ON Semiconductor's revenue in Q2 2024 was US$1.7352 billion, down 17% year-on-year.

01 ON Semiconductor's report on Q2

According to the financial report, ON Semiconductor achieved revenue of US$1.7352 billion (currently about RMB 12.603 billion) in the last quarter, with a gross profit margin of 45.2% and an operating profit margin of 22.4%.

ON Semiconductor achieved revenue of $1.7352 billion (currently about RMB 12.603 billion) in the last quarter, with a gross profit margin of 45.2%, an operating profit margin of 22.4%, and diluted earnings per share calculated according to non-GAAP rules of $0.96. In the past 12 months, ON Semiconductor has returned about $650 million in free cash flow to shareholders through stock repurchases.

02 Report's details

The report lists the revenue of three business units in the three months ending in the quarter, namely the Power Solutions Division (PSG), the Analog and Mixed Signal Division (AMG) and the Intelligent Sensing Division (ISG). In addition, there is the total revenue:

The Power Solutions Division (PSG) had revenue of $835.2 in the second quarter of 2024, $835.2 in the first quarter of 2024, $874.2 in the first quarter of 2024, and $977.4 in the second quarter of 2023. A 4% decline from the previous quarter and a 15% decline from the previous year.

The Analog and Mixed Signal Division (AMG) had revenue of $647.8 in the second quarter of 2024, $647.8 in the first quarter of 2024, $697.0 in the first quarter of 2024, and $791.9 in the second quarter of 2023. A 7% decline from the previous quarter and a 18% decline from the previous year.

The revenue of the Intelligent Sensing Division (ISG) in the second quarter of 2024 was $252.2, the revenue in the first quarter of 2024 was $252.2, the revenue in the first quarter of 2024 was $291.5, and the revenue in the second quarter of 2023 was $325.1. It fell by 13% quarter-on-quarter and 22% year-on-year.

In terms of total revenue, ON Semiconductor's revenue fell by 17% year-on-year and 7% quarter-on-quarter last quarter; gross profit margin and operating profit margin were also lower than the previous quarter and the same period last year.

However, this performance level is still slightly higher than the outside world's previous expectations: According to data collected by Bloomberg, analysts' average estimates for ON Semiconductor's second-quarter revenue and non-GAAP diluted earnings per share are $1.73 billion and $0.92, respectively.

ON Semiconductor expects the company to achieve revenue of $1.7 billion to $1.8 billion in the third quarter of 2024, and diluted earnings per share of $0.91 to $1.03 based on non-GAAP rules.

Hassane El-Khoury, ON Semiconductor President and CEO, said:

We remain committed to driving growth by increasing market share, doubling down on investments in strategic markets, and expanding our industry-leading portfolio of products, including analog and mixed-signal solutions.

As reflected in our recent supply agreement with Volkswagen Group, we continue to strengthen our leadership in automotive silicon carbide as we expand production in Europe, North America and China with leading global OEMs.

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