PHOENIX, Ariz. — (BUSINESS WIRE) — May 3, 2021 — ON Semiconductor Corporation (Nasdaq: ON) today announced results for the first quarter of 2021 with following highlights:
- Revenue of $1,481.7 million increased 16 percent year-over-year
- GAAP diluted earnings per share of $0.20 as compared to $(0.03) in the quarter a year ago
- Non-GAAP diluted earnings per share of $0.35 as compared to $0.10 in the quarter a year ago
- GAAP and non-GAAP gross margin of 35.2 percent increased 80 basis points quarter-over-quarter and 370 basis points year-over-year
- Cash provided by operating activities of $218.5 million as compared to $166.0 million in the quarter a year ago
- Free cash flow of $141.5 million, as compared to $33.7 million in the quarter a year ago
- Record automotive revenue of $515 million increased 5 percent quarter-over-quarter
"We delivered strong results driven by disciplined execution in a strong demand environment across our focus end-markets. Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter-over-quarter. We remain confident in our ability to further expand our margins as we continue to make structural changes to the business," said Hassane El-Khoury, president and CEO of ON Semiconductor.
"The momentum in our strategic automotive and industrial end-markets is accelerating. During the first quarter, we secured key platform design wins for our Silicon Carbide and Silicon based power products, further solidifying our market leadership in vehicle electrification."
Selected financial results for the quarter are shown below with comparable periods: |
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|
GAAP |
Non-GAAP |
|||||||||||||||||
(in millions, except per share data) |
Q1 2021 |
Q4 2020 |
Q1 2020 |
Q1 2021 |
Q4 2020 |
Q1 2020 |
|||||||||||||
Revenue |
$1,481.7 |
$1,446.3 |
$1,277.9 |
$1,481.7 |
$1,446.3 |
$1,277.9 |
|||||||||||||
Gross Margin |
35.2 |
% |
34.4 |
% |
31.5 |
% |
35.2 |
% |
34.4 |
% |
31.5 |
% |
|||||||
Operating Margin |
8.5 |
% |
11.6 |
% |
1.5 |
% |
13.3 |
% |
14.2 |
% |
6.6 |
% |
|||||||
Net Income (Loss) Attributable to ON Semiconductor Corporation |
$89.9 |
$89.0 |
($14.0) |
$151.3 |
$147.1 |
$42.8 |
|||||||||||||
Diluted Earnings (Loss) Per Share |
$0.20 |
$0.21 |
($0.03) |
$0.35 |
$0.35 |
$0.10 |
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| Revenue Summary ($ in millions) (Unaudited) |
|
|
|
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|
|
Three Months Ended |
|
|
|
||||||||||
| Business Segment |
Q1 2021 |
Q4 2020 |
Q1 2020 |
|
Sequential
|
Year over Year
|
||||||||
| PSG |
$ |
747.0 |
|
$ |
716.4 |
|
$ |
623.9 |
|
|
4 |
% |
20 |
% |
| ASG |
531.5 |
|
522.0 |
|
467.1 |
|
|
2 |
% |
14 |
% |
|||
| ISG |
203.2 |
|
207.9 |
|
186.9 |
|
|
(2) |
% |
9 |
% |
|||
| Total |
$ |
1,481.7 |
|
$ |
1,446.3 |
|
$ |
1,277.9 |
|
|
2 |
% |
16 |
% |
