Diodes Incorporated NASDAQ DIOD Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Diodes Incorporated (NASDAQ: DIOD) Reports Second Quarter 2024 Financial Results
Diodes Incorporated has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Year-over-year | Quarter-over-quarter | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $319.8M | $302.0M | $467.2M | -31.6% | 5.9% | $316.12M |
| GAAP EPS | $0.17 | $0.30 | $1.77 | -90.4% | -43.3% | $0.30 |
| Non-GAAP EPS | $0.33 | $0.28 | $1.59 | -79.2% | 17.9% | N/A |
| EBITDA | $41.1M | $48.3M | $133.5M | -69.2% | -14.9% | N/A |
Interpretation: Diodes exceeded revenue expectations with $319.8M, slightly above the consensus estimate of $316.12M. Although there is a considerable year-over-year decline in both revenue and EPS, the quarter-over-quarter performance indicates an upward trend with a 5.9% increase in revenue and a 17.9% rise in non-GAAP EPS. The GAAP EPS missed the consensus estimate largely due to restructuring charges and other market adjustments.
Revenue Performance Across Major Segments
| Segment | Revenue | Previous Guidance | Year-over-year | Quarter-over-quarter |
|---|---|---|---|---|
| Computing | Significant POS Growth | N/A | N/A | N/A |
| Automotive & Industrial | 41% of total | Stable | N/A | N/A |
Interpretation: Computing showed significant growth, particularly in AI servers, contributing heavily to overall positive Point of Sales (POS) trends. The automotive and industrial products maintained a stable revenue proportion, reflecting 41% of the total, consistent with previous quarters.
Key Operational Data
| Metric | Value |
|---|---|
| Global POS Growth | > 7% |
| GAAP Gross Profit Margin | 33.6% |
| Net Cash Flow | -$2.9M |
Executive Commentary
Gary Yu, President of Diodes, remarked on the resilient demand recovery and projected strong growth for the third quarter. He also emphasized the improvement in distributor inventory levels and the company's increased participation in the AI server market. The management expects continued revenue growth and margin expansion moving forward.
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced.
Forward Guidance
For the third quarter of 2024, Diodes is guiding revenue of approximately $346 million, plus or minus 3 percent, representing an 8.2% sequential increase. GAAP gross margin is projected to be around 34%, plus or minus 1 percent, with non-GAAP operating expenses expected to be approximately 27.5% of revenue.
Stock Price Movement
Following the earnings release, Diodes' stock price experienced a positive movement, rising by 1.83%.
This financial summary provides an overview of Diodes Incorporated's performance for the second quarter of 2024, showcasing a notable recovery in demand and positive forward momentum heading into the third quarter.
