Press release
ON Semiconductor Reports Second Quarter 2020 Results
Revenue of $1,213.5 million GAAP and non-GAAP gross margin of 30.8 percent GAAP operating margin of 3.6 percent and non-GAAP operating margin of 7.4 percent
About this update from On Semiconductor Corporation
[{"type":"text","content":"\n\nRevenue of $1,213.5 million\n\n\nGAAP and non-GAAP gross margin of 30.8 percent\n\n\nGAAP operating margin of 3.6 percent and non-GAAP operating margin of 7.4 percent\n\n\nGAAP diluted loss per share of $0.00 and non-GAAP diluted earnings per share of $0.12\n\n\n PHOENIX--(BUSINESS WIRE)--\nON Semiconductor Corporation (Nasdaq: ON) today announced that 2020 second quarter revenue was $1,213.5 million, down approximately 10 percent compared to 2019 second quarter revenue. 2020 second quarter revenue was down approximately 5 percent as compared to 2020 first quarter revenue.\n\n\n\"Despite disruption from COVID-19 pandemic, we continue to make strong progress towards our key strategic initiatives. To achieve our gross margin target, we have accelerated the pace of manufacturing optimization. In addition, we have made outstanding progress in ramp of our 300mm manufacturing processes at East Fishkill fab with our 300mm wafer production starting in the second quarter, significantly ahead of schedule. With expected decline in COVID-19 related costs and ongoing recovery in global macroeconomic activity, we expect to see sustained improvement in our margins,” said Keith Jackson, president and CEO of ON Semiconductor. “Our design win pipeline continues to expand rapidly with multiple strategic wins for our power, analog and sensor products in automotive, industrial, and cloud-power applications.\n\n\n\"We are beginning to see moderate recovery in demand across most end-markets and geographies, and we expect this recovery to continue in near term driven by improving global macroeconomic activity.\"\n\n\n\n\nSecond Quarter Results (GAAP)\n\n\n\n\n\n(in millions, except per share data)\n\n\n\n\n2Q 2020\n\n\n\n \n\n\n\n\n2Q 2019\n\n\n\n\nYear-Over-\nYear Change\n\n\n\n\n1Q 2020\n\n\n\n \n\n\n\n\nSequential\nChange\n\n\n\n\n\nRevenue\n\n\n\n\n$1,213.5\n\n\n\n \n\n\n\n\n$1,347.7\n\n\n\n\n(10\n\n\n\n)%\n\n\n\n\n$1,277.9\n\n\n\n \n\n\n\n\n(5\n\n\n\n)%\n\n\n\n\n\nGross Profit\n\n\n\n\n$374.3\n\n\n\n \n\n\n\n\n$499.0\n\n\n\n\n(25\n\n\n\n)%\n\n\n\n\n$402.7\n\n\n\n \n\n\n\n\n(7\n\n\n\n)%\n\n\n\n\n\nOperating Income\n\n\n\n\n$43.1\n\n\n\n \n\n\n\n\n$158.3\n\n\n\n\n(73\n\n\n\n)%\n\n\n\n\n$18.6\n\n\n\n \n\n\n\n\n132\n\n\n\n%\n\n\n\n\n\nNet Income (Loss) Attributable to ON Semiconductor Corporation\n\n\n\n\n($1.4\n\n\n\n)\n\n\n\n\n$101.8\n\n\n\n\n(1...