Earnings Summary: onsemi reports lower Q1 2024 revenue and adj. profit

Technology company onsemi (Nasdaq: ON), which designs, manufactures, and sells semiconductor components and solutions, Monday reported financial results for the first quarter of 2024.

• First-quarter revenues declined to $1.86 billion from $1.96 billion in the corresponding period last year
• Net Income attributable to the company was $453 million, compared to $461.7 million last year
• On a per-share basis, first-quarter earnings edged up to $1.04 from $1.03 in Q1 2023
• Adjusted income per share was $1.08 in the first three months of 2024, vs. $1.19 per share a year earlier
• Reported gross margin and adjusted gross margin were 45.8% and 45.9%, respectively in Q1
• Operating margin and adjusted operating margin were 28.2% and 29.0%, respectively, in the March quarter
• The company returned ~100% of free cash flow over the last 12 months to shareholders through stock repurchases
• For the second quarter, the management expects revenues to be in the range of $1.68 billion to $1.78 billion