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ON Semiconductor stock surged 9% in premarket trading after reporting record revenue and Non-GAAP earnings per share for Q3 2021.

ON Semiconductor Corporation today announced results for the third quarter of 2021 with the following highlights:

• Record revenue of $1,742.1 million, an increase of 32 percent year-over-year
• GAAP diluted earnings per share of $0.70 as compared to $0.38 in the quarter a year ago
• Record non-GAAP diluted earnings per share of $0.87 as compared to $0.27 in the quarter a year ago
• GAAP gross margin of 41.4 percent increased 310 basis points quarter-over-quarter and 790 basis points year-over-year
• Non-GAAP gross margin of 41.5 percent increased 310 basis points quarter-over-quarter and 800 basis points year-over-year
• Record GAAP operating margin of 22.9 percent increased 600 basis points quarter-over-quarter and 1,390 basis point year-over-year
• Record non-GAAP operating margin of 24.5 percent increased 490 basis points quarter-over-quarter and 1,250 basis points year-over-year
• Free cash flow of $355.7 million or 20.4 percent of revenue

"We delivered another quarter of record results driven by on-going execution of our new strategy with demand remaining strong for our intelligent power and sensing solutions in the automotive and industrial end-markets. We continue to execute our margin expansions plans which drove 310 basis points of non-GAAP gross margin improvement quarter-over-quarter. With a rapidly expanding design-win funnel for disruptive applications such as electric vehicles, ADAS, industrial automation, and alternative energy, coupled with ongoing transformational changes, we are making sustainable progress towards our target financial model," said Hassane El-Khoury, president and CEO of onsemi.