Record automotive revenue in 2023 increased 29% year-over-year

SCOTTSDALE, Ariz. — (BUSINESS WIRE) — February 5, 2024 — onsemi (the “Company”) (Nasdaq: ON) today announced its fourth quarter and fiscal year 2023 results with the following highlights:

• Fourth quarter revenue of $2,018.1 million
• Fourth quarter GAAP and non-GAAP gross margin of 46.7%
• GAAP operating margin and non-GAAP operating margin of 30.3% and 31.6%, respectively
• GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.28 and $1.25, respectively
• Full year 2023 record automotive revenue of $4.3 billion increased 29% year-over-year
• Full year 2023 share repurchases of $564 million, representing 140% of free cash flow

“Our momentum continued this past year as we achieved record automotive revenue and 4x year-over-year growth in silicon carbide revenue. We continue to transform the business by building resilience into our model, enabling us to navigate uncertain market conditions and deliver more predictable and sustainable results,” said Hassane El-Khoury, president and chief executive officer of onsemi. “Our consistent performance has validated our long-term strategy. Looking ahead, we are driving innovation beyond silicon and silicon carbide with our upcoming analog and mixed signal platform to further our leadership in intelligent power and sensing solutions.”

Selected financial results for the quarter are shown below with comparable periods: