2024-04-29 12:48:02 ET
ON Semiconductor Corporation (ON)
Q1 2024 Earnings Conference Call
April 29, 2024, 09:00 AM ET
Company Participants
Parag Agarwal - VP, IR and Corporate Development
Hassane El-Khoury - President and CEO
Thad Trent - CFO
Conference Call Participants
Ross Seymore - Deutsche Bank
Vivek Arya - Bank of America Securities
Chris Danely - Citi
Toshiya Hari - Goldman Sachs
Gary Mobley - Wells Fargo Securities
Harsh Kumar - Piper Sandler
Harlan Sur - JPMorgan
Christopher Rolland - Susquehanna
Joseph Moore - Morgan Stanley
Joshua Buchalter - TD Cowen
Quinn Bolton - Needham
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Onsemi First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Parag Agarwal. Please go ahead.
Parag Agarwal
Thank you, Kevin. Good morning, and thank you for joining Onsemi's first quarter 2024 quarterly results conference call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO. This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast along with our 2024 first-quarter earnings release will be available on our website approximately one hour following this conference call and the recorded webcast will be available for approximately 30 days following this conference call.
Additional information is posted on the Investor Relations section of our website. Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and a discussion of certain limitations when using non-GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.
During the course of this conference call, we'll make projections or other forward-looking statements regarding the future events or future financial performance of the Company. We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially from projections. Important factors that can affect our business, including factors that could cause actual results to differ materially from our forward-looking statements are described in our most recent Form 10-K, Form 10-Qs, and other filings with the Securities and Exchange Commission and in our earnings release for the first quarter of 2024.
Our estimates or other forward-looking statements might change and the company assumes no obligation to update forward-looking statements to reflect actual results, change assumptions, or other events that may occur except as required by law.
Now, let me hand it over to Hassane. Hassane?
Hassane El-Khoury
Thank you, Parag. Good morning, and thank you all for joining us on the call.
In the first quarter, our worldwide team delivered revenue of $1.86 billion, non-GAAP gross margin of 45.9%, and non-GAAP earnings per share of $1.08, all above the midpoint of our guidance. We have remained laser-focused on our execution, driving new design-win growth of 30% quarter-over-quarter and gaining share in silicon and silicon carbide based on the strength of our technology....
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ON Semiconductor Corporation (ON) Q1 2024 Earnings Call Transcript