Date: 13/05/2021

ON Semi reports record automotive revenue of $515 million in 1st Q 21

ON Semiconductor reported a revenue of $1,481.7 million increased 16 percent year-over-year for its 1st Quarter 2021, with record automotive revenue of $515 million, a rise of 5% percent quarter-over-quarter.

"We delivered strong results driven by disciplined execution in a strong demand environment across our focus end-markets. Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter-over-quarter. We remain confident in our ability to further expand our margins as we continue to make structural changes to the business," said Hassane El-Khoury, president and CEO of ON Semiconductor.

"The momentum in our strategic automotive and industrial end-markets is accelerating. During the first quarter, we secured key platform design wins for our Silicon Carbide and Silicon based power products, further solidifying our market leadership in vehicle electrification."