Revenue Increases 16.2% Year-Over-Year with Record Gross Profit Dollars Increasing 33.4%; Expects Continued Strong Growth in the Second Quarter
Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete, logic, analog and mixed-signal semiconductor markets, today reported its financial results for the first quarter ended March 31, 2018.
First Quarter Highlights
Commenting on the results, Dr. Keh-Shew Lu, president and chief executive officer, stated, “First quarter revenue was at the high-end of guidance primarily driven by strong growth in the consumer, automotive and industrial markets, complemented by revenue in Europe reaching record levels. In fact, our automotive end market reached 9 percent of revenue in the quarter as we continue to benefit from our successful customer and content expansion efforts. Since implementing our automotive strategy in 2013, we have achieved a compound annual growth rate of 27 percent in this business, reflecting our expanded customer base, increasing pipeline of design wins and growing content across multiple applications.
“The quarter was also highlighted by gross profit dollars reaching a record, growing 33 percent year-over-year -- twice the rate of our revenue growth and contributing to an almost 3.5 times increase in non-GAAP earnings per share over the same time period. Additionally, EBITDA in the first quarter reached a record $54.2 million, or 20 percent of revenue. The operating leverage in our business model positions Diodes to deliver increasing profits and cash flow in the coming quarters, as revenue continues to increase at a faster rate than operating expenses and approach our target model of 20 percent of revenue.
“Looking to the second quarter, we expect to extend our growth momentum with continued strength across our target geographies and end markets, which we anticipate will result in the achievement of new quarterly records for both revenue and gross profit.”