In This Story
ON Semiconductor Corporation (ON+1.85%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $7,082.3 million from $8,253.0 million in the previous year, attributed to reduced demand in the automotive and industrial end-markets.
Gross profit for the year was $3,216.1 million, down from $3,883.5 million, with a gross margin decrease to 45.4% from 47.1% due to lower sales volumes and underutilization of manufacturing facilities.
Operating expenses increased to $1,448.4 million from $1,344.8 million, driven by increased research and development costs and restructuring charges.
The company completed the acquisition of SWIR Visions Systems for $20.5 million and reported restructuring charges of $133.9 million related to business realignment efforts.
ON Semiconductor repurchased approximately 9.1 million shares of its common stock for $650 million under its share repurchase program.
The company reported a net income of $1,572.8 million, down from $2,183.7 million in the previous year, with an effective tax rate of 14.3%.
Cash provided by operating activities was $1,906.4 million, with capital expenditures of $694.0 million.
ON Semiconductor's total assets were $14,089.8 million as of December 31, 2024, with total liabilities of $5,275.3 million.
Goodwill was reported at $1,587.9 million, and intangible assets were valued at $257.9 million, with amortization expenses expected to continue over the next five years.
The company continues to focus on its 'Fab Right' manufacturing strategy and expects to further align its operations with strategic objectives in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ON Semiconductor Corporation annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.