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ON Semiconductor | 10-Q: Q1 2024 Earnings Report

SEC announcement ·  Apr 29 10:23
Summary by Moomoo AI
ON Semiconductor reported a decrease in revenue for the quarter ended March 29, 2024, with figures falling to $1,862.7 million from $1,959.7 million in the same quarter of the previous year, marking a 5% decline. The company's gross profit also saw a reduction, dropping by $63.9 million to $853.6 million. Operating income decreased by $39.7 million to $525.2 million. Net income attributable to ON Semiconductor was $453.0 million, a slight decrease from $461.7 million year over year. The company's operating segments experienced mixed results, with the Power Solutions Group (PSG) seeing a 2% increase in revenue, while the Analog and Mixed-Signal Group (AMG) and Intelligent Sensing Group (ISG) reported decreases of 6% and 18%, respectively. Geographically, revenue from Hong Kong and Singapore saw declines, while the United Kingdom and the United...Show More
ON Semiconductor reported a decrease in revenue for the quarter ended March 29, 2024, with figures falling to $1,862.7 million from $1,959.7 million in the same quarter of the previous year, marking a 5% decline. The company's gross profit also saw a reduction, dropping by $63.9 million to $853.6 million. Operating income decreased by $39.7 million to $525.2 million. Net income attributable to ON Semiconductor was $453.0 million, a slight decrease from $461.7 million year over year. The company's operating segments experienced mixed results, with the Power Solutions Group (PSG) seeing a 2% increase in revenue, while the Analog and Mixed-Signal Group (AMG) and Intelligent Sensing Group (ISG) reported decreases of 6% and 18%, respectively. Geographically, revenue from Hong Kong and Singapore saw declines, while the United Kingdom and the United States experienced increases. The company's operating expenses reflected an increase in research and development costs by 8% and a 26% increase in general and administrative expenses, while selling and marketing expenses decreased by 4%. ON Semiconductor's business strategy remains focused on profitable revenue growth in the automotive and industrial markets, with an emphasis on high-margin products and operational efficiencies. The company continues to invest in research and development to support this strategy. Looking ahead, ON Semiconductor expects to fund its cash requirements through a combination of cash on hand, operations, and available borrowings, with adequate liquidity projected for the next 12 months.

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