Exhibit 99.1

 

 

Diodes Incorporated Reports Second Quarter Financial Results

 

Achieves Record Revenue and Gross Profit, Resulting in Record EBITDA and Net Income

on both a GAAP and Non-GAAP Basis

 

 

Plano, Texas – August 5, 2019

-- Diodes Incorporated (Nasdaq: DIOD) today reported its financial results for the second quarter ended June 30, 2019.

 

Second Quarter Highlights

Revenue was a record $322.0 million, an increase of 5.9 percent from the $304.1 million in the second quarter 2018 and an increase of 6.5 percent from the $302.3 million in the first quarter 2019;

GAAP gross profit was a record $122.0 million, compared to $107.3 million in the second quarter 2018 and $112.4 million in the first quarter 2019;

GAAP gross profit margin was 37.9 percent, compared to 35.3 percent in the second quarter 2018 and 37.2 percent in the first quarter 2019;

GAAP net income was a record $36.3 million, or $0.70 per diluted share, compared to $25.1 million, or $0.49 per diluted share, in the second quarter 2018 and $31.7 million, or $0.62 per diluted share, in the first quarter 2019;

Non-GAAP adjusted net income was a record $40.0 million, or $0.77 per diluted share, compared to $29.3 million, or $0.58 per diluted share, in the second quarter 2018 and $35.4 million, or $0.69 per diluted share, in the first quarter 2019;

Excluding $4.2 million, net of tax, of non-cash share-based compensation expense, both GAAP and non-GAAP earnings per share would have increased by $0.08 per diluted share;

EBITDA was a record $77.1 million, or 23.9 percent of revenue, compared to $64.5 million, or 21.2 percent of revenue, in the second quarter 2018 and $69.9 million, or 23.1 percent of revenue, in the first quarter 2019; and

Achieved cash flow from operations of $40.6 million and $8.5 million free cash flow, including $32.1 million of capital expenditures. Net cash flow was a negative $65.5 million, which includes the pay-down of $44.1 million of long-term debt.

 

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

“Diodes once again set new records across multiple financial metrics, including revenue, gross profit, EBITDA and net income. Gross margin also further expanded by 260-basis points year-over-year and 70-basis points sequentially as a result of record revenue in the automotive and industrial end-markets as well as from our Pericom IC products. Additionally, we continued to successfully drive increased profitability on incremental revenue growth, with first half 2019 revenue increasing 8% over the same period last year and non-GAAP net income increasing more than 40% over the same period.

 

“Notably, our above-market performance was achieved in the midst of the current global trade environment as a direct result of our past design wins and expanded customer content. Over the past year, we have been strategically focused on demand creation and deploying a total solution sales approach that leverages our broadened product portfolio, contributing to our consistent share gains. I believe these proven strategies will continue to sustain Diodes future growth and outperformance of our served markets, while also driving increasing profitability and cash flow.”

 


The following information was filed by Diodes Inc (DIOD) on Monday, August 5, 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.

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