ON Semiconductor announced its first-quarter 2018 results. Revenue for the first quarter of 2018 was $1.3756 billion, down approximately 4% on a GAAP basis and up approximately 7% on a non-GAAP basis compared to the first quarter of 2017.

The impact of the change in revenue calculation method from 'Sell-In' (sales from manufacturer to distributor) to 'Sell-Through' (sales from distributor to distributor) was excluded from these earnings results. Additionally, revenue for the first quarter of 2018 was nearly the same as that of the fourth quarter of 2017.

Keith Jackson, Chairman and CEO of ON Semiconductor, explained, “ON Semiconductor achieved very solid results and outstanding operational performance in the first quarter of 2018. As we strengthen support for our customers’ long-term strategic projects and as ON Semiconductor’s automotive and industrial products are widely adopted, we expect demand for our products to continue to grow. Buoyed by these strong results, ON Semiconductor plans to maintain solid performance while achieving financial goals based on strong corporate operational capabilities going forward.”

CEO Keith Jackson also added, “As demand continues to rise, the burden on the semiconductor industry’s supply chain is increasing. ON Semiconductor is actively investing to further strengthen its already industry-leading cost structure and ensure a stable supply for customers.”