ON Semiconductor Reports Third Quarter 2020 Results

  • Revenue of $1,317.3 million
  • GAAP and non-GAAP gross margin of 33.5 percent
  • GAAP operating margin of 9.0 percent and non-GAAP operating margin of 12.0 percent
  • GAAP diluted earnings per share of $0.38 and non-GAAP diluted earnings per share of $0.27

PHOENIX — (BUSINESS WIRE) — October 31, 2020 — ON Semiconductor Corporation (Nasdaq: ON) today announced that 2020 third quarter revenue was $1,317.3 million, down approximately 5 percent compared to 2019 third quarter revenue. 2020 third quarter revenue was up approximately 9 percent as compared to 2020 second quarter revenue.

"We delivered strong third quarter results, driven by broad-based macroeconomic recovery and robust demand for our products. Our margins in the third quarter expanded significantly quarter over quarter due to normalization of our operations following the initial impact of the COVID-19 pandemic and growth in our revenue. Gross margin expansion is the key strategic priority for the company, and we are making strong progress in optimizing our manufacturing footprint and qualifying our 300mm manufacturing processes," said Keith Jackson, president and CEO of ON Semiconductor. "Fundamentals of our business remain strong with accelerating momentum in automotive, industrial, and cloud-power end-markets and strong operating leverage from revenue growth.

"We expect to see above seasonal demand trends across most end-markets in the near term, as global business activity continues to normalize.”

Third Quarter Results (GAAP)

(in millions, except per share data)

 

 

3Q 2020

 

 

3Q 2019

 

 

Year-Over-
Year Change

 

 

2Q 2020

 

 

Sequential
Change

Revenue

 

$

1,317.3

 

$

1,381.8

 

 

(5

)%

 

$

1,213.5

 

 

9

%

Gross Profit

 

$

441.2

 

$

475.2

 

 

(7

)%

 

$

374.3

 

 

18

%

Operating Income (loss)

 

$

119.0

 

($

43.9

)

 

371

%

 

$

43.1

 

 

176

%

Net Income (Loss) Attributable to ON Semiconductor Corporation

 

$

160.6

 

($

60.7

)

 

365

%

 

($

1.4

)

 

11,571

%

Diluted Earnings (Loss) Per Share

 

$

0.38

 

($

0.15

)

 

353

%

 

$

0.00

 

 

NA

 

Diluted Shares Outstanding

 

 

418.3

 

 

410.4

 

 

2

%

 

 

410.1

 

 

2

%

Third Quarter Results (Non-GAAP)

(in millions, except per share data)

 

 

3Q 2020

 

 

3Q 2019

 

Year-Over-
Year Change

 

 

2Q 2020

 

Sequential
Change

Revenue

 

$

1,317.3

 

$

1,381.8

 

(5

)%

 

$

1,213.5

 

9

%

Gross Profit

 

$

441.2

 

$

494.2

 

(11

)%

 

$

374.3

 

18

%

Operating Income

 

$

157.6

 

$

179.9

 

(12

)%

 

$

89.7

 

76

%

Net Income Attributable to ON Semiconductor Corporation

 

$

111.8

 

$

136.8

 

(18

)%

 

$

50.2

 

123

%

Diluted Earnings Per Share

 

$

0.27

 

$

0.33

 

(18

)%

 

$

0.12

 

125

%

Diluted Shares Outstanding

 

 

412.6

 

 

412.3

 

%

 

 

411.0

 

%

Third Quarter Key Cash Flow Items

(in millions)

 

 

3Q 2020

 

 

3Q 2019

 

Year-Over-
Year Change

 

 

2Q 2020

 

Sequential
Change

Cash Taxes, net of indemnification

 

$

14.4

 

$

14.1

 

2

%

 

$

5.6

 

157

%

Operating Cash Flow

 

$

163.4

 

$

242.2

 

(33

)%

 

$

154.5

 

6

%

Free Cash Flow

 

$

101.8

 

$

130.5

 

(22

)%

 

$

81.2

 

25

%


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