Diodes reports Q3 adjusted EPS 43c, consensus 42c

Reports Q3 revenue $350.1M, consensus $346.32M. Commenting on the results, Gary Yu, President of Diodes (DIOD), stated, “Third quarter revenue exceeded our expectations increasing 9.5% sequentially, while also achieving double-digit POS growth in Asia. As further evidence of the market recovery in Asia, our channel inventory continues to improve as both inventory dollars and inventory days decreased sequentially. Additionally, our automotive market revenue increased 18% sequentially to 19% of product revenue reflecting our ongoing content expansion and design win initiatives, even though both the automotive and industrial markets continue to undergo inventory and demand adjustments.”