Revenue and earnings exceed expectations with free cash flow increasing 41% sequentially

SCOTTSDALE, Ariz. — (BUSINESS WIRE) — October 28, 2024 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the third quarter of 2024 with the following highlights:

• Revenue of $1,761.9 million
• GAAP gross margin and non-GAAP gross margin of 45.4% and 45.5%, respectively
• GAAP operating margin and non-GAAP operating margin of 25.3% and 28.2%, respectively
• GAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.93 and $0.99, respectively
• Returned 75% of free cash flow over the last 12 months to shareholders through stock repurchases

“With third-quarter results above expectations, we remain focused on delivering consistent results in the current environment through execution and prudent financial management,” said Hassane El-Khoury, president and CEO, onsemi. “As power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are investing to win across the entire power spectrum to ensure that onsemi is best positioned to gain share in automotive, industrial and AI data center.”

Selected financial results for the quarter are shown below with comparable periods (unaudited):

Revenue Summary