Onsemi Q3 exceeds expectations
Achieves record revenue in automotive and industrial end markets
Onsemi has announced results for the third quarter of 2023 with revenue of $2,180.8 million. This included record automotive revenue of $1.2 billion (increased 33 percent year-on-year) and record industrial revenue of $616 million (up slightly year-on-year).
“Our disciplined approach and execution resulted in another solid quarter, demonstrating the resilience in our business amid market softness,” said Hassane El-Khoury, president and CEO of Onsemi.
“We continue to drive structural improvements and efficiencies, most notably in our SiC operation, with the completed expansion of the world’s largest, state-of-the-art silicon carbide fab in South Korea for 150- and 200-mm wafers.”
The company posted GAAP and non-GAAP gross margins of 47.3 percent, and GAAP operating margins and non-GAAP operating margins of 31.5 percent and 32.6 percent, respectively.
GAAP diluted earnings per share and non-GAAP diluted earnings per share were $1.29 and $1.39, respectively.
