Diodes (DIOD) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was $1.662B vs. $2.001B in FY2022; GAAP net income was $227.2M and adjusted net income was $222.8M.

• Automotive and industrial reached 46% of FY2023 product revenue, up from 42% in FY2022.

• Q4 revenue was $322.7M; GAAP gross margin was 34.9% and non-GAAP diluted EPS was $0.51.

Financial highlights

• FY2023 GAAP gross profit was $658.2M vs. $827.2M; GAAP operating income was $250.6M vs. $408.2M.

• FY2023 GAAP diluted EPS was $4.91 vs. $7.20; adjusted net income was $222.8M and adjusted diluted EPS was $4.81 vs. $339.0M and $7.36.

• Q4 revenue was $322.7M vs. $404.6M in Q3 and $496.2M in Q4 2022; GAAP net income was $25.3M.

• Q4 adjusted net income was $23.4M, or $0.51 diluted EPS.

Outlook and guidance

• Q1 2024 revenue guidance was $305M ±3%, with GAAP gross margin of 34.0% ±1%.

• Non-GAAP operating expenses were forecast at 28.7% of revenue ±1%; guidance included $2.0M net interest income, an 18.0% tax rate ±3%, and ~46.5M diluted shares.

• Strategy emphasized analog and power-discrete products, including the new SiC family, automotive and industrial markets, key accounts, design wins and profitable growth.