ON Semiconductor Reports First Quarter 2019 Results

  • Revenue of $1,386.6 million
  • Gross margin of 37.0 percent
  • GAAP operating margin of 12.9 percent and non-GAAP operating margin of 15.5 percent
  • GAAP diluted earnings per share of $0.27 and non-GAAP diluted earnings per share of $0.43

PHOENIX — (BUSINESS WIRE) — April 27, 2019 — ON Semiconductor Corporation (Nasdaq: ON) today announced that revenue in first quarter of 2019 was $1,386.6 million, up approximately one percent compared to revenue in first quarter of 2018. First quarter 2019 revenue was down approximately eight percent as compared to revenue in fourth quarter of 2018.

"Our execution continues to be strong, despite soft business conditions. While we are facing near-term headwinds, key secular drivers powering our business remain intact, and we are well positioned to benefit from increasing semiconductor content in automotive, industrial, and cloud-power applications," said Keith Jackson, president and CEO of ON Semiconductor. "We are prudently managing our business, and we intend to deliver strong operational results to mitigate the impact of slowing demand environment."

"We remain upbeat about our future, and we are making prudent long term investments to strengthen our position in our strategic markets and to further improve our industry-leading cost structure."

                 

First Quarter Results (GAAP)

 
(in millions, except per share data) 1Q 2019     1Q 2018

Year-Over-
Year Change

4Q 2018 Sequential

Change

Revenue $1,386.6 $1,377.6 1 % $1,503.1 (8 )%
Gross Profit $513.7 $517.4 (1 )% $569.7 (10 )%
Operating Income $179.4 $185.7 (3 )% $222.7 (19 )%
Net Income Attributable to ON Semiconductor Corporation $114.1 $139.6 (18 )% $165.6 (31 )%
Diluted Earnings Per Share $0.27 $0.31 (13 )% $0.39 (31 )%
Diluted Share Count 417.7 444.2 (6 )% 420.0 (1 )%
 

First Quarter Results (Non-GAAP)

                 
(in millions, except per share data) 1Q 2019     1Q 2018 Year-Over-
Year Change
4Q 2018 Sequential

Change

Revenue $1,386.6 $1,377.6 1 % $1,503.1 (8 )%
Gross Profit $513.7 $517.4 (1 )% $570.3 (10 )%
Operating Income $215.2 $216.7 (1 )% $253.0 (15 )%
Net Income Attributable to ON Semiconductor Corporation $177.1 $170.7 4 % $222.0 (20 )%
Diluted Earnings Per Share $0.43 $0.40 8 % $0.53 (19 )%
Diluted Share Count 413.8 431.6 (4 )% 420.0 (1 )%
 

First Quarter Key Cash Flow Items

                 
(in millions) 1Q 2019     1Q 2018 Year-Over-
Year Change
4Q 2018 Sequential

Change

Cash Taxes, net of indemnification $15.2 $19.1 (20 )% $8.2 85 %
Operating Cash Flow $138.2 $226.5 (39 )% $421.0 (67 )%
Free Cash Flow ($18.8 ) $127.0 (115 )% $289.0 (107 )%
 

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