Onsemi Q1 exceeds expectations
Company sustains margins despite challenging market conditions
Onsemi has announced results for the first quarter of 2024 with revenue of $1,862.7 million. Other results were a GAAP gross margin and non-GAAP gross margin of 45.8 percent and 45.9 percent, respectively. GAAP operating margin and non-GAAP operating margin were 28.2 percent and 29.0 percent. GAAP diluted earnings per share and non-GAAP diluted earnings per share were $1.04 and $1.08.
“The structural changes we have made to the business over the last three years have enabled us to sustain our gross margin despite challenging market conditions,” said Hassane El-Khoury, president and CEO of Onsemi.
“In the current environment, we remain focused on execution while investing for our long-term growth. As power continues to play a critical role in the world’s increasing energy demands, efficiency is paramount, and we are positioned to continue to gain share with our portfolio of industry-leading power and sensing technologies.”
Q2 outlook
The following table outlines Onsemi's projected second quarter of 2024 GAAP and non-GAAP outlook.
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