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."