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Dec 31, 2023
Diodes Q4 2023 Earnings Report
Diodes reported a decrease in revenue and net income for Q4 2023 compared to Q3 2023 and Q4 2022, attributing it to an extended slowdown in consumer, computing, and communications markets.
Key Takeaways
Diodes Incorporated reported its Q4 and Fiscal Year 2023 financial results. The company's Q4 revenue was $322.7 million, a decrease from both the previous quarter and the same quarter last year. GAAP net income was $25.3 million, or $0.55 per diluted share, also down from prior periods. Despite market challenges, the company focused on automotive and industrial markets, with combined revenue from these sectors expanding to 46% of product revenue for the full year.
Q4 2023 revenue was $322.7 million, down from $404.6 million in Q3 2023 and $496.2 million in Q4 2022.
GAAP gross profit for Q4 2023 was $112.5 million, or 34.9% of revenue, compared to $155.9 million in Q3 2023 and $206.2 million in Q4 2022.
Q4 2023 GAAP net income was $25.3 million, or $0.55 per diluted share, compared to $48.7 million in Q3 2023 and $92.1 million in Q4 2022.
The company is focused on driving improvements in the quality and mix of its portfolio with analog and power discrete products, especially targeted at the automotive and industrial markets.
Forward Guidance
For the first quarter of 2024, Diodes expects revenue to be approximately $305 million, plus or minus 3 percent, and a GAAP gross margin of 34.0 percent, plus or minus 1 percent.
Positive Outlook
- Revenue is expected to be approximately $305 million, plus or minus 3 percent.
- GAAP gross margin is expected to be 34.0 percent, plus or minus 1 percent.
- Net interest income to be approximately $2.0 million.
- Income tax rate is expected to be 18.0 percent, plus or minus 3 percent.
- Shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 46.5 million.
Historical Earnings Impact
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