share_log

ON Semiconductor | 8-K: onsemi Reports Fourth Quarter and Full Year 2023 Earnings

SEC announcement ·  Feb 5 21:07
Summary by Futu AI
ON Semiconductor Corporation, known as onsemi, reported its financial results for the fourth quarter and full year ended December 31, 2023, on February 5, 2024. The company announced a fourth-quarter revenue of $2,018.1 million with a GAAP and non-GAAP gross margin of 46.7%. The GAAP operating margin was 30.3%, and the non-GAAP operating margin was 31.6%. GAAP diluted earnings per share were $1.28, and non-GAAP diluted earnings per share were $1.25. For the full year, onsemi achieved a record automotive revenue of $4.3 billion, a 29% increase from the previous year. The company also repurchased $564 million in shares, representing 140% of free cash flow. President and CEO Hassane El-Khoury highlighted the company's record automotive revenue and significant growth in silicon carbide revenue, attributing the success to the company's transformation and resilience in uncertain market conditions. The earnings release also provided a forecast for the first quarter of 2024, projecting a revenue between $1,800 to $1,900 million and a GAAP diluted earnings per share between $0.94 to $1.06. The non-GAAP diluted earnings per share is expected to be between $0.98 to $1.10.
ON Semiconductor Corporation, known as onsemi, reported its financial results for the fourth quarter and full year ended December 31, 2023, on February 5, 2024. The company announced a fourth-quarter revenue of $2,018.1 million with a GAAP and non-GAAP gross margin of 46.7%. The GAAP operating margin was 30.3%, and the non-GAAP operating margin was 31.6%. GAAP diluted earnings per share were $1.28, and non-GAAP diluted earnings per share were $1.25. For the full year, onsemi achieved a record automotive revenue of $4.3 billion, a 29% increase from the previous year. The company also repurchased $564 million in shares, representing 140% of free cash flow. President and CEO Hassane El-Khoury highlighted the company's record automotive revenue and significant growth in silicon carbide revenue, attributing the success to the company's transformation and resilience in uncertain market conditions. The earnings release also provided a forecast for the first quarter of 2024, projecting a revenue between $1,800 to $1,900 million and a GAAP diluted earnings per share between $0.94 to $1.06. The non-GAAP diluted earnings per share is expected to be between $0.98 to $1.10.
Helpful
Not Helpful

This announcement is a separate document:

Doc 1

Doc 2

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.