Achieves record revenue in automotive and industrial end markets
SCOTTSDALE, Ariz. — (BUSINESS WIRE) — October 30, 2023 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the third quarter of 2023 with the following highlights:
- Revenue of $2,180.8 million; GAAP and non-GAAP gross margin of 47.3%
- GAAP operating margin and non-GAAP operating margin of 31.5% and 32.6%, respectively
- GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.29 and $1.39, respectively
- Record automotive revenue of $1.2 billion, and increased 33% year-over-year
- Record industrial revenue of $616 million, up slightly year-over-year
“Our disciplined approach and execution resulted in another solid quarter, demonstrating the resilience in our business amid market softness,” said Hassane El-Khoury, president and chief executive officer of onsemi. “We continue to drive structural improvements and efficiencies, most notably in our silicon carbide operation, with the completed expansion of the world’s largest, state-of-the-art silicon carbide fab in South Korea for 150- and 200-millimeter wafers.”
Selected financial results for the quarter are shown below with comparable periods (unaudited): |
|||||||
|
GAAP |
|
Non-GAAP |
||||
(Revenue and Net Income in millions) |
Q3 2023 |
Q2 2023 |
Q3 2022 |
|
Q3 2023 |
Q2 2023 |
Q3 2022 |
Revenue |
$2,180.8 |
$2,094.4 |
$2,192.6 |
|
$2,180.8 |
$2,094.4 |
$2,192.6 |
Gross Margin |
47.3 % |
47.4 % |
48.3 % |
|
47.3 % |
47.4 % |
49.3 % |
Operating Margin |
31.5 % |
32.2 % |
19.4 % |
|
32.6 % |
32.8 % |
35.4 % |
Net Income attributable to ON Semiconductor Corporation |
$582.7 |
$576.6 |
$311.9 |
|
$608.4 |
$583.3 |
$639.4 |
Diluted Earnings Per Share |
$1.29 |
$1.29 |
$0.70 |
|
$1.39 |
$1.33 |
$1.45 |
Revenue Summary (in millions) (Unaudited) |
|||||||||||
|
Three Months Ended |
|
|
|
|||||||
Business Segment |
Q3 2023 |
Q2 2023 |
Q3 2022 |
|
Sequential
|
Year-over-
|
|||||
| PSG |
$ |
1,230.6 |
$ |
1,119.8 |
$ |
1,116.1 |
|
10 |
% |
10 |
% |
| ASG |
|
621.6 |
|
649.5 |
|
734.3 |
|
(4 |
)% |
(15 |
)% |
| ISG |
|
328.6 |
|
325.1 |
|
342.2 |
|
1 |
% |
(4 |
)% |
| Total |
$ |
2,180.8 |
$ |
2,094.4 |
$ |
2,192.6 |
|
4 |
% |
(1 |
)% |
