onsemi First Quarter 2023 Results Exceed Expectations

onsemi announced results for the first quarter of 2023 with the following highlights:

• Revenue of $1,959.7 million, an increase of 1 percent year-over-year
• GAAP and non-GAAP gross margin of 46.8 percent
• GAAP operating margin and non-GAAP operating margin of 28.8 percent and 32.2 percent respectively
• GAAP diluted earnings per share of $1.03, Non-GAAP diluted earnings per share of $1.19 as compared to $1.22 in the quarter a year ago
• Automotive revenue grew 38% year-over-year to record 50% of total revenue
• Automotive and industrial end-markets together represented record 79% of revenue

“We continued our momentum with first quarter results exceeding expectations despite macroeconomic uncertainties. Our accelerating Silicon Carbide manufacturing output exceeded our internal plans and enabled us to nearly double our silicon carbide revenue quarter-over-quarter, and we grew both ADAS and energy infrastructure revenue by approximately 50% year-over-year. As secular tailwinds propel our business, we are prudently managing our operations to deliver consistent and predictable results in the current market environment,” said Hassane El-Khoury, president and CEO of onsemi.