Business
Diodes Incorporated Reports Fourth Quarter and Fiscal 2019 Financial Results
Achieves Record Full Year Revenue and Gross Margin, Driving Record EBITDA, Net Income and EPS PLANO, Texas--(BUSINESS WIRE)-- Diodes Incorporated (Nasdaq:
About this update from Diodes Incorporated
[{"type":"text","content":"\nAchieves Record Full Year Revenue and Gross Margin, Driving Record EBITDA, Net Income and EPS\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2019. \n\n\nYear 2019 Highlights\n\n\n\nRevenue grew to a record $1.25 billion, an increase of 2.9 percent over the $1.21 billion in 2018;\n\n\nGAAP gross profit was a record $465.8 million, a 7.0 percent increase from $435.3 million last year;\n\n\nGAAP gross margin improved 140 basis points to a record 37.3 percent from 35.9 percent in 2018;\n\n\nGAAP operating income increased 29.9 percent to a record $200.6 million, or 16.1 percent of revenue and 15.8 percent on a non-GAAP basis, which compared to 12.7 percent and 14.5 percent, respectively, in 2018;\n\n\nGAAP net income was a record $153.3 million, or $2.96 per diluted share, compared to $104.0 million, or $2.04 per diluted share, last year;\n\n\nNon-GAAP adjusted net income increased 24.6 percent to a record $151.1 million, or $2.91 per diluted share, compared to $121.3 million, or $2.38 per diluted share, in 2018;\n\n\nExcluding $16.2 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.31 per diluted share;\n\n\nEBITDA improved 20.1 percent to a record $313.6 million, or 25.1 percent of revenue, compared to $261.1 million, or 21.5 percent of revenue last year; and\n\n\nAchieved a record $229.8 million cash flow from operations and a record $131.3 million of free cash flow, including $98.5 million of capital expenditures, or 7.9 percent of revenue. Net cash flow was a positive $17.7 million, which includes the pay down of $117.3 million of long-term debt.\n\n\n\nFourth Quarter Highlights \n\n\n\nRevenue was $301.2 million as compared to $314.4 million in the fourth quarter 2018;\n\n\nGAAP gross profit was $109.4 million as compared to $114.2 million in the fourth quarter 2018;\n\n\nGAAP gross profit margin was 36.3 percent in both the fourth quarter 2018 and the fourth quarter 2019;\n\n\nGAAP net income was $47.2 million, or $0.90 per diluted share as compared to $29.5 million, or $0.58 per diluted share, in the fourth quarter 2018;\n\n\nNon-GAAP adjusted net income was $33.8 million, or $0.65 per diluted share as compared ...