Onsemi (NASDAQ: ON) released its third-quarter 2024 results, reporting revenue of $1,761.9 million, exceeding the previous quarter's revenue of $1,735.2 million and marking a 19% decrease from the third quarter of 2023, which saw revenue of $2,180.8 million.
The GAAP gross margin for the third quarter of 2024 was 45.4%, up from 45.2% in the previous quarter and down from 47.3% in the third quarter of 2023. The non-GAAP gross margin for the same period was 45.5%, compared to 45.3% in the previous quarter and 47.3% in the third quarter of 2023.
On the operating margin front, the GAAP operating margin for the third quarter of 2024 was 25.3%, up from 22.4% in the previous quarter and down from 31.5% in the third quarter of 2023. The non-GAAP operating margin for the same period was 28.2%, compared to 27.5% in the previous quarter and 32.6% in the third quarter of 2023.
Net income attributable to On Semiconductor Corporation for the third quarter of 2024 was $401.7 million, up from $338.2 million in the previous quarter and down from $582.7 million in the third quarter of 2023. The diluted earnings per share for the same period were $0.93, compared to $0.78 in the previous quarter and $1.29 in the third quarter of 2023.
The company's business segments also showed changes in revenue. The Power Solutions Group (PSG) saw a 1% decrease from the previous quarter and a 23% decrease year-over-year. The Advanced Solutions Group (AMG) experienced a 1% increase from the previous quarter and a 16% decrease year-over-year. The Intelligent Sensing Group (ISG) had an 11% increase from the previous quarter and a 15% decrease year-over-year.
Looking ahead, Onsemi projected its fourth quarter of 2024 GAAP and non-GAAP outlook, with revenue expected to be in the range of $1,710 to $1,810 million and diluted earnings per share projected to be between $0.88 to $1.00.
Onsemi's President and CEO, Hassane El-Khoury, expressed satisfaction with the third-quarter results, emphasizing the company's focus on delivering consistent results and its strategic investments in key markets such as automotive, industrial, and AI data centers.
Onsemi will host a conference call for the financial community to discuss the third-quarter results and the fourth quarter of 2024 outlook. The company also provided a real-time audio webcast of the teleconference on its investor relations page.
For more information on Onsemi, visit www.onsemi.com. The market has reacted to these announcements by moving the company's shares 2.2% to a price of $72.8. Check out the company's full 8-K submission here.
