ON Semiconductor Corp (ON, Financial) released its Q3 2023 earnings report on October 30, 2023. Despite market softness, the company demonstrated resilience with a solid quarter, driven by a disciplined approach and execution. The company achieved record revenue in the automotive and industrial end markets and made significant strides in its silicon carbide operation.
Financial Highlights
ON Semiconductor Corp (ON, Financial) reported Q3 2023 revenue of $2,180.8 million, a slight decrease from Q3 2022's revenue of $2,192.6 million. The company's gross margin was 47.3%, slightly lower than the 48.3% reported in Q3 2022. The operating margin improved significantly to 31.5% from 19.4% in the same period last year.
Net income attributable to ON Semiconductor Corporation for Q3 2023 was $582.7 million, a substantial increase from $311.9 million in Q3 2022. Diluted earnings per share also increased to $1.29 from $0.70 in Q3 2022.
Revenue Summary
The company's Power Solutions Group (PSG) reported a 10% year-over-year increase in revenue, reaching $1,230.6 million in Q3 2023. However, the Analog Solutions Group (ASG) and Intelligent Sensing Group (ISG) saw a decrease in revenue by 15% and 4% respectively.
Q4 2023 Outlook
For Q4 2023, ON Semiconductor Corp (ON, Financial) projects GAAP revenue to be in the range of $1,950 to $2,050 million, with a gross margin between 45.4% to 47.4%. The company expects diluted earnings per share to be between $1.10 to $1.24.
Company Overview
ON Semiconductor Corp (ON, Financial) is a leading provider of semiconductor-based solutions, driving disruptive innovations for a better future. The company focuses on automotive and industrial end-markets, accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure.
Explore the complete 8-K earnings release (here) from ON Semiconductor Corp for further details.
