ON Semiconductor, a leader in intelligent power and sensing technologies, announced its full-year and fourth quarter financial results for fiscal year 2023 on the 6th.

Sales for the last quarter reached $2.0181 billion, equivalent to 2.68 trillion won. Accordingly, the company recorded △General Accounting Principles (GAAP) and non-GAAP gross profit of 46.7%, △General Accounting Principles and non-GAAP operating profit of 30.3% and 31.6%, respectively, △General Accounting Principles diluted earnings per share of $1.28, and △Non-GAAP diluted earnings per share of $1.25.

The automotive sector is expected to generate $4.3 billion in annual sales in 2023, a 29% increase over the previous year.

Onsemi said it bought back $564 million of its own stock last year, which is equivalent to 140% of its free cash flow.

“We built on our momentum last year, achieving record revenue in the automotive sector and quadrupling our SiC business year-over-year,” said Hassane El-Khoury, CEO of ON Semiconductor. “ON Semiconductor continues to transform its business by building resilience into its model to navigate uncertain market conditions and deliver more predictable and sustainable results.”

“We will further strengthen our leadership in intelligent power and sensing solutions by driving innovation beyond silicon and SiC with our upcoming analog and mixed-signal platforms,” said Hassan.