The following is a summary of the Diodes Incorporated (DIOD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Diodes reported Q1 2024 revenue of $302 million, a decrease from Q4 2023 and Q1 2023.
Gross profit for the quarter was $99.6 million or 33% of revenue, reflecting reduced manufacturing.
GAAP net income was $14 million, or $0.30 per diluted share, showing a significant decrease from Q1 2023.
Non-GAAP adjusted net income in Q1 2024 was $13 million, or $0.28 per diluted share.
EBITDA for Q1 2024 was $48.3 million or 16% of revenue.
Business Progress:
Diodes has seen slow recovery in key markets but predicts a return to seasonal growth in Q2 due to demand improvement and inventory stabilization.
The company introduced 44 new automotive products in Q1 2024, with future designs expected to ramp up in Q2 and peak in Q3.
The company is making progress on qualifying new products and increasing their efficacy in internal manufacturing.
Future strategic movements include transferring their outside loading into their internal qualifications, anticipated to boost the firm's performance.
The company is actively ensuring product availability, especially for more critical and premium products, intending to maintain 6 to 8 weeks of finished goods availability in response to improved demand.
More details: Diodes IR
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