05.10.21
With revenue up 16% year over year to $1,481.7 million, ON Semiconductor had a strong first quarter of 2021. GAAP diluted earnings per share improved to $0.20 compared to $(0.03) in the quarter a year ago.
Free cash flow of $141.5 million improved from $33.7 million in 1Q 2021. GAAP and non-GAAP gross margin of 35.2% increased 80 basis points quarter-over-quarter and 370 basis points year-over-year.
"We delivered strong results driven by disciplined execution in a strong demand environment across our focus end-markets. Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter-over-quarter," said Hassane El-Khoury, president and CEO of ON Semiconductor.
"The momentum in our strategic automotive and industrial end-markets is accelerating. During the first quarter, we secured key platform design wins for our Silicon Carbide and Silicon based power products, further solidifying our market leadership in vehicle electrification."
Free cash flow of $141.5 million improved from $33.7 million in 1Q 2021. GAAP and non-GAAP gross margin of 35.2% increased 80 basis points quarter-over-quarter and 370 basis points year-over-year.
"We delivered strong results driven by disciplined execution in a strong demand environment across our focus end-markets. Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter-over-quarter," said Hassane El-Khoury, president and CEO of ON Semiconductor.
"The momentum in our strategic automotive and industrial end-markets is accelerating. During the first quarter, we secured key platform design wins for our Silicon Carbide and Silicon based power products, further solidifying our market leadership in vehicle electrification."