onsemi 3Q 2023 Results Exceed Expectations

onsemi announced results for the third quarter of 2023 with the following highlights:
• Revenue of $2,180.8 million; GAAP and non-GAAP gross margin of 47.3%
• GAAP operating margin and non-GAAP operating margin of 31.5% and 32.6%, respectively
• GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.29 and $1.39, respectively
• Record automotive revenue of $1.2 billion, and increased 33% year-over-year
• Record industrial revenue of $616 million, up slightly year-over-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, onsemi. “We continue to drive structural improvements and efficiencies, most notably in our silicon carbide operation, with the completed expansion of the world’s largest, state-of-the-art silicon carbide fab in South Korea for 150- and 200-millimeter wafers.”