onsemi announced results for the second quarter of 2022 by record revenue of $2,085.0 million, an increase of 25% year-over-year, a record GAAP and non-GAAP gross margin of 49.7%.
Other notable second quarter highlights include:
- GAAP operating margin of 28.0% increased 1,110 basis points year-over-year
- Record non-GAAP operating margin of 34.5% increased 1,490 basis points year-over-year
- GAAP diluted earnings per share of $1.02 as compared to $0.42 in the quarter a year ago
- Non-GAAP diluted earnings per share more than doubled year-over-year to $1.34 from $0.63 on 25% increase in revenue
- LTM free cash flow margin of 17%
“Our ability to execute on our business transformation continues to deliver record revenue performance with 25% year-over-year growth and non-GAAP gross margin expansion of 1,130 basis points to 49.7% in the second quarter,” said Hassane El-Khoury, president and CEO of onsemi. “These financial results validate our momentum in the market and the differentiation of our intelligent power and sensing solutions. Our leadership in the accelerating megatrends of vehicle electrification, ADAS, energy infrastructure and factory automation have enabled us to extend long term supply agreements and increase demand visibility. While we are optimistic about our outlook, we remain sensitive to dynamic market conditions. The structural changes we implemented over the past 18 months have reduced the volatility in our financials, and we have positioned the company to be more resilient in all business environments.”
onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is recognized as a Fortune 500® company and included in the S&P 500® index.
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