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Dec 31, 2019
Diodes Q4 2019 Earnings Report
Diodes reported a decrease in revenue but an increase in net income for Q4 2019.
Key Takeaways
Diodes Incorporated reported fourth-quarter revenue of $301.2 million, a decrease from $314.4 million in Q4 2018. However, GAAP net income increased to $47.2 million, or $0.90 per diluted share, compared to $29.5 million, or $0.58 per diluted share, in the same quarter of the previous year. The company's EBITDA also improved to $88.3 million, or 29.3 percent of revenue, from $70.5 million, or 22.4 percent of revenue, in Q4 2018.
Revenue for Q4 2019 was $301.2 million, a decrease from $314.4 million in Q4 2018.
GAAP gross profit was $109.4 million, compared to $114.2 million in Q4 2018.
GAAP net income increased to $47.2 million, or $0.90 per diluted share, from $29.5 million, or $0.58 per diluted share, in Q4 2018.
EBITDA improved to $88.3 million, or 29.3 percent of revenue, from $70.5 million, or 22.4 percent of revenue, in Q4 2018.
Forward Guidance
For the first quarter of 2020, Diodes expects revenue to be approximately $290 million, plus or minus 3 percent, and GAAP gross margin to be 35.0 percent, plus or minus 1 percent. Non-GAAP operating expenses are expected to be approximately 22.5 percent of revenue, plus or minus 1 percent.
Positive Outlook
- Revenue is expected to be approximately $290 million, plus or minus 3 percent.
- The revenue reduction of approximately 3.7 percent sequentially is better than typical seasonality.
- GAAP gross margin is expected to be 35.0 percent, plus or minus 1 percent.
- All production, including wafer fabs and assembly test facilities in China, resumed on February 10th.
- Diodes does not have a manufacturing facility in the affected areas of Wuhan and Hubei province, as our primary facilities are located in Shanghai and Chengdu.
Challenges Ahead
- Guidance ranges reflect the delayed start to manufacturing production following the extended Chinese New Year holiday due to the coronavirus outbreak in China.
- It will take longer to return to full production.
Historical Earnings Impact
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