Free cash flow increase of ~$250 million year over year
SCOTTSDALE, Ariz. — (BUSINESS WIRE) — July 29, 2024 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the second quarter of 2024 with the following highlights:
- Revenue of $1,735.2 million
- GAAP gross margin and non-GAAP gross margin of 45.2% and 45.3%, respectively
- GAAP operating margin and non-GAAP operating margin of 22.4% and 27.5%, respectively
- GAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.78 and $0.96, respectively
- Returned ~$650 million of free cash flow over last twelve months to shareholders through stock repurchases
“We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions,” said Hassane El-Khoury, president and CEO, onsemi. “As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China.”
Selected financial results for the quarter are shown below with comparable periods (unaudited):
|
GAAP |
|
Non-GAAP |
|||||||||
(Revenue and Net Income in millions) |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
|||||
Revenue |
$1,735.2 |
$1,862.7 |
$2,094.4 |
|
$1,735.2 |
$1,862.7 |
$2,094.4 |
|||||
Gross Margin |
45.2% |
45.8% |
47.4% |
|
45.3% |
45.9% |
47.4% |
|||||
Operating Margin |
22.4% |
28.2% |
32.2% |
|
27.5% |
29.0% |
32.8% |
|||||
Net Income attributable to ON Semiconductor Corporation |
$338.2 |
$453.0 |
$576.6 |
|
$412.1 |
$464.5 |
$583.3 |
|||||
Diluted Earnings Per Share |
$0.78 |
$1.04 |
$1.29 |
|
$0.96 |
$1.08 |
$1.33 |
|||||
| Revenue Summary |
||||||||||
| (in millions) |
||||||||||
| (Unaudited) |
||||||||||
|
|
Three Months Ended |
|
|
|
||||||
| Business Segment (1) |
Q2 2024 |
Q1 2024 |
Q2 2023 |
|
Sequential
|
Year-over-
|
||||
| PSG |
$835.2 |
$874.2 |
$977.4 |
|
(4) % |
(15) % |
||||
| AMG |
$647.8 |
$697.0 |
$791.9 |
|
(7) % |
(18) % |
||||
| ISG |
$252.2 |
$291.5 |
$325.1 |
|
(13) % |
(22) % |
||||
| Total |
$1,735.2 |
$1,862.7 |
$2,094.4 |
|
(7) % |
(17) % |
||||
| (1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation. |
||||||||||
