ON Semiconductor Corporation, known as ON, reported its financial results for the first quarter ended March 29, 2024, on April 29, 2024. The company announced a revenue of $1.86 billion with GAAP and non-GAAP gross margins of 45.8% and 45.9% respectively. Operating margins were reported at 28.2% for GAAP and 29.0% for non-GAAP. The GAAP diluted earnings per share were $1.04, and non-GAAP diluted earnings per share were $1.08. ON Semiconductor highlighted a significant increase in free cash flow, approximately three times the amount year-over-year, and returned roughly 100% of this free cash flow to shareholders through stock repurchases. President and CEO Hassane El-Khoury credited structural business changes over the past three years for sustaining gross margins amid challenging market conditions. The company remains focused on...Show More

ON Semiconductor Corporation, known as ON, reported its financial results for the first quarter ended March 29, 2024, on April 29, 2024. The company announced a revenue of $1.86 billion with GAAP and non-GAAP gross margins of 45.8% and 45.9% respectively. Operating margins were reported at 28.2% for GAAP and 29.0% for non-GAAP. The GAAP diluted earnings per share were $1.04, and non-GAAP diluted earnings per share were $1.08. ON Semiconductor highlighted a significant increase in free cash flow, approximately three times the amount year-over-year, and returned roughly 100% of this free cash flow to shareholders through stock repurchases. President and CEO Hassane El-Khoury credited structural business changes over the past three years for sustaining gross margins amid challenging market conditions. The company remains focused on execution and long-term growth, particularly in power and sensing technologies, which are critical for energy efficiency in global markets. ON Semiconductor also provided a financial outlook for the second quarter of 2024, projecting revenues between $1.68 and $1.78 billion, with gross margins ranging from 44.1% to 46.1%, and diluted earnings per share between $0.82 and $0.94. The company held a teleconference to discuss the results and future outlook.