Diodes reports Q2 EPS $1.59, consensus $1.57

Reports Q2 revenue $467.2M, consensus $467.1M. Commenting on the results, Dr. Keh-Shew Lu, Chairman, President and Chief Executive Officer, stated, “Even though the recovery in the consumer, computing and communications markets was much slower than expected during the quarter, our achievement of record automotive and industrial product revenue enabled us to maintain revenue flat sequentially and in-line with our guidance, while also delivering record gross margin. This quarter was the sixth consecutive quarter gross margin was above our target model of 40%, and the sixth consecutive quarter automotive and industrial increased as a percentage of revenue. Looking forward, we have begun to see early indications of market improvement with inventory days decreasing in the second quarter coupled with an increase in worldwide POS revenue. Although we expect a further reduction in channel inventory into the third quarter, Diodes’ ongoing strategy to improve sales and product mix, including growing revenue contribution from the automotive and industrial markets, positions us to continue achieving our long-term growth and margin targets.”