Business
Diodes Incorporated Reports Second Quarter Fiscal 2024 Financial Results
Exceeded Second Quarter Expectations with Strong Growth Anticipated for the Third Quarter PLANO, Texas--(BUSINESS WIRE)-- Diodes Incorporated (Diodes)
About this update from Diodes Incorporated
[{"type":"text","content":"\nExceeded Second Quarter Expectations with Strong Growth Anticipated for the Third Quarter\n\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Diodes) (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter Highlights\n\n\n\nRevenue was $319.8 million, compared to $302.0 million in the first quarter 2024 and $467.2 million in the second quarter 2023;\n\n\n\nGlobal Point of Sales (POS) increased over 7 percent sequentially;\n\n\n\nGAAP gross profit was $107.4 million, compared to $99.6 million in the first quarter 2024 and $195.4 million in the second quarter 2023;\n\n\n\nGAAP gross profit margin was 33.6 percent, compared to 33.0 percent in the first quarter 2024 and 41.8 percent in the second quarter 2023;\n\n\n\nGAAP net income was $8.0 million, compared to $14.0 million in the first quarter 2024 and $82.0 million in the second quarter 2023;\n\n\n\nNon-GAAP adjusted net income was $15.4 million, compared to $13.0 million in the first quarter 2024 and $73.3 million in the second quarter 2023;\n\n\n\nGAAP EPS was $0.17 per diluted share, compared to $0.30 per diluted share in the first quarter 2024 and $1.77 per diluted share in the second quarter 2023;\n\n\n\nNon-GAAP EPS was $0.33 per diluted share, compared to $0.28 per diluted share last quarter and $1.59 per diluted share in the prior year quarter;\n\n\n\nExcluding GAAP and non-GAAP $3.4 million and $2.8 million, respectively, net of tax, of non-cash share-based compensation expense, GAAP and non-GAAP earnings per share would have increased by $0.07 per share and $0.06 per share, respectively;\n\n\n\nEBITDA was $41.1 million, or 12.8 percent of revenue, compared to $48.3 million, or 16.0 percent of revenue, in the first quarter 2024 and $133.5 million, or 28.6 percent of revenue, in the second quarter 2023; and\n\n\n\nCash flow provided by operations was $14.4 million and a negative $3.5 million of free cash flow, including $17.9 million of capital expenditures. Net cash flow was a negative $2.9 million, including the pay-down of $22.2 million of total debt.\n\n\n\nCommenting on the results, Gary Yu, President of Diodes, stated, “Second quarter results exceeded our prior expectations as Diodes’ demand began to recover from the low point in the first quarter, especially in the computing market in Asia. Addi...