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Diodes Incorporated Reports Record Third Quarter Fiscal 2022 Financial Results
Achieves 5th Consecutive Quarter of Record Gross Margin; 7th Consecutive Quarter of Record Adjusted EPS and Revenue PLANO, Texas--(BUSINESS WIRE)-- Diodes
About this update from Diodes Incorporated
[{"type":"text","content":"\nAchieves 5th Consecutive Quarter of Record Gross Margin; 7th Consecutive Quarter of Record Adjusted EPS and Revenue\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the third quarter ended September 30, 2022.\n\nThird Quarter Highlights\n\n\nRevenue was a record $521.3 million, increasing 10.6 percent from $471.4 million in the third quarter 2021 and 4.1 percent from $501.0 million in the second quarter 2022;\n\n\nGAAP gross profit was a record $217.8 million, increasing 20.2 percent from $181.2 million in the third quarter 2021 and 5.5 percent from $206.5 million in the second quarter 2022;\n\n\nGAAP gross profit margin was a record 41.8 percent, an increase of 340 basis points from the 38.4 percent in the third quarter 2021 and 60 basis points from 41.2 percent in the second quarter 2022;\n\n\nGAAP net income was a record $86.4 million, compared to $68.4 million in the third quarter 2021 and $80.2 million in the second quarter 2022;\n\n\nNon-GAAP adjusted net income was a record $92.2 million, compared to $67.3 million in the third quarter 2021 and $86.9 million in the second quarter 2022;\n\n\nGAAP EPS was a record $1.88 per diluted share, a 25.3 percent improvement from the $1.50 per diluted share in the third quarter 2021 and a 7.4 percent increase compared to $1.75 per diluted share in the second quarter 2022;\n\n\nNon-GAAP EPS was a record $2.00 per diluted share, a 36.1 percent improvement from the $1.47 per diluted share in the prior year quarter and a 5.3 percent increase from the $1.90 per diluted share last quarter;\n\n\nExcluding $8.1 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.18 per diluted share;\n\n\nEBITDA was a record $141.9 million, or 27.2 percent of revenue, compared to $114.5 million, or 24.3 percent of revenue, in the third quarter 2021 and $130.6 million, or 26.0 percent of revenue, in the second quarter 2022; and\n\n\nAchieved cash flow from operations of $132.2 million and $62.4 million of free cash flow, including $69.8 of capital expenditures. Net cash flow was a positive $78.3 million.\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Our gross margin and earnings per share conti...