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onsemi Announces 2Q 2024 Results

Free cash flow increase was $250 million year over year.

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By: DAVID SAVASTANO

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

onsemi announced results for the second quarter of 2024 with the following highlights:

• Revenue of $1,735.2 million
• GAAP gross margin and non-GAAP gross margin of 45.2% and 45.3%, respectively
• GAAP operating margin and non-GAAP operating margin of 22.4% and 27.5%, respectively
• GAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.78 and $0.96, respectively
• Returned ~$650 million of free cash flow over last twelve months to shareholders through stock repurchases

“We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions,” said Hassane El-Khoury, president and CEO, onsemi. “As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China.”

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