Diodes sets new revenue record
The company is reporting first quarter revenue growth of 18% sequentially and 47% YoY, resulting in a record USD 413.1 million.
First quarter revenue was, as stated earlier, a record USD 413.1 million, this is also the first full quarter of revenue from the LITE-ON Semiconductor Corporation (LSC) acquisition. Revenue increased 18% from USD 350.4 million in the fourth quarter 2020 and 47% from USD 280.7 million in the first quarter 2020. GAAP gross profit was a record USD 138.6 million, compared to USD 122.7 million in the fourth quarter 2020 and USD 95.8 million in the first quarter 2020. GAAP gross profit margin was 33.6%, or 36.3% for Diodes only, compared to 35.0% in the fourth quarter 2020 and 34.1% in the first quarter 2020. GAAP net income was USD 39.5 million, compared to USD 29.7 million in the fourth quarter 2020 and USD 20.2 million in the first quarter 2020. “Revenue set a new record both organically and on a consolidated basis, increasing 18% sequentially and exceeding the high-end of our guidance range, in what has historically been a seasonally down quarter for our business. Our growth was driven by record total POS revenue as a result of records in both Asia and Europe combined with strong growth in North America. We also achieved records in our computing end market, driven by record Pericom product revenue, and the automotive market due to strong organic growth in Diodes’ automotive business. Combined with our expense management and operating efficiencies, we delivered the highest quarter of adjusted earnings per share, which increased 25% sequentially,” says Dr. Keh-Shew Lu, President and CEO in a press release. He continues to state that the integration of LSC is progressing well and ahead of schedule, as the company has already begun to harvest the benefit of manufacturing synergies from improved factory loading with both LSC and Diodes’ products. “Our global manufacturing footprint is serving as a key advantage at a time when the broader semiconductor industry is challenged by supply and capacity constraints. We have both internal and external capacity to support the increasing demand we are seeing for our products. As a result, we expect to deliver another quarter of sequential growth in the second quarter coupled with a continued expansion in bottom-line profitability,” the CEO concludes. For the second quarter of 2021, Diodes expect revenue to increase to approximately USD 434 million.