Onsemi sees flat results for Q2
Onsemi has seen revenue of $2.1bn, flat year-on-year but exceeding expectations.
Automotive and Industrial end-markets drove growth for onsemi, contributing 80% of revenue as the automotive business topped $1bn for the first time, up 35%. Silicon carbide revenue grew nearly 4x year-over-year as a major focus for the company.
Industrial revenue of $609.3 million increased 5% year-over-year.
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“onsemi delivered another excellent quarter, ahead of guidance on revenue and earnings per share, driven by growth in automotive and industrial. Our operational excellence and winning formula have proven to be the right strategy in sustaining our financial performance amid a soft macroeconomic environment,” said Hassane El-Khoury, president and chief executive officer, onsemi.
“Our brownfield capacity expansion is creating an opportunity to gain share in silicon carbide by capitalizing on the rapidly accelerating demand for electrification and renewable energy.”
The Q2 revenue was up slightly on the previous quarter of $1.96bn.
The company has recently signed long term supply agreements with Zeekr, Vitesco and Magna for silicon carbide devices, including funding equipment for its wafer plant in the Czech Republic, as well as deals for solar inverters.
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