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Dec 31, 2020
Diodes Q4 2020 Earnings Report
Diodes reported record organic revenue driven by market share gains and record automotive and Pericom products revenue.
Key Takeaways
Diodes Incorporated reported record fourth-quarter revenue of $350.4 million, including $16.9 million from the acquisition of Lite-On Semiconductor (LSC). GAAP net income was $29.7 million, or $0.59 per diluted share, while non-GAAP adjusted net income was $37.3 million, or $0.74 per diluted share. The LSC business contributed $0.02 per share on a non-GAAP basis.
Achieved the highest quarterly revenue in the Company’s history, even when excluding the revenue contribution from the acquisition of Lite-On Semiconductor.
Total organic revenue grew 7.8% sequentially and 10.7% year-over-year.
Revenue from Pericom products and the automotive market reached record levels.
The LSC business was immediately accretive, adding $0.02 per share on a non-GAAP basis.
Forward Guidance
For the first quarter of 2021, the company expects revenue to increase to approximately $400 million, plus or minus 3 percent. GAAP gross margin on a consolidated basis is expected to be 33.6 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. Net interest expense is expected to be approximately $3.3 million. The income tax rate is expected to be 18 percent, plus or minus 3 percent, and shares used to calculate diluted EPS are anticipated to be approximately 45.7 million.
Positive Outlook
- Revenue is expected to increase to approximately $400 million, plus or minus 3 percent.
- This guidance represents organic growth significantly better than typical seasonality of sequentially down 5 percent on average in the same prior two-year periods.
- GAAP gross margin on a consolidated basis is expected to be 33.6 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.
- Shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 45.7 million.
Challenges Ahead
- GAAP gross margin includes an approximately 3 percent impact due to a full quarter of LSC.
Historical Earnings Impact
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