Categories Earnings, Technology

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

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