PHOENIX — (BUSINESS WIRE) — February 1, 2021 — ON Semiconductor Corporation (Nasdaq: ON) today announced financial results for the fourth quarter of 2020 and the fiscal year 2020 with the following highlights:

• Fourth Quarter revenue of $1,446.3 million, up three percent year-over-year
• Fourth Quarter GAAP diluted earnings per share of $0.21 as compared to $0.14 in the quarter a year ago
• Fourth Quarter Non-GAAP diluted earnings per share of $0.35, as compared to $0.30 in the quarter a year ago
• Record automotive revenue of $491 million in the fourth quarter
• Annual 2020 operating cash flow increased to $884.3 million from $694.7 million in 2019 on a 5 percent lower revenue
• Annual 2020 free cash flow increased to $500.7 million, from $160.1 million in 2019

“In the fourth quarter, we saw strong improvement in business trends driven by broad-based improvement in global macroeconomic environment, lean inventories, and a steep recovery in the automotive end-market, in which we continue to see our content growth exceed the overall automotive market growth. Based on current demand trends and the global macroeconomic outlook, we expect to continue to see above seasonal demand trends in the near term,” said Hassane El-Khoury, president and CEO of ON Semiconductor.

“ON Semiconductor has tremendous potential, and I am excited about the opportunities we have to unlock that potential and create value for our shareholders, customers, and employees. The company has outstanding assets, targeting the fastest growing semiconductor end-markets with solid margin potential. As we reposition the company, we aim to realign capital allocation and investments in the business with our strategic intent of driving strong revenue growth, structural margin expansion, and free cash flow generation.”