onsemi Announces Second Quarter 2024 Results

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[{"type":"text","content":"\nFree cash flow increase of ~$250 million year over year\n\n\n SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nonsemi (the “Company”) (Nasdaq: ON) today announced results for the second quarter of 2024 with the following highlights:\n\n\n\nRevenue of $1,735.2 million\n\n\n\nGAAP gross margin and non-GAAP gross margin of 45.2% and 45.3%, respectively\n\n\n\nGAAP operating margin and non-GAAP operating margin of 22.4% and 27.5%, respectively\n\n\n\nGAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.78 and $0.96, respectively\n\n\n\nReturned ~$650 million of free cash flow over last twelve months to shareholders through stock repurchases\n\n\n\n“We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions,” said Hassane El-Khoury, president and CEO, onsemi. “As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China.”\n\n\nSelected financial results for the quarter are shown below with comparable periods (unaudited):\n\n\n\n\n \n\n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\n(Revenue and Net Income in millions)\n\n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n$1,735.2\n\n\n\n\n\n\n\n$1,862.7\n\n\n\n\n\n\n\n$2,094.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n$1,735.2\n\n\n\n\n\n\n\n$1,862.7\n\n\n\n\n\n\n\n$2,094.4\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n\n45.2%\n\n\n\n\n\n\n\n45.8%\n\n\n\n\n\n\n\n47.4%\n\n\n\n\n\n\n \n\n\n\n\n\n\n45.3%\n\n\n\n\n\n\n\n45.9%\n\n\n\n\n\n\n\n47.4%\n\n\n\n\n\n\n\n\nOperating Margin\n\n\n\n\n\n\n\n22.4%\n\n\n\n\n\n\n\n28.2%\n\n\n\n\n\n\n\n32.2%\n\n\n\n\n\n\n \n\n\n\n\n\n\n27.5%\n\n\n\n\n\n\n\n29.0%\n\n\n\n\n\n\n\n32.8%\n\n\n\n\n\n\n\n\nNet Income attributable to ON Semiconductor Corporation\n\n\n\n\n\n\n\n$338.2\n\n\n\n\n\n\n\n$453.0\n\n\n\n\n\n\n\n$576.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n$412.1\n\n\n\n\n\n\n\n$464.5\n\n\n\n\n\n\n\n$583.3\n\n\n\n\n\n\n\n\nDiluted Earnings Per Share\n\n\n\n\n\n\n\n$0.78\n\...

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