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Mar 29, 2024
ON Semiconductor Q1 2024 Earnings Report
ON Semiconductor's Q1 2024 results exceeded expectations with increased free cash flow.
Key Takeaways
ON Semiconductor reported Q1 2024 revenue of $1,862.7 million, GAAP EPS of $1.04, and non-GAAP EPS of $1.08. The company's gross margin remained strong despite challenging market conditions, and free cash flow increased approximately 3x year-over-year.
Revenue reached $1,862.7 million.
GAAP gross margin was 45.8 percent, and non-GAAP gross margin was 45.9 percent.
GAAP operating margin was 28.2 percent, and non-GAAP operating margin was 29.0 percent.
GAAP diluted earnings per share was $1.04, and non-GAAP diluted earnings per share was $1.08.
ON Semiconductor
ON Semiconductor
Forward Guidance
ON Semiconductor projects the second quarter of 2024 revenue to be between $1,680 million and $1,780 million, with a GAAP diluted earnings per share between $0.82 and $0.94 and non-GAAP diluted earnings per share between $0.86 and $0.98.
Positive Outlook
- Revenue between $1,680 to $1,780 million
- Gross Margin 44.1% to 46.1%
- Other Income and Expense (including interest), net ($12 million)
- Diluted Earnings Per Share $0.82 to $0.94
- Non-GAAP Diluted Earnings Per Share $0.86 to $0.98
Challenges Ahead
- Operating Expenses $327 to $342 million
- Special Items impact of $14 million on Operating Expenses
- GAAP Diluted Shares Outstanding of 436 million
- Amortization of acquisition-related intangibles
- expensing of appraised inventory fair market value step-up