EXHIBIT 99.1

 

 

Diodes Incorporated Reports First Quarter Financial Results

 

Gross Margin of 37.2% Exceeds Upper End of Guidance, Contributing to Record

Net Income and EPS - Both GAAP and Non-GAAP

 

 

Plano, Texas – May 7, 2019

-- Diodes Incorporated (Nasdaq: DIOD) today reported its financial results for the first quarter ended March 31, 2019.

 

First Quarter Highlights

Revenue was $302.3 million, an increase of 10.1 percent from the $274.5 million in the first quarter 2018 due to continued market share gains and a decrease of 3.9 percent from the $314.4 million in the fourth quarter 2018;

GAAP gross profit was $112.4 million, compared to $98.6 million in the first quarter 2018 and $114.2 million in the fourth quarter 2018;

GAAP gross profit margin was 37.2 percent, compared to 35.9 percent in the first quarter 2018 and 36.3 percent in the fourth quarter 2018;

GAAP net income was a record $31.7 million, or $0.62 per diluted share, compared to GAAP net income of $18.5 million, or $0.37 per diluted share, in the first quarter 2018 and GAAP net income of $29.5 million, or $0.58 per diluted share, in the fourth quarter 2018;

Non-GAAP adjusted net income was a record $35.4 million, or $0.69 per diluted share, compared to $24.2 million, or $0.48 per diluted share, in the first quarter 2018 and $33.2 million, or $0.65 per diluted share, in the fourth quarter 2018;

Excluding $3.5 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.07 per diluted share;

EBITDA was $69.9 million, or 23.1 percent of revenue, compared to $54.2 million, or 19.7 percent of revenue, in the first quarter 2018 and $70.5 million, or 22.4 percent of revenue, in the fourth quarter 2018; and

Achieved cash flow from operations of $69.9 million and $51.2 million free cash flow, including $18.6 million of capital expenditures. Net cash flow was a positive $60.5 million.

 

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated,

“Diodes once again had an exceptional quarter of solid financial results with increasing profitability. Revenue for the quarter grew 10% over the prior year period on continued market share gains and was down 3.9% sequentially, which was better than typical seasonality. Notably, gross margin increased 90 basis points from the fourth quarter 2018, exceeding the upper end of our guidance range and reaching the highest level since the fourth quarter of 2010, and we expect a further increase in the second quarter. Contributing to this margin expansion was the achievement of record revenue in Europe combined with record revenue in the automotive and industrial end markets. Specifically in the automotive market, revenue grew 7% sequentially and 23% year-over-year as we continued to benefit from past design win activity. Together, these two end markets represented 39% of total revenue, which places us well on track to achieve our long-term target of 40%. Additionally, our Pericom business, excluding frequency control products, reached record revenue levels in the first quarter and contributed to our strong margin performance.


The following information was filed by Diodes Inc (DIOD) on Tuesday, May 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Diodes Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Diodes Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account