Summary by Moomoo AI
ON Semiconductor Corporation, known as onsemi, reported its financial results for the fourth quarter and full year ended December 31, 2023, on February 5, 2024. The company announced a fourth-quarter revenue of $2,018.1 million with a GAAP and non-GAAP gross margin of 46.7%. The GAAP operating margin was 30.3%, and the non-GAAP operating margin was 31.6%. GAAP diluted earnings per share were $1.28, and non-GAAP diluted earnings per share were $1.25. For the full year, onsemi achieved a record automotive revenue of $4.3 billion, a 29% increase from the previous year. The company also repurchased $564 million in shares, representing 140% of free cash flow. President and CEO Hassane El-Khoury highlighted the company's record automotive revenue and significant growth in silicon carbide revenue, attributing the success to the company's transformation and resilience in uncertain market conditions. The earnings release also provided a forecast for the first quarter of 2024, projecting a revenue between $1,800 to $1,900 million and a GAAP diluted earnings per share between $0.94 to $1.06. The non-GAAP diluted earnings per share is expected to be between $0.98 to $1.10.