Business
Diodes Incorporated Reports First Quarter Fiscal 2023 Financial Results
Gross Margin Remains Above 41% for Four Consecutive Quarters; Automotive and Industrial Reach a Record 47% of Product Revenue PLANO, Texas--(BUSINESS WIRE)--
About this update from Diodes Incorporated
[{"type":"text","content":"\nGross Margin Remains Above 41% for Four Consecutive Quarters; Automotive and Industrial Reach a Record 47% of Product Revenue\n\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter Highlights\n\n\n\nRevenue was $467.2 million, decreasing 3.1 percent from $482.1 million in the first quarter 2022 and down 5.8 percent from $496.2 million in the fourth quarter 2022;\n\n\n\nGAAP gross profit was $194.5 million, decreasing 1.1 percent from $196.7 million in the first quarter 2022 and down 5.7 percent from $206.2 million in the fourth quarter 2022;\n\n\n\nGAAP gross profit margin was 41.6 percent, an increase of 80 basis points from 40.8 percent in the first quarter 2022 and flat compared to 41.6 percent in the fourth quarter 2022;\n\n\n\nGAAP net income was $71.2 million, compared to $72.7 million in the first quarter 2022 and $92.1 million in the fourth quarter 2022;\n\n\n\nNon-GAAP adjusted net income was $73.4 million, compared to $80.3 million in the first quarter 2022 and $79.6 million in the fourth quarter 2022;\n\n\n\nGAAP EPS was $1.54 per diluted share, compared to $1.59 per diluted share in the first quarter 2022 and $2.00 per diluted share in the fourth quarter 2022;\n\n\n\nNon-GAAP EPS was $1.59 per diluted share, compared to $1.75 per diluted share in the prior year quarter and $1.73 per diluted share last quarter;\n\n\n\nExcluding $7.7 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.17 per diluted share;\n\n\n\nEBITDA was $121.8 million, or 26.1 percent of revenue, compared to $118.2 million, or 24.5 percent of revenue, in the first quarter 2022 and $129.6 million, or 26.1 percent of revenue, in the fourth quarter 2022; and\n\n\n\nAchieved cash flow from operations of $99.8 million and $51.8 million of free cash flow, including $48.0 of capital expenditures. Net cash flow was a negative $15.2 million, including the pay down of $60.8 million of total debt.\n\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Our first quarter results were highlighted by continued strength in our gross margin performance, which was at the high-end of our guidance despite...