On Semiconductr Stock Price, News & Analysis

onsemi announced the pricing of its private offering of $1.3 billion in 0.50% Convertible Senior Notes due 2029, at a 32.5% premium to its stock closing price on February 23, 2023. The offering size increased from $1.1 billion. The net proceeds, estimated at $1.27 billion, will primarily repay existing debt and finance hedge transactions. The notes will mature on March 1, 2029, and interest will be paid semiannually. onsemi's board has also authorized a $3.0 billion stock repurchase program, using $100 million for immediate repurchases. This offering is expected to close on February 28, 2023.

ON Semiconductor Corporation (NASDAQ: ON) announced plans to offer $1.1 billion of Convertible Senior Notes due 2029, subject to market conditions. The offering will comply with Rule 144A of the Securities Act and is intended for qualified institutional buyers. Proceeds will primarily be used to repay existing $1.086 billion indebtedness under its Term Loan 'B' Facility, incur transaction costs, and for general corporate purposes. Additionally, the company has authorized a $3 billion stock repurchase program, with potential buybacks impacting share pricing. The notes will have semiannual interest, and conversions can involve cash or common stock.

onsemi has acquired GlobalFoundries’ East Fishkill (EFK) fab, the largest U.S. manufacturing site for the company, effective December 31, 2022. This acquisition enables onsemi to enhance its manufacturing capabilities, retaining over 1,000 jobs at the facility. With significant investments exceeding $1.3 billion, the EFK site will focus on power, analog, and sensing technologies. The facility introduces advanced 300 mm capabilities, including 40 nm and 65 nm technology nodes. onsemi's strategy includes collaborating with GF for R&D while contributing to the local economy and semiconductor workforce development.

onsemi reported impressive financial results for Q4 and the fiscal year 2022, achieving record revenue of $2,103.6 million in Q4, a 14% year-over-year increase. The company also recorded a fiscal year revenue of $8.3 billion, reflecting a 24% growth. Q4 gross margins were 48.5% with a 343 bps year-over-year increase. In a significant move, onsemi's Board approved a $3 billion share repurchase program, emphasizing their commitment to long-term shareholder value.

CEO Hassane El-Khoury highlighted a 38% increase in design wins, indicating strong future prospects.

onsemi (Nasdaq: ON) has announced a strategic agreement with Volkswagen AG to supply semiconductor modules for a complete traction inverter solution tailored for VW’s next-generation electric vehicle (EV) platform. This partnership aims to enhance driving performance and quality in VW vehicles, leveraging onsemi’s EliteSiC 1200 V traction inverter power modules. The collaboration, which builds on over a year of joint development, includes advanced features from onsemi's extensive portfolio, such as IGBTs and MOSFETs, ensuring a robust supply chain for VW's rapidly scaling EV production.

onsemi (Nasdaq: ON) will hold its Financial Analyst Day on May 16, 2023 in New York City. This invitation-only event aims to present the company's strategic plans, direction, and financial outlook. Attendees will receive invitations with further details. The event's presentation materials and a live webcast will be available on the company's Investor Relations webpage, with a replay accessible for approximately 30 days post-event.

Recognized as a Fortune 500 company, onsemi focuses on automotive and industrial sectors, driving innovations in vehicle electrification, sustainable energy, and 5G infrastructure.

onsemi (Nasdaq: ON) plans to announce its fourth-quarter financial results, covering the period ending December 31, 2022, on February 6, 2023, before the market opens. A conference call will follow at 9 a.m. ET on the same day, accessible via webcast and teleconference. Investors can find the webcast on the company’s Investor Relations page, where a re-broadcast will be available for 30 days. onsemi focuses on innovations in automotive and industrial markets, addressing megatrends like vehicle electrification and sustainable energy. It is recognized as a Fortune 500 company and included in the S&P 500 index.

onsemi (Nasdaq: ON) and Ampt LLC have announced a partnership to enhance the performance of DC string optimizers for large-scale photovoltaic and energy storage systems. Ampt will incorporate onsemi's EliteSiC family of silicon carbide technologies, specifically N-Channel SiC MOSFETs, to improve project economics for solar developers. This collaboration aims to fulfill the increasing demand for efficient energy solutions, offering significant cost savings and higher performance. The EliteSiC technology features 80 mΩ R_DS(on), low switching losses, and operates at 175°C temperatures.

onsemi (Nasdaq: ON) has announced that its EliteSiC silicon carbide power modules will power Kia Corporation’s EV6 GT model, enhancing the vehicle's performance. The EV accelerates from 0 to 60 mph in just 3.4 seconds, reaching a top speed of 161 mph. The integration of EliteSiC technology improves efficiency while reducing the weight of traction inverters, resulting in a 5% increase in EV range. This collaboration aligns with onsemi’s strategy to support high-volume EV production through its robust SiC supply chain.