onsemi will host a conference call for the financial community at 9 a.m. Eastern Time (ET) on October 28, 2024 to discuss this announcement and onsemi’s 2024 third quarter results. The Company will also provide a real-time audio webcast of the teleconference on the Investor Relations page of its website at http://www.onsemi.com. The webcast replay will be available at this site approximately one hour following the live broadcast and will continue to be available for approximately 30 days following the conference call. Investors and interested parties can also access the conference call by pre-registering here.
About onsemi
onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is recognized as a Fortune 500® company and included in the Nasdaq-100 Index® and S&P 500® index. Learn more about onsemi at www.onsemi.com.
onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.
This document includes “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of onsemi, including financial guidance for the fourth quarter of 2024. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “anticipates,” “should” or similar expressions or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A “Risk Factors” in the 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 5, 2024 (the “2023 Form 10-K”) and from time to time in our other SEC reports. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a high degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this document, our 2023 Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
|
Quarters Ended |
|
Nine Months Ended |
|||||||||||||||||
|
September 27,
|
|
June 28, 2024 |
|
September 29,
|
|
September 27,
|
|
September 29,
|
|||||||||||
Revenue |
$ |
1,761.9 |
|
|
$ |
1,735.2 |
|
|
$ |
2,180.8 |
|
|
$ |
5,359.8 |
|
|
$ |
6,234.9 |
|
|
Cost of revenue |
|
962.5 |
|
|
|
951.2 |
|
|
|
1,150.1 |
|
|
|
2,922.8 |
|
|
|
3,293.3 |
|
|
| Gross profit |
|
799.4 |
|
|
|
784.0 |
|
|
|
1,030.7 |
|
|
|
2,437.0 |
|
|
|
2,941.6 |
|
|
| Gross margin |
|
45.4 |
% |
|
|
45.2 |
% |
|
|
47.3 |
% |
|
|
45.5 |
% |
|
|
47.2 |
% |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Research and development |
|
151.0 |
|
|
|
156.5 |
|
|
|
143.4 |
|
|
|
457.5 |
|
|
|
427.1 |
|
|
| Selling and marketing |
|
65.4 |
|
|
|
68.6 |
|
|
|
68.2 |
|
|
|
203.1 |
|
|
|
211.6 |
|
|
| General and administrative |
|
95.5 |
|
|
|
85.0 |
|
|
|
110.7 |
|
|
|
275.8 |
|
|
|
273.8 |
|
|
| Amortization of acquisition-related intangible assets |
|
13.0 |
|
|
|
12.9 |
|
|
|
12.0 |
|
|
|
38.5 |
|
|
|
39.0 |
|
|
| Restructuring, asset impairments and other charges, net |
|
29.1 |
|
|
|
72.5 |
|
|
|
9.4 |
|
|
|
103.0 |
|
|
|
63.5 |
|
|
| Total operating expenses |
|
354.0 |
|
|
|
395.5 |
|
|
|
343.7 |
|
|
|
1,077.9 |
|
|
|
1,015.0 |
|
|
| Operating income |
|
445.4 |
|
|
|
388.5 |
|
|
|
687.0 |
|
|
|
1,359.1 |
|
|
|
1,926.6 |
|
|
| Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest expense |
|
(15.7 |
) |
|
|
(15.7 |
) |
|
|
(16.2 |
) |
|
|
(47.0 |
) |
|
|
(59.0 |
) |
|
| Interest income |
|
28.6 |
|
|
|
27.4 |
|
|
|
25.7 |
|
|
|
83.6 |
|
|
|
66.8 |
|
|
| Loss on debt prepayment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13.3 |
) |
|
| Loss on divestiture of business |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
| Other income (expense) |
|
(3.7 |
) |
|
|
1.9 |
|
|
|
1.1 |
|
|
|
(0.8 |
) |
|
|
4.5 |
|
|
| Other income (expense), net |
|
9.2 |
|
|
|
13.6 |
|
|
|
10.5 |
|
|
|
35.8 |
|
|
|
(1.7 |
) |
|
| Income before income taxes |
|
454.6 |
|
|
|
402.1 |
|
|
|
697.5 |
|
|
|
1,394.9 |
|
|
|
1,924.9 |
|
|
| Income tax provision |
|
(51.9 |
) |
|
|
(63.7 |
) |
|
|
(114.6 |
) |
|
|
(200.1 |
) |
|
|
(302.7 |
) |
|
| Net income |
|
402.7 |
|
|
|
338.4 |
|
|
|
582.9 |
|
|
|
1,194.8 |
|
|
|
1,622.2 |
|
|
| Less: Net income attributable to non-controlling interest |
|
(1.0 |
) |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
(1.9 |
) |
|
|
(1.2 |
) |
|
| Net income attributable to ON Semiconductor Corporation |
$ |
401.7 |
|
|
$ |
338.2 |
|
|
$ |
582.7 |
|
|
$ |
1,192.9 |
|
|
$ |
1,621.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income for diluted earnings per share of common stock |
$ |
401.7 |
|
|
$ |
338.2 |
|
|
$ |
583.1 |
|
|
$ |
1,192.9 |
|
|
$ |
1,622.2 |
|
|
| Net income per share of common stock: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Basic |
$ |
0.94 |
|
|
$ |
0.79 |
|
|
$ |
1.35 |
|
|
$ |
2.79 |
|
|
$ |
3.76 |
|
|
| Diluted |
$ |
0.93 |
|
|
$ |
0.78 |
|
|
$ |
1.29 |
|
|
$ |
2.75 |
|
|
$ |
3.61 |
|
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|||||||||||
| Basic |
|
427.0 |
|
|
|
429.1 |
|
|
|
431.2 |
|
|
|
428.1 |
|
|
|
431.6 |
|
|
| Diluted |
|
431.7 |
|
|
|
433.2 |
|
|
|
450.7 |
|
|
|
433.8 |
|
|
|
449.3 |
|
|
ON SEMICONDUCTOR CORPORATION
