Q3 2024 Diodes Inc Earnings Call Transcript
Key Points
- Third quarter revenue exceeded expectations, increasing 9.5% sequentially.
- Automotive market revenue increased 18% sequentially, reflecting ongoing content expansion and design win initiatives.
- Channel inventory improved with both inventory dollars and inventory days decreasing sequentially.
- Strong growth in the automotive market, with content expansion and design win momentum.
- Available capacity to support future demand improvements, with moderated CapEx investment to preserve near-term earnings and cash flow.
- Gross margin pressure due to factory underloading related to wafer service agreements and internal demand.
- Revenue for the third quarter was down compared to the same quarter last year ($350.1 million vs. $404.6 million).
- GAAP net income for the third quarter was significantly lower than the prior year quarter ($13.7 million vs. $48.7 million).
- Continued inventory and demand adjustments in both the automotive and industrial markets.
- Visibility into the backlog remains limited, with ongoing short lead time orders.
Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Diodes Incorporated third quarter and fiscal 2024 financial results conference call and webcast. (Operator Instructions)
Thank you. I would now like to turn the call over to Leanne Sievers. Please go ahead.
Good afternoon, and welcome to Diodes third quarter fiscal 2024 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Diodes Investor Relations firm. Joining us today are Diodes' President, Gary Yu; Chief Financial Officer, Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Director of Investor Relations, Gurmeet Dhaliwal.
I'd like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures and customary quarterly review by the company's independent registered public accounting firm. As
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