July 29, 2024 - Scottsdale, Arizona - onsemi (Nasdaq: ON) has announced its financial results for the second quarter of 2024, highlighting key performance metrics and strategic developments:
Revenue: $1.735 billion, a decrease from $1.863 billion in Q1 2024 and $2.094 billion in Q2 2023.
Gross Margins: GAAP gross margin was 45.2%, while non-GAAP gross margin stood at 45.3%. Both figures indicate a slight decline from the previous quarter.
Operating Margins: GAAP operating margin was reported at 22.4%, with non-GAAP operating margin at 27.5%.
Earnings: GAAP diluted earnings per share (EPS) came in at $0.78, while non-GAAP diluted EPS was $0.96.
Net Income: Net income attributable to ON Semiconductor was $338.2 million under GAAP and $412.1 million under non-GAAP.
Free Cash Flow: The company generated a free cash flow of $207.7 million in Q2, contributing to $650 million returned to shareholders over the last twelve months through stock repurchases.
Segment Performance:
Power Solutions Group (PSG): Revenue of $835.2 million, down 15% year-over-year.
Advanced Microcontrollers Group (AMG): Revenue of $647.8 million, down 18% year-over-year.
Intelligent Sensing Group (ISG): Revenue of $252.2 million, down 22% year-over-year.
Outlook: For Q3 2024, onsemi projects revenue in the range of $1.7 billion to $1.8 billion, with GAAP EPS between $0.85 and $0.97.
CEO Hassane El-Khoury emphasized the company’s continued focus on market expansion, especially in the automotive sector, reinforced by a supply agreement with Volkswagen Group.
Warm reminder: The above information is for reference only and not as market entry advice; investment is risky and caution is required when entering the market.
