Press release
onsemi Second Quarter 2023 Results Exceed Expectations
Automotive and Industrial end-markets drive growth, contribute 80% of revenue SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- onsemi (the “Company”) (Nasdaq: ON) today
About this update from On Semiconductor Corporation
[{"type":"text","content":"\nAutomotive and Industrial end-markets drive growth, contribute 80% of revenue\n\n\n SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nonsemi (the “Company”) (Nasdaq: ON) today announced results for the second quarter of 2023 with the following highlights:\n\n\n\nRevenue of $2,094.4 million, flat year-over-year\n\n\n\nGAAP and non-GAAP gross margin of 47.4 percent\n\n\n\nGAAP operating margin and non-GAAP operating margin of 32.2 percent and 32.8 percent, respectively\n\n\n\nGAAP diluted earnings per share of $1.29 and non-GAAP diluted earnings per share of $1.33, approximately flat compared to $1.34 in the quarter a year ago\n\n\n\nRecord Automotive revenue exceeded $1 billion increased 35% year-over-year\n\n\n\nIndustrial revenue of $609.3 million increased 5% year-over-year\n\n\n\nSilicon carbide revenue grew nearly 4x year-over-year\n\n\n\n“onsemi delivered another excellent quarter, ahead of guidance on revenue and earnings per share, driven by growth in automotive and industrial. Our operational excellence and winning formula have proven to be the right strategy in sustaining our financial performance amid a soft macroeconomic environment,” said Hassane El-Khoury, president and chief executive officer, onsemi. “Our brownfield capacity expansion is creating an opportunity for onsemi to gain share in silicon carbide by capitalizing on the rapidly accelerating demand for electrification and renewable energy.”\n\n\nSelected financial results for the quarter are shown below with comparable periods (unaudited):\n\n\n\n\n \n\n\n\n\n\n\nGAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\nNon-GAAP\n\n\n\n\n\n\n\n\n(Revenue and Net Income in millions)\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\nQ2 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\nQ2 2022\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$\n\n\n\n\n\n\n2,094.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,959.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n2,085.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n2,094.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,959.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n2,085.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n47.4\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n46.8\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n49.7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n47.4\n\n\n\n\n\n\n%\...