BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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onsemi Announces Second Quarter 2024 Financial Results: Focus on Strategic Investments and Market Expansion
July 29, 2024, Scottsdale, AZ — onsemi (Nasdaq: ON) has announced its financial results for the second quarter of 2024, highlighting significant achievements and strategic initiatives. The company reported a notable increase in free cash flow of approximately $250 million year over year, underlining its commitment to driving growth and enhancing shareholder value.
Key Financial Highlights:
- Revenue: $1,735.2 million
- GAAP Gross Margin: 45.2%
- Non-GAAP Gross Margin: 45.3%
- GAAP Operating Margin: 22.4%
- Non-GAAP Operating Margin: 27.5%
- GAAP Diluted EPS: $0.78
- Non-GAAP Diluted EPS: $0.96
CEO Commentary:
Hassane El-Khoury, president and CEO of onsemi, stated, “We remain dedicated to driving growth through market share gains, doubling down on investments in strategic markets, and expanding the breadth of our portfolio of industry-leading products with analog and mixed-signal solutions. As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America, and China.”
Financial Performance:
- Revenue: The company reported revenues of $1,735.2 million for Q2 2024, a decline from $2,094.4 million in Q2 2023.
- Gross Margin: GAAP gross margin was 45.2%, with a non-GAAP gross margin of 45.3%.
- Operating Margin: GAAP operating margin was 22.4%, while non-GAAP operating margin was 27.5%.
- Net Income: GAAP net income was $338.2 million, down from $576.6 million in Q2 2023. Non-GAAP net income was $412.1 million.
- Earnings Per Share: GAAP diluted EPS was $0.78, while non-GAAP diluted EPS was $0.96.
Revenue Breakdown by Segment:
- Power Solutions Group (PSG): $835.2 million, down 4% sequentially and 15% year-over-year.
- Advanced Mixed Signal Group (AMG): $647.8 million, down 7% sequentially and 18% year-over-year.
- Intelligent Sensing Group (ISG): $252.2 million, down 13% sequentially and 22% year-over-year.
Third Quarter 2024 Outlook:
onsemi provided its outlook for Q3 2024, projecting revenues between $1,700 to $1,800 million. GAAP gross margin is expected to range from 44.3% to 46.3%, with non-GAAP gross margin slightly higher at 44.4% to 46.4%. GAAP operating expenses are projected between $329 to $344 million, while non-GAAP operating expenses are estimated at $305 to $320 million. GAAP diluted EPS is expected to range from $0.85 to $0.97, with non-GAAP diluted EPS projected between $0.91 to $1.03.
Shareholder Returns:
The company has returned approximately $650 million of free cash flow to shareholders over the past twelve months through stock repurchases, underscoring its commitment to enhancing shareholder value.
Market Reaction:
In response to the results, onsemi's stock has surged 10% in pre-market trading, reflecting investor confidence in the company's strategic direction and financial performance.
Source: ON
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