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Diodes Incorporated (DIOD-1.76%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $1.3 billion, a 21.1% decrease from $1.7 billion in 2023, attributed to decreased demand and inventory adjustments by customers.
Gross profit for 2024 was $435.9 million, down 33.8% from $658.2 million in 2023, with a gross profit margin of 33.2% compared to 39.6% the previous year.
Operating income decreased by 79.9% to $50.4 million, representing 3.8% of revenue, compared to $250.6 million, or 15.1% of revenue, in 2023.
Net income for 2024 was $44.0 million, an 80.6% decrease from $227.2 million in 2023, with earnings per diluted share of $0.95, down from $4.91 in 2023.
Cash flow from operations was $119.4 million, with cash capital expenditures of $73.0 million, or 5.6% of net sales. Net cash flow was negative $3.8 million, including a net pay-down of $7.6 million of total debt.
The company maintains a focus on expanding growth in target markets, particularly automotive and industrial, and capitalizing on opportunities in AI-related applications.
Diodes reported a decrease in sales from products shipped to China, with $589.5 million in 2024 compared to $704.8 million in 2023, reflecting overall decreased demand and inventory adjustments.
The filing details the acquisition of Fortemedia, Inc., a company specializing in voice processing technologies, for $60.4 million, enhancing Diodes' product portfolio in the automotive and computer markets.
Diodes continues to invest in its manufacturing capabilities, with capital expenditures aimed at expanding production capacity in both assembly/test and wafer fabrication facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Diodes Incorporated annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.