ON Semiconductor Reports Record Revenue and Non-GAAP Earnings per Share for Second Quarter 2021

PHOENIX — (BUSINESS WIRE) — August 2, 2021 — ON Semiconductor Corporation (Nasdaq: ON) today announced results for the second quarter of 2021 with the following highlights:

  • Record revenue of $1,669.9 million, an increase of 38 percent year-over-year
  • GAAP diluted earnings per share of $0.42 as compared to $0.00 in the quarter a year ago
  • Record non-GAAP diluted earnings per share of $0.63 as compared to $0.12 in the quarter a year ago
  • GAAP gross margin of 38.3 percent increased 310 basis points quarter-over-quarter and 750 basis points year-over-year
  • Non-GAAP gross margin of 38.4 percent increased 320 basis points quarter-over-quarter and 760 basis points year-over-year
  • Record free cash flow of $383.2 million or 22.9% of revenue

“Our strong second quarter results were driven by solid execution and ongoing structural changes, in addition to a strong demand environment. We posted yet another quarter of non-GAAP gross margin expansion with margins increasing by 320 basis points quarter-over-quarter. We expect that the ongoing structural changes in the business should enable us to report strong results on a sustainable basis. While we are encouraged by our recent results, we will continue to transform the business to realize its full potential,” said Hassane El-Khoury, president and CEO of ON Semiconductor.

“We continue to see accelerating demand for our products in our strategic automotive and industrial end-markets. As we continue to drive operational efficiencies in our manufacturing sites, we expect to see incremental supply and revenue growth in the second half of 2021.”

Selected financial results for the quarter are shown below with comparable periods:

 

 

GAAP

 

Non-GAAP

(in millions, except per share data)

 

Q2 2021

 

Q1 2021

 

Q2 2020

 

Q2 2021

 

Q1 2021

 

Q2 2020

Revenue

 

$1,669.9

 

$1,481.7

 

$1,213.5

 

$1,669.9

 

$1,481.7

 

$1,213.5

Gross Margin

 

38.3%

 

35.2%

 

30.8%

 

38.4%

 

35.2%

 

30.8%

Operating Margin

 

16.9%

 

8.5%

 

3.6%

 

19.6%

 

13.3%

 

7.4%

Net Income (Loss) Attributable to ON Semiconductor Corporation

 

$184.1

 

$89.9

 

($1.4)

 

$275.8

 

$151.3

 

$50.2

Diluted Earnings (Loss) Per Share

 

$0.42

 

$0.20

 

$0.00

 

$0.63

 

$0.35

 

$0.12

 

Revenue Summary

($ in millions)

(Unaudited)

 

 

Three Months Ended

 

 

 

 

Business Segment

 

Q2 2021

 

Q1 2021

 

Q2 2020

 

Sequential
Change

 

Year over Year
Change

PSG

 

$

846.6

 

 

$

747.0

 

 

$

618.4

 

 

13

%

 

37

%

ASG

 

607.6

 

 

531.5

 

 

426.7

 

 

14

%

 

42

%

ISG

 

215.7

 

 

203.2

 

 

168.4

 

 

6

%

 

28

%

Total

 

$

1,669.9

 

 

$

1,481.7

 

 

$

1,213.5

 

 

13

%

 

38

%


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