onsemi (NASDAQ: ON) announced its fiscal 2024 first quarter results, with the following highlights:
•• Revenue for the first quarter was $1,862.7 million
DSCA190V  First quarter Generally accepted accounting principles (” GAAP “) and non-GAAP gross margin were 45.8% and 45.9%, respectively
First quarter GAAP operating margin and non-GAAP operating margin were 28.2% and 29.0%, respectively
•• GAAP diluted earnings per share for the first quarter were $1.04 and non-GAAP diluted earnings per share were $1.08
•• Over the past 12 months, ~100% of free cash flow has been returned to shareholders through share repurchases

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Hassane El-Khoury, ON’s President and Chief Executive Officer, said: “We have made structural changes to our business over the past three years, which have allowed us to maintain our gross margin in challenging market conditions. In the current environment, we remain focused on execution while investing in long-term growth. “Electricity continues to play a key role in the world’s growing energy demand and energy efficiency is critical, and we are well positioned to continue to grow our market share with our industry-leading portfolio of power and sensing technologies and products.”

DSCA190V  The following table summarizes some of the financial results for the first quarter of 2024 compared to comparable periods (unaudited) :

Second quarter 2024 outlook

The following table summarizes ON’s GAAP and non-GAAP outlook for the second quarter of 2024: