ON Semiconductor Reports Second Quarter 2020 Results

  • Revenue of $1,213.5 million
  • GAAP and non-GAAP gross margin of 30.8 percent
  • GAAP operating margin of 3.6 percent and non-GAAP operating margin of 7.4 percent
  • GAAP diluted loss per share of $0.00 and non-GAAP diluted earnings per share of $0.12

PHOENIX — (BUSINESS WIRE) — August 8, 2020 — ON Semiconductor Corporation (Nasdaq: ON) today announced that 2020 second quarter revenue was $1,213.5 million, down approximately 10 percent compared to 2019 second quarter revenue. 2020 second quarter revenue was down approximately 5 percent as compared to 2020 first quarter revenue.

"Despite disruption from COVID-19 pandemic, we continue to make strong progress towards our key strategic initiatives. To achieve our gross margin target, we have accelerated the pace of manufacturing optimization. In addition, we have made outstanding progress in ramp of our 300mm manufacturing processes at East Fishkill fab with our 300mm wafer production starting in the second quarter, significantly ahead of schedule. With expected decline in COVID-19 related costs and ongoing recovery in global macroeconomic activity, we expect to see sustained improvement in our margins,” said Keith Jackson, president and CEO of ON Semiconductor. “Our design win pipeline continues to expand rapidly with multiple strategic wins for our power, analog and sensor products in automotive, industrial, and cloud-power applications.

"We are beginning to see moderate recovery in demand across most end-markets and geographies, and we expect this recovery to continue in near term driven by improving global macroeconomic activity."

Second Quarter Results (GAAP)

(in millions, except per share data)

2Q 2020

 

2Q 2019

Year-Over-
Year Change

1Q 2020

 

Sequential
Change

Revenue

$1,213.5

 

$1,347.7

(10

)%

$1,277.9

 

(5

)%

Gross Profit

$374.3

 

$499.0

(25

)%

$402.7

 

(7

)%

Operating Income

$43.1

 

$158.3

(73

)%

$18.6

 

132

%

Net Income (Loss) Attributable to ON Semiconductor Corporation

($1.4

)

$101.8

(101

)%

($14.0

)

90

%

Diluted Earnings (Loss) Per Share

$0.00

 

$0.24

(100

)%

($0.03

)

100

%

Diluted Shares Outstanding

410.1

 

417.7

(2

)%

410.6

 

%

Second Quarter Results (Non-GAAP)

(in millions, except per share data)

2Q 2020

2Q 2019

Year-Over-
Year Change

1Q 2020

Sequential
Change

 

Revenue

$1,213.5

$1,347.7

(10)

%

$1,277.9

(5)

%

 

Gross Profit

$374.3

$499.6

(25)

%

$402.7

(7)

%

 

Operating Income

$89.7

$211.4

(58)

%

$84.0

7

%

 

Net Income Attributable to ON Semiconductor Corporation

$50.2

$175.0

(71)

%

$42.8

17

%

 

Diluted Earnings Per Share

$0.12

$0.42

(71)

%

$0.10

20

%

 

Diluted Shares Outstanding

411.0

413.8

(1)

%

412.8

%

 

Second Quarter Key Cash Flow Items

(in millions)

2Q 2020

2Q 2019

Year-Over-
Year Change

1Q 2020

Sequential
Change

Cash Taxes, net of indemnification

$5.6

$12.9

(57)

%

$9.9

(43)

%

Operating Cash Flow

$154.5

$222.4

(31)

%

$166.0

(7)

%

Free Cash Flow

$81.2

 

$68.9

 

18

%

$33.7

 

141

%

 

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