Summary by Moomoo AI
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