ON Semiconductor Corporation, known as onsemi, reported its financial results for the second quarter ended June 28, 2024, on July 29, 2024. The company announced a revenue of $1,735.2 million with GAAP and non-GAAP gross margins of 45.2% and 45.3%, respectively. Operating margins were reported at 22.4% for GAAP and 27.5% for non-GAAP. Diluted earnings per share were $0.78 for GAAP and $0.96 for non-GAAP. The company also highlighted a significant year-over-year increase in free cash flow of approximately $250 million and a return of about $650 million to shareholders through stock repurchases over the last twelve months. President and CEO Hassane El-Khoury emphasized onsemi's growth strategies, including market share gains, strategic investments, and portfolio expansion with analog and mixed-signal solutions. The company also noted...Show More

ON Semiconductor Corporation, known as onsemi, reported its financial results for the second quarter ended June 28, 2024, on July 29, 2024. The company announced a revenue of $1,735.2 million with GAAP and non-GAAP gross margins of 45.2% and 45.3%, respectively. Operating margins were reported at 22.4% for GAAP and 27.5% for non-GAAP. Diluted earnings per share were $0.78 for GAAP and $0.96 for non-GAAP. The company also highlighted a significant year-over-year increase in free cash flow of approximately $250 million and a return of about $650 million to shareholders through stock repurchases over the last twelve months. President and CEO Hassane El-Khoury emphasized onsemi's growth strategies, including market share gains, strategic investments, and portfolio expansion with analog and mixed-signal solutions. The company also noted its strengthening position in the automotive silicon carbide market, as evidenced by a recent supply agreement with Volkswagen Group. For the third quarter of 2024, onsemi provided an outlook with projected revenues between $1,700 to $1,800 million, gross margins ranging from 44.3% to 46.3%, and diluted earnings per share between $0.85 to $0.97 on a GAAP basis, and $0.91 to $1.03 on a non-GAAP basis.