Diodes (DIOD) Boosts Q2 Outlook
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Diodes Incorporated (Nasdaq: DIOD) today increased its guidance for Q2.
Due to continued improvement in demand and order rates, primarily in Asia, the Company is raising its Q2 sales outlook from up 14-22% to up 22-30%. The Company is also raising its guidance for gross margin and now expects Q2 gross margin to be approximately 24-28% versus the prior guidance of 20-24%. The revenue increase is driven primarily by demand for the Company's products utilized in equipment such as LCD televisions and panels, set-top boxes, mobile handsets and netbooks as well as the production ramp up of previous design wins, which are leading to market share gains.
The Company continues to expect operating expenses to be in line with Q109 levels. In accordance with FSP APB 14-1, GAAP results will include approximately $2.2 million of non-cash interest expense from the amortization of debt discount related to the Company's Convertible Senior Notes. In addition, the Company expects income tax expense to be approximately $2.0-2.5 million as the effective tax rate for Q209 is based on improved profitability from Q109 and will include non-cash U.S. income tax expense associated with repatriating earnings of foreign subsidiaries to the U.S. parent during Q109.
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