For the fourth quarter of 2018, highlights include:
- Revenue of $1,503.1 million
- Gross margin of 37.9 percent
- GAAP operating margin of 14.8 percent and non-GAAP operating margin of 16.8 percent
- Operating cash flow of $421.0 million and free cash flow of $289.0 million
- GAAP earnings per share of $0.39 and non-GAAP earnings per share of $0.53
For 2018, highlights include:
- Revenue of $5,878.3 million
- Gross margin of 38.1 percent
- GAAP operating margin of 14.4 percent and non-GAAP operating margin of 16.7 percent
- Operating cash flow of $1,274.2 million and free cash flow of $759.4 million
- GAAP earnings per share of $1.44 and non-GAAP earnings per share of $1.96
PHOENIX — (BUSINESS WIRE) — February 1, 2019 — ON Semiconductor Corporation (Nasdaq: ON) today announced that total revenue in the fourth quarter of 2018 was $1,503.1 million, up approximately nine percent compared to the same quarter last year. Fourth quarter revenue was down approximately three percent as compared to revenue in the third quarter of 2018.
“We once again delivered strong performance in the fourth quarter despite slowdown in macroeconomic conditions. Key secular trends driving growth in our content in automotive, industrial, and cloud-power end-markets remain intact, and we remain upbeat about our medium to long term outlook. Our design-win pipeline in our strategic markets is growing at a strong pace, our customer engagements are strengthening, and our competitive position is improving significantly,” said Keith Jackson, president and CEO of ON Semiconductor. “Despite confidence in our medium to long term outlook, we remain cognizant of slowing macroeconomic conditions, and we are managing our business prudently to adjust to changing demand environment."
“Along with strong revenue performance, we intend to continue to deliver solid margin and free cash flow performance through strong execution on operational front.”
|
Fourth Quarter Results (GAAP) |
|||||||||||||||||||
| (in millions, except per share data) | 4Q 2018 | 4Q 2017* |
Year-Over-
Year Change |
3Q 2018 |
Sequential
Change |
||||||||||||||
| Revenue | $ | 1,503.1 | $ | 1,377.5 | 9 | % | $ | 1,541.7 | (3 | )% | |||||||||
| Gross Profit | $ | 569.7 | $ | 516.5 | 10 | % | $ | 596.6 | (5 | )% | |||||||||
| Operating Income | $ | 222.7 | $ | 167.5 | 33 | % | $ | 241.6 | (8 | )% | |||||||||
| Net Income Attributable to ON Semiconductor Corporation | $ | 165.6 | $ | 529.9 | (69 | )% | $ | 166.9 | (1 | )% | |||||||||
| Diluted Earnings Per Share | $ | 0.39 | $ | 1.22 | (68 | )% | $ | 0.38 | 3 | % | |||||||||
| Diluted Share Count | 420.0 | 433.3 | (3 | )% | 435.3 | (4 | )% | ||||||||||||
|
Fourth Quarter Results (Non-GAAP) |
|||||||||||||||||||
| (in millions, except per share data) | 4Q 2018 | 4Q 2017* |
Year-Over-
Year Change |
3Q 2018 |
Sequential
Change |
||||||||||||||
| Revenue | $ | 1,503.1 | $ | 1,377.5 | 9 | % | $ | 1,541.7 | (3 | )% | |||||||||
| Gross Profit | $ | 570.3 | $ | 516.5 | 10 | % | $ | 596.8 | (4 | )% | |||||||||
| Operating Income | $ | 253.0 | $ | 211.1 | 20 | % | $ | 275.1 | (8 | )% | |||||||||
| Net Income Attributable to ON Semiconductor Corporation | $ | 222.0 | $ | 167.3 | 33 | % | $ | 244.9 | (9 | )% | |||||||||
| Diluted Earnings Per Share | $ | 0.53 | $ | 0.39 | 36 | % | $ | 0.57 | (7 | )% | |||||||||
| Diluted Share Count | 420.0 | 429.9 | (2 | )% | 429.4 | (2 | )% | ||||||||||||
|
Fourth Quarter Key Cash Flow Items |
||||||||||||||||||||
| (in millions) | 4Q 2018 | 4Q 2017* |
Year-Over-
Year Change |
3Q 2018 |
Sequential
Change |
|||||||||||||||
| Cash Taxes | $ | 8.2 | $ | 18.9 | (57 | )% | $ | 12.6 | (35 | )% | ||||||||||
| Operating Cash Flow | $ | 421.0 | $ | 224.3 | 88 | % | $ | 358.2 | 18 | % | ||||||||||
| Free Cash Flow | $ | 289.0 | $ | 48.6 | 495 | % | $ | 227.8 | 27 | % | ||||||||||
