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Mar 31, 2023
ON Semiconductor Q1 2023 Earnings Report
onsemi's first quarter results surpassed expectations, driven by record automotive and industrial end-market contributions.
Key Takeaways
onsemi announced strong first-quarter results, exceeding expectations despite macroeconomic uncertainties. Revenue increased by 1% year-over-year, with significant growth in automotive revenue and silicon carbide manufacturing output.
Revenue reached $1,959.7 million, a 1% increase year-over-year.
GAAP and non-GAAP gross margin both at 46.8%.
GAAP operating margin was 28.8%, while non-GAAP operating margin reached 32.2%.
GAAP diluted earnings per share was $1.03, and non-GAAP diluted earnings per share was $1.19.
ON Semiconductor
ON Semiconductor
Forward Guidance
onsemi projects revenue between $1,975 million and $2,075 million and diluted EPS between $1.08 and $1.22 for the second quarter of 2023.
Positive Outlook
- Revenue is projected to be between $1,975 to $2,075 million.
- Gross margin is expected to be between 45.4% to 47.4%.
- Operating expenses are projected to be between $314 to $329 million.
- Other income and expense (including interest expense), net is expected to be between $3 to $5 million.
- Diluted earnings per share are projected to be between $1.08 to $1.22.