Diodes (DIOD) Tops Q1 EPS by 7c

Diodes (NASDAQ: DIOD) reported Q1 EPS of $0.14, $0.07 better than the analyst estimate of $0.07. Revenue for the quarter came in at $236.3 million versus the consensus estimate of $231.02 million.

• Revenue was $236.3 million, an increase of 1.8 percent from the $232.1 million in the fourth quarter 2016 and an increase of 6.1 percent from $222.7 million in first quarter 2016;
• GAAP gross profit was $73.9 million, including $0.5 million related to KFAB closure accruals, and non-GAAP gross profit was $74.4 million, excluding the accrual. This compares to GAAP gross profit of $67.3 million in the fourth quarter 2016 and $64.2 million in first quarter 2016;
• GAAP gross profit margin was 31.3 percent, and non-GAAP gross profit margin was 31.5 percent. This compares to GAAP gross profit margin of 29.0 percent in fourth quarter 2016 and 28.8 percent in first quarter 2016;
• GAAP net income was $1.2 million, or $0.02 per diluted share, which included approximately $3.9 million of non-cash acquisition-related intangible asset amortization costs and $1.8 million of restructuring cost related to KFAB closure accruals, compared to GAAP net income of $1.3 million, or $0.03 per diluted share in fourth quarter 2016 and GAAP net loss of $1.7 million, or ($0.04) per share, in first quarter 2016;
• Non-GAAP adjusted net income was $7.0 million, or $0.14 per diluted share, compared to $7.7 million, or $0.15 per diluted share, in fourth quarter 2016 and $5.9 million, or $0.12 per diluted share, in first quarter 2016;
• Excluding $2.7 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.05 per diluted share; and
• Achieved $45.6 million of cash flow from operations, and $26.5 million free cash flow, including $19.1 million of capital expenditures. Net cash flow was $17.3 million, which includes the pay down of $11.0 million of long-term debt.

For earnings history and earnings-related data on Diodes (DIOD) click here.

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