On July 29, OnSemi announced its financial results for the second quarter of 2024, showcasing solid performance and strategic progress. The company reported revenues of $1.735 billion, with a gross margin of 45.2% and an operating margin of 22.4%. These results highlight OnSemi’s ability to maintain profitability and operational efficiency, even in a challenging economic environment.

Looking ahead to the third quarter of 2024, OnSemi has set optimistic guidance. The company expects revenues to range between $1.7 billion and $1.8 billion, with a gross margin projected between 44.3% and 46.3%. Operating expenses are anticipated to be between $329 million and $344 million. Additionally, the net income from other sources, including interest, is expected to be $1.2 billion. Diluted earnings per share (EPS) are forecasted to be in the range of $0.85 to $0.97.

Hassane El-Khoury, President and CEO of OnSemi, emphasized the company’s commitment to growth through strategic market investments and expanding its product portfolio. "We are dedicated to driving growth by increasing our market share and doubling down on our investments in strategic markets. Our focus on analog and mixed-signal solutions is broadening our industry-leading product offerings," said El-Khoury.

A key element of OnSemi’s growth strategy is its leadership in Silicon Carbide (SiC) technology, particularly within the automotive sector. This is underscored by the recent supply agreement with the Volkswagen Group, which reflects the company's expanding collaboration with leading Original Equipment Manufacturers (OEMs) across Europe, North America, and China. El-Khoury highlighted the importance of these partnerships, stating, "As we continue to scale production, we are strengthening our SiC leadership in the automotive industry, which is vital to our long-term success."

OnSemi’s focus on SiC technology is a cornerstone of its strategy to capitalize on the growing demand for power-efficient solutions in the automotive industry. SiC semiconductors are increasingly critical for electric vehicles (EVs), enabling better performance, efficiency, and range. The company’s deepening ties with global automotive giants like Volkswagen are testament to its leadership in this space.

In addition to its automotive focus, OnSemi is also expanding its reach in other strategic markets. The company’s investments in analog and mixed-signal solutions are designed to enhance its competitive edge across various sectors, including industrial automation, communications, and consumer electronics. By broadening its product portfolio, OnSemi aims to cater to the diverse needs of its customers while driving sustained growth.