On Semiconductor Corporation
ON Semiconductor Q1 2024 Results Exceed Expectations
Summary
ON Semiconductor announced its financial performance for Q1 2024, with total revenue of $1.862 billion, a GAAP gross margin of 45.8%, and a GAAP diluted EPS of $1.04. The company reported a GAAP net income of $453.0 million. ON Semiconductor also highlighted that it returned approximately 100% of its free cash flow to shareholders over the last twelve months through stock repurchases. These results were announced via a news release dated April 29, 2024, which is furnished as Exhibit 99.1 to this 8-K.
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About On Semiconductor Corporation
On Semiconductor Corporation, commonly known as onsemi, is a leading semiconductor supplier focused on complete intelligent sensing and energy-efficient solutions. The company provides innovative and reliable products that improve energy efficiency and enable the latest green technologies. onsemi's portfolio includes power management, analog, sensors, connectivity, custom, and system-on-chip (SoC) solutions. It serves a variety of markets, such as automotive, industrial, communications, and consumer electronics. The primary function of onsemi is to enhance the performance and efficiency of electronic products used in everyday life and in critical applications ranging from smart grids to advanced driver-assistance systems (ADAS). With a strong emphasis on research and development, onsemi is dedicated to driving advancements in technology that facilitate cleaner energy consumption and smarter electronic systems. Within the financial markets, onsemi plays a significant role given its strategic position in key growth sectors like electric vehicles and smart infrastructure. By leveraging cutting-edge technologies, the corporation continually contributes to the advancement of semiconductor technologies, reinforcing its relevance as a pivotal entity in the evolving landscape of global electronics and electrification initiatives.
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