Diodes Incorporated (Nasdaq: DIOD) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting significant changes in revenue and profitability compared to the previous fiscal period.
For Q3 2024, net sales totaled $350.1 million, a decrease of 13.5% from $404.6 million in Q3 2023. Year-to-date, net sales for the nine months ended September 30, 2024, were $971.8 million, down 27.4% from $1.339 billion in the same period of 2023. The decline in sales was attributed to reduced demand in key markets, particularly in China, where sales fell from $189.7 million in Q3 2023 to $149.2 million in Q3 2024.
Gross profit for Q3 2024 was $118.0 million, down 24.3% from $155.9 million in Q3 2023, resulting in a gross profit margin of 33.7%, compared to 38.5% in the prior year. For the nine-month period, gross profit decreased to $325.0 million from $545.7 million, reflecting a 40.4% decline. Operating expenses for Q3 2024 were $96.1 million, a slight decrease from $102.0 million in Q3 2023, while total operating expenses for the nine months ended September 30, 2024, were $286.4 million, down from $315.8 million in 2023.
Net income attributable to common stockholders for Q3 2024 was $13.7 million, significantly lower than $48.7 million in Q3 2023. For the nine months ended September 30, 2024, net income was $35.8 million, down from $201.9 million in the same period of 2023. Earnings per share for Q3 2024 were $0.30, compared to $1.05 in Q3 2023, while year-to-date earnings per share dropped to $0.78 from $4.41.
The company’s cash and cash equivalents as of September 30, 2024, were $317.1 million, a slight decrease from $318.5 million at the end of 2023. Diodes reported a net cash flow from operating activities of $37.6 million for the nine months ended September 30, 2024, down from $242.5 million in the same period in 2023.
Strategically, Diodes announced the acquisition of Fortemedia, Inc. for approximately $60.8 million, which is expected to close in October 2024. This acquisition is part of the company's ongoing efforts to enhance its product offerings and market position.
Overall, Diodes Incorporated faced challenges in revenue generation and profitability during the reported periods, influenced by market conditions and demand fluctuations, particularly in the Asian markets.
About DIODES INC /DEL/
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