onsemi Reports Strong Q3 2024 Financial Performance and Provides Q4 Outlook
onsemi (Nasdaq: ON) announced its third-quarter 2024 financial results, showcasing consistent growth and strong returns for shareholders.
Q3 2024 Highlights:
- Revenue: $1.76 billion
- Gross Margin: GAAP at 45.4% and non-GAAP at 45.5%
- Operating Margin: GAAP at 25.3% and non-GAAP at 28.2%
- Earnings per Share (EPS): GAAP diluted EPS of $0.93; non-GAAP diluted EPS of $0.99
- Shareholder Returns: 75% of free cash flow returned to shareholders through stock repurchases over the past 12 months
Hassane El-Khoury, onsemi’s CEO, highlighted the company’s commitment to growth amidst rising power demands, focusing on efficiency in key markets like automotive, industrial, and AI data centers.
Quarterly Financial Summary (Comparative Periods Unaudited)
| Metric | Q3 2024 | Q2 2024 | Q3 2023 |
|---|---|---|---|
| Revenue | $1,761.9M | $1,735.2M | $2,180.8M |
| GAAP Gross Margin | 45.4% | 45.2% | 47.3% |
| Non-GAAP Gross Margin | 45.5% | 45.3% | 47.3% |
| GAAP Operating Margin | 25.3% | 22.4% | 31.5% |
| Non-GAAP Operating Margin | 28.2% | 27.5% | 32.6% |
| GAAP Diluted EPS | $0.93 | $0.78 | $1.29 |
| Non-GAAP Diluted EPS | $0.99 | $0.96 | $1.39 |
Business Segment Revenue Breakdown:
| Segment | Q3 2024 | Q2 2024 | Q3 2023 | Sequential Change | Year-over-Year Change |
|---|---|---|---|---|---|
| PSG | $829.4M | $835.2M | $1,076.5M | (1%) | (23%) |
| AMG | $653.7M | $647.8M | $775.7M | 1% | (16%) |
| ISG | $278.8M | $252.2M | $328.6M | 11% | (15%) |
| Total | $1,761.9M | $1,735.2M | $2,180.8M | 2% | (19%) |
Note: onsemi reorganized segments in Q1 2024; prior-period data is reclassified accordingly.
Q4 2024 Outlook
onsemi projects Q4 revenue between $1.71 billion and $1.81 billion, with a GAAP gross margin of 43.9% to 45.9%. The diluted EPS is estimated to range from $0.88 to $1.00 on a GAAP basis.
Investor Call
onsemi will host a live teleconference at 9 a.m. ET on October 28, 2024, accessible via its Investor Relations webpage at www.onsemi.com, with a replay available for 30 days.
