Diodes 3Q Beats Forecasts; Predicts Upbeat 4Q

DALLAS (AP) — Semiconductor parts maker Diodes Inc. made a $7 million net profit in the third quarter, reversing a loss from a year ago and beating analysts' forecasts as the economy recovered.

Diodes said net profit in the quarter to Sept. 30 came to 16 cents per share, compared with a loss of $4.6 million, or 11 cents per share, a year ago.

Sales fell 9 percent to $122 million, but the company said it exceeded the high end of its guidance.

The company said it experienced a one-time boost in demand as Asian customers put in orders earlier than normal due to a one-week national holiday customs shutdown in China that began Oct. 1.

Adjusted for one-time items, the company earned 21 cents per share. Analysts polled by Thomson Reuters expected 19 cents per share of profit on $120 million in revenue.

The company said it expected fourth-quarter revenue between $126 million and $130 million, a nearly 50 percent increase from a year earlier.

Shares advanced 14 cents to $16.77 in after-hours trading when the earnings report was released. In the regular session, the stock gained 25 cents to close at $16.63.