Diodes Incorporated (DIOD) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $1.27 million, or $ 0.03 a share in the quarter, against a net loss of $4.77 million, or $0.10 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $7.67 million, or $0.15 a share compared with $6.73 million or $0.14 a share, a year ago.
Revenue during the quarter grew 8.26 percent to $232.08 million from $214.38 million in the previous year period. Gross margin for the quarter expanded 398 basis points over the previous year period to 28.98 percent. Operating margin for the quarter period stood at positive 2.31 percent as compared to a negative 3.16 percent for the previous year period.
Operating income for the quarter was $5.37 million, compared with an operating loss of $6.77 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $29.21 million compared with $16.58 million in the prior year period. At the same time, adjusted EBITDA margin improved 485 basis points in the quarter to 12.59 percent from 7.73 percent in the last year period.
Dr. Keh-Shew Lu, president and chief executive officer, stated, “Diodes ended the year achieving record revenue and gross profit, driven by increased content at new customers as well as higher contribution from new products. We also made solid progress on our integration of Pericom Semiconductor throughout the year, which sets the stage for expanded growth opportunities in 2017."
For the first-quarter, Diodes forecasts revenue to be in the range of $220 million to $240 million.
Working capital decreases marginally
Diodes Incorporated has witnessed a decline in the working capital over the last year. It stood at $547.41 million as at Dec. 31, 2016, down 4.11 percent or $23.48 million from $570.89 million on Dec. 31, 2015. Current ratio was at 3.95 as on Dec. 31, 2016, down from 4.18 on Dec. 31, 2015.
Debt comes down
Diodes Incorporated has recorded a decline in total debt over the last one year. It stood at $427.48 million as on Dec. 31, 2016, down 7.87 percent or $36.54 million from $464.02 million on Dec. 31, 2015. Total debt was 27.97 percent of total assets as on Dec. 31, 2016, compared with 28.98 percent on Dec. 31, 2015. Debt to equity ratio was at 0.52 as on Dec. 31, 2016, down from 0.55 as on Dec. 31, 2015.
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