Fourth quarter GAAP diluted earnings per share of $0.21 rose significantly compared to $0.14 in fourth quarter 2019. Annual 2020 operating cash flow increased to $884.3 million from $694.7 million in 2019 on 5% lower revenue. Annual 2020 free cash flow increased to $500.7 million from $160.1 million in 2019
“In the fourth quarter, we saw strong improvement in business trends driven by broad-based improvement in global macroeconomic environment, lean inventories, and a steep recovery in the automotive end-market, in which we continue to see our content growth exceed the overall automotive market growth. Based on current demand trends and the global macroeconomic outlook, we expect to continue to see above seasonal demand trends in the near term,” said Hassane El-Khoury, president and CEO of ON Semiconductor.