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ON Semiconductor Reports 1Q 2021 Results

Free cash flow of $141.5 million compared to $33.7 million in the quarter a year ago.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

With revenue up 16% year over year to $1,481.7 million, ON Semiconductor had a strong first quarter of 2021. GAAP diluted earnings per share improved to $0.20 compared to $(0.03) in the quarter a year ago.

Free cash flow of $141.5 million improved from $33.7 million in 1Q 2021. GAAP and non-GAAP gross margin of 35.2% increased 80 basis points quarter-over-quarter and 370 basis points year-over-year.

“We delivered strong results driven by disciplined execution in a strong demand environment across our focus end-markets. Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter-over-quarter,” said Hassane El-Khoury, president and CEO of ON Semiconductor.

“The momentum in our strategic automotive and industrial end-markets is accelerating. During the first quarter, we secured key platform design wins for our Silicon Carbide and Silicon based power products, further solidifying our market leadership in vehicle electrification.”

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