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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