Diodes Inc. (DIOD), a manufacturer and supplier of high-quality application specific standard products, Tuesday, reported that its profit for the fourth quarter increased from the previous year quarter. The company also reported revenue increase of 50% and gross profit increase of 83% over prior year quarter.
Including charges, net income was $14.2 million or $0.32 per share, compared to fourth quarter of 2008 net income of $8.7 million or $0.21 per share.
Excluding charges, adjusted net income was $16.3 million or $0.36 per share, compared to adjusted net income of $4.7 million or $0.11 per share last year.
The company stated that excluding $2.2 million of share-based compensation expense, both adjusted net income would have increased by $0.05 per share.
Revenue for the fourth quarter of 2009 was $130.3 million, an increase of 50% over the $87.1 million in the same period last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share on revenues of $129 million for the quarter. Analysts' estimates typically exclude special items.
The company noted that the sequential increase in revenue was driven primarily by an increase in market share due to continued strength in Asia for the company's products utilized in end-equipment such as LCD and LED televisions, LCD panels, set-top boxes, mobile handsets and notebooks, combined with general market improvements in North America and Europe.
For the fiscal year, the company recorded including charges, net income of $7.5 million or $0.17 per share, compared to $28.2 million or $0.66 per share in 2008. Revenue for the twelve months increased to $434.4 million from $432.8 million in 2008, which included 7 months of the Zetex acquisition.
Analysts expected earnings of $0.34 per share, compared to $433.08 million last year.
The company expects revenue for the first quarter of 2010 to range between $131 million and $137 million, up 0.5 to 5.1% sequentially. Analysts expect the company to report revenues of $125.48 million for the first-quarter.
DIOD closed Tuesday's regular trading at $18.82 up $0.93 or 5.20% on a volume of 0.405 million shares on the Nasdaq.
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