Business
Diodes Incorporated Reports Third Quarter 2020 Financial Results
Revenue Exceeds Expectations, Increasing 7.2% Sequentially Driven by Record Revenue in Automotive, Computing and Consumer End Markets PLANO, Texas--(BUSINESS
About this update from Diodes Incorporated
[{"type":"text","content":"\nRevenue Exceeds Expectations, Increasing 7.2% Sequentially Driven by Record Revenue in Automotive, Computing and Consumer End Markets\n\n PLANO, Texas--(BUSINESS WIRE)--\nDiodes Incorporated (Nasdaq: DIOD) today reported its financial results for the third quarter ended September 30, 2020. \n\nThird Quarter Highlights \n\n\nRevenue was $309.5 million, an increase of 7.2 percent compared to $288.7 million in the second quarter 2020;\n\n\nGross profit was $111.1 million, an increase of 9.5 percent compared to $101.5 million in the second quarter 2020;\n\n\nGross profit margin increased 70 basis points to 35.9 percent from 35.2 percent in the second quarter 2020;\n\n\nGAAP net income was $27.2 million, or $0.51 per diluted share, as compared to $21.0 million, or $0.40 per diluted share, in the second quarter 2020;\n\n\nNon-GAAP adjusted net income was $32.8 million, or $0.62 per diluted share, as compared to $28.6 million, or $0.54 per diluted share, in the second quarter 2020;\n\n\nExcluding $5.0 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 $63.3 million, or 20.5 percent of revenue, compared to $55.3 million, or 19.2 percent of revenue, in the second quarter 2020; and\n\n\nAchieved cash flow from operations of $39.7 million and $21.9 million free cash flow, including $17.8 million of capital expenditures. Net cash flow was a positive $85.2 million, which includes an additional draw-down of debt as a partial currency hedge associated with the anticipated close of the Lite-On acquisition at the end of November as well as a pay-down of long-term debt.\n\n\nCommenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Third quarter results were better than expected due to a strong recovery in Asia followed by North America, contributing to record revenue in our automotive, consumer and computing end markets. Total worldwide point of sale (POS) revenue increased 19% sequentially and reached a record in the quarter, driven by record POS revenue in Asia at 20% and 16% growth in both Europe and North America. Our record sales in the automotive market grew 18% sequentially and over 5% year-over-year to 11% of total revenue, reflecting Diodes continued success in expanding...