 3%
- Shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 46.2 million shares.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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