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Sep 30, 2023
Diodes Q3 2023 Earnings Report
Revenue decreased due to weaker than expected end customer demand in the consumer, computing and communications markets as well as the overall Asia market.
Key Takeaways
Diodes Incorporated reported a revenue of $404.6 million for Q3 2023, a decrease of 13.4% from the previous quarter and 22.4% from Q3 2022. GAAP net income was $48.7 million, or $1.05 per diluted share, while non-GAAP EPS was $1.13 per diluted share.
Revenue was $404.6 million, a decrease of 13.4 percent from the second quarter 2023 and 22.4 percent from the third quarter 2022
GAAP gross profit was $155.9 million, a decrease of 20.2 percent from the second quarter 2023 and 28.4 percent from the third quarter 2022
GAAP net income was $48.7 million, compared to $82.0 million in the second quarter 2023 and $86.4 million in the third quarter 2022
Non-GAAP adjusted net income was $52.5 million, compared to $73.3 million in the second quarter 2023 and $92.2 million in the third quarter 2022
Forward Guidance
For the fourth quarter of 2023, Diodes expects revenue to be approximately $325 million, plus or minus 3 percent. GAAP gross margin is expected to be 35.0 percent, plus or minus 1 percent. Non-GAAP operating expenses are expected to be approximately 26.5 percent of revenue, plus or minus 1 percent. We expect net interest income to be approximately $2.0 million. Our 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 46.6 million.
Positive Outlook
- Revenue to be approximately $325 million, plus or minus 3 percent.
- Net interest income expected to be approximately $2.0 million.
- Shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 46.6 million.
Challenges Ahead
- GAAP gross margin is expected to be 35.0 percent, plus or minus 1 percent, primarily due to higher underutilization costs on the lower expected revenue combined with less favorable product mix from a reduced contribution of automotive and industrial revenue.
- Non-GAAP operating expenses are expected to be approximately 26.5 percent of revenue, plus or minus 1 percent.
- Income tax rate is expected to be 18 percent, plus or minus 3 percent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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