Business
Diodes Incorporated Reports Second Quarter 2020 Financial Results
Revenue Increases Sequentially Driven by Market Share Gains Across All Key Product Groups, Including Strong Growth from the Pericom Products PLANO,
About this update from Diodes Incorporated
[{"type":"text","content":"\nRevenue Increases Sequentially Driven by Market Share Gains Across All Key Product Groups, Including Strong Growth from the Pericom Products\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2020. \n\n\nSecond Quarter Highlights \n\n\n\nRevenue was $288.7 million, an increase of 2.8 percent compared to $280.7 million in the first quarter 2020;\n\n\nGross profit was $101.5 million, an increase of 5.9 percent compared to $95.8 million in the first quarter 2020;\n\n\nGross profit margin increased 110 basis points to 35.2 percent from 34.1 percent in the first quarter 2020;\n\n\nGAAP net income was $21.0 million, or $0.40 per diluted share, as compared to $20.2 million, or $0.38 per diluted share, in the first quarter 2020;\n\n\nNon-GAAP adjusted net income was $28.6 million, or $0.54 per diluted share, as compared to $23.9 million, or $0.46 per diluted share, in the first quarter 2020;\n\n\nExcluding $4.7 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.09 per diluted share;\n\n\nEBITDA was $55.3 million, or 19.2 percent of revenue, compared to $52.9 million, or 18.9 percent of revenue, in the first quarter 2020; and\n\n\nAchieved cash flow from operations of $33.1 million and $16.5 million free cash flow, including $16.5 million of capital expenditures. Net cash flow was a positive $283.7 million, which includes the initial draw-down of debt as a partial currency hedge associated with the anticipated close of the Lite-On acquisition later in the year.\n\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Second quarter revenue was better than expected and increased 2.8% sequentially driven by market share gains across all key product groups due to improving demand and design win momentum. Additionally, our quarter benefitted from strong sequential and year-over-year growth in the consumer market for gaming consoles and IoT devices as well as the computing market as our Pericom IC products continued to gain traction in high-end servers, storage, data centers and notebooks as well as in automotive applications. In fact, our Pericom products achieved the second highest revenue quarter since the ac...