onsemi Reports Record Revenue and Non-GAAP Earnings Per Share for Third Quarter 2021

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[{"type":"text","content":" PHOENIX--(BUSINESS WIRE)--\nON Semiconductor Corporation (\"onsemi\") (Nasdaq: ON) today announced results for the third quarter of 2021 with the following highlights:\n\n\nRecord revenue of $1,742.1 million, an increase of 32 percent year-over-year\n\n\nGAAP diluted earnings per share of $0.70 as compared to $0.38 in the quarter a year ago\n\n\nRecord non-GAAP diluted earnings per share of $0.87 as compared to $0.27 in the quarter a year ago\n\n\nGAAP gross margin of 41.4 percent increased 310 basis points quarter-over-quarter and 790 basis points year-over-year\n\n\nNon-GAAP gross margin of 41.5 percent increased 310 basis points quarter-over-quarter and 800 basis points year-over-year\n\n\nRecord GAAP operating margin of 22.9 percent increased 600 basis points quarter-over-quarter and 1,390 basis point year-over-year\n\n\nRecord non-GAAP operating margin of 24.5 percent increased 490 basis points quarter-over-quarter and 1,250 basis points year-over-year\n\n\nFree cash flow of $355.7 million or 20.4 percent of revenue\n\n\n“We delivered another quarter of record results driven by on-going execution of our new strategy with demand remaining strong for our intelligent power and sensing solutions in the automotive and industrial end-markets. We continue to execute our margin expansions plans which drove 310 basis points of non-GAAP gross margin improvement quarter-over-quarter. With a rapidly expanding design-win funnel for disruptive applications such as electric vehicles, ADAS, industrial automation, and alternative energy, coupled with ongoing transformational changes, we are making sustainable progress towards our target financial model,” said Hassane El-Khoury, president and CEO of onsemi.\n\n\n\nSelected financial results for the quarter are shown below with comparable periods:\n\n\n\n\n\n \n\n\n\n\nGAAP\n\n\n\n\nNon-GAAP\n\n\n\n\n\n(in millions, except per share data)\n\n\n\n\nQ3 2021\n\n\n\n\nQ2 2021\n\n\n\n\nQ3 2020\n\n\n\n\nQ3 2021\n\n\n\n\nQ2 2021\n\n\n\n\nQ3 2020\n\n\n\n\n\nRevenue\n\n\n\n\n$1,742.1\n\n\n\n\n$1,669.9\n\n\n\n\n$1,317.3\n\n\n\n\n$1,742.1\n\n\n\n\n$1,669.9\n\n\n\n\n$1,317.3\n\n\n\n\n\nGross Margin\n\n\n\n\n41.4 %\n\n\n\n\n38.3 %\n\n\n\n\n33.5 %\n\n\n\n\n41.5 %\n\n\n\n\n38.4 %\n\n\n\n\n33.5 %\n\n\n\n\n\nOperating Margin\n\n\n\n\n22.9 %\n\n\n\n\n16.9 %\n\n\n\n\n9.0 %\n\n\n\n\n24.5 %\n\n\n\n\n19.6 %\n\n\n...

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