ON Semiconductor Announces Third Quarter 2024 Results, Exceeding Expectations

ON Semiconductor announced its third quarter 2024 financial results, showing revenue reaching $1,761.9 million. The GAAP and non-GAAP gross margins for the quarter were 45.4% and 45.5%, respectively. In addition, the GAAP and non-GAAP operating margins were 25.3% and 28.2%, respectively. GAAP diluted earnings per share were $0.93, while non-GAAP diluted earnings per share were $0.99. In the past 12 months, the company returned 75% of free cash flow to shareholders through share repurchases.