ON Semiconductor has declared results for the second quarter of 2021.
“Our strong second-quarter results were driven by solid execution and ongoing structural changes, in addition to a strong demand environment. We posted yet another quarter of non-GAAP gross margin expansion with margins increasing by 320 basis points quarter-over-quarter. We expect that the ongoing structural changes in the business should enable us to report strong results on a sustainable basis. While we are encouraged by our recent results, we will continue to transform the business to realize its full potential,” said Hassane El-Khoury, President and CEO of ON Semiconductor.
“We continue to see accelerating demand for our products in our strategic automotive and industrial end-markets. As we continue to drive operational efficiencies in our manufacturing sites, we expect to see incremental supply and revenue growth in the second half of 2021.”
Some of results highlights include:
- Record revenue of $1,669.9 million, an increase of 38 percent year-over-year
- GAAP diluted earnings per share of $0.42 as compared to $0.00 in the quarter a year ago
- Record non-GAAP diluted earnings per share of $0.63 as compared to $0.12 in the quarter a year ago
- GAAP gross margin of 38.3 percent increased 310 basis points quarter-over-quarter and 750 basis points year-over-year
- Non-GAAP gross margin of 38.4 percent increased 320 basis points quarter-over-quarter and 760 basis points year-over-year
- Record free cash flow of $383.2 million or 22.9% of revenue