PLANO, Texas (AP) — Semiconductor components maker Diodes Inc. said Tuesday that its third-quarter net income fell by more than half. The company cited a broad weakness across global markets that began in May and accelerated through the quarter.
Diodes said it reacted by shifting its product mix to those with lower profit margins, implemented cost reductions like cutting overtime and temporarily restricted travel.
Net income in the three months to Sept. 30 came to $10.0 million, or 21 cents per share, down from $21.2 million, or 46 cents per share, a year ago.
Excluding the amortization of a debt discount and the amortization of acquired intangible assets, earnings came to 26 cents per share, below the 35 cents per share expected by analysts.
Revenue fell 2 percent to $160.6 million from $163.1 million, also falling short of the $166.6 million expected by analysts.
The company said the current market weakness was extending into the fourth quarter. It expects fourth-quarter revenue of $140 million to $150 million, well below the $164 million expected by analysts.
Diodes’ shares fell $1.18, or 4.9 percent, to $23 in after-hours trading Tuesday after closing up 60 cents, or 2.5 percent, at $24.18 in the regular session.