ON Semiconductor Corporation (NASDAQ:ON) Q1 2024 Earnings Call Transcript

Hassane El-Khoury: Yes. If you look at the – and again, we don’t guide – we guide only one quarter at a time. But the second half silicon carbide is higher than the first half of silicon carbide. That’s absolutely correct, and that’s because of the ramps that I called out. When I talk about stabilization, we go back to normalization and you think about it as normal supply and demand. Where demand is, that’s what’s going to be the offset or not for the second half. So it’s too early to call is demand going to recover or not. But there’s definitely demand increase on silicon carbide specifically that we can pinpoint to.

Quinn Bolton: Got it. Makes sense. And then just I think you touched on it quickly in the prepared comments, but can you just give us the progress update on the 200-millimeter substrates in manufacturing as you look into next year?

Hassane El-Khoury: Yes, still on track. What we talked about is qualifying ’24, rampant ’25, and we’re still on track to exactly that timeline. So no changes there, which is obviously a positive development of our silicon carbide efforts.

Quinn Bolton: Perfect. Thank you.

Operator: Ladies and gentlemen, this does conclude the Q&A portion of today’s presentation. I’d now like to turn the call-back over to Hassane El-Khoury, President and CEO, for any closing remarks.

Hassane El-Khoury: Thanks to the tremendous effort of our global teams, we’ve transformed the company, improved our resiliency, and adapted to changing market conditions to deliver sustainable financial results. We remain dedicated to our customers, our financial commitments, and our strategy of enabling the sustainable ecosystem. Thanks to everyone on the call for joining and supporting Onsemi.

Operator: Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect and have a wonderful day.