onsemi First Quarter 2023 Results Exceed Expectations

Automotive and Industrial end-markets contribute record 79% of revenue

SCOTTSDALE, Ariz. — (BUSINESS WIRE) — May 1, 2023 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the first quarter of 2023 with the following highlights:

  • Revenue of $1,959.7 million, an increase of 1 percent year-over-year
  • GAAP and non-GAAP gross margin of 46.8 percent
  • GAAP operating margin and non-GAAP operating margin of 28.8 percent and 32.2 percent respectively
  • GAAP diluted earnings per share of $1.03, Non-GAAP diluted earnings per share of $1.19 as compared to $1.22 in the quarter a year ago
  • Automotive revenue grew 38% year-over-year to record 50% of total revenue
  • Automotive and industrial end-markets together represented record 79% of revenue

“We continued our momentum with first quarter results exceeding expectations despite macroeconomic uncertainties. Our accelerating Silicon Carbide manufacturing output exceeded our internal plans and enabled us to nearly double our silicon carbide revenue quarter-over-quarter, and we grew both ADAS and energy infrastructure revenue by approximately 50% year-over-year. As secular tailwinds propel our business, we are prudently managing our operations to deliver consistent and predictable results in the current market environment,” said Hassane El-Khoury, President and CEO of onsemi.

Selected financial results for the quarter are shown below with comparable periods (unaudited):

 

GAAP

 

Non-GAAP

(Revenue and Net Income in millions)

Q1 2023

Q4 2022

Q1 2022

 

Q1 2023

Q4 2022

Q1 2022

Revenue

$

1,959.7

 

$

2,103.6

 

$

1,945.0

 

 

$

1,959.7

 

$

2,103.6

 

$

1,945.0

 

Gross Margin

 

46.8

%

 

48.5

%

 

49.4

%

 

 

46.8

%

 

48.4

%

 

49.4

%

Operating Margin

 

28.8

%

 

33.5

%

 

33.3

%

 

 

32.2

%

 

34.1

%

 

33.9

%

Net Income attributable to ON Semiconductor

$

461.7

 

$

604.3

 

$

530.2

 

 

$

523.7

 

$

580.4

 

$

538.5

 

Diluted Earnings Per Share

$

1.03

 

$

1.35

 

$

1.18

 

 

$

1.19

 

$

1.32

 

$

1.22

 

Revenue Summary

(in millions)

(Unaudited)

 

Three Months Ended

 

 

 

Business Segment

Q1 2023

Q4 2022

Q1 2022

 

Sequential Change

Year-over-Year Change

PSG

$

1,012.8

$

1,048.4

$

986.7

 

(3

) %

3

%

ASG

 

592.8

 

701.0

 

689.3

 

(15

) %

(14

) %

ISG

 

354.1

 

354.2

 

269.0

 

%

32

%

Total

$

1,959.7

$

2,103.6

$

1,945.0

 

(7

) %

1

%


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