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ON Semiconductor Beats Q4 Earnings, Issues Better Than Expected Q1 Guidance

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  • ON Semiconductor Corporation (NASDAQ: ONposted revenue growth of 3% year-on-year to $1.44 billion in the fourth quarter of FY20, beating Street estimates by 80 million. It posted a record automotive revenue of $491 million.
  • The adjusted EPS rose by 16.7% to $0.35, beating consensus estimates by $0.07.
  • Operating cash quadrupled Y/Y to $400.4 million, while Free cash flow grew to $284 million.
  • ON expects first-quarter FY21 revenue between $1.41 and $1.51 billion, higher than the consensus of $1.35 billion, and the gross margin target falls between 34.1% and 36.1%.
  • The company appointed a former Cypress Semiconductor executive as its CFO last week.
  • Price action: ON shares are trading higher by 5.45% at $36.37 on the last check Monday.
 

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Posted-In: semiconductorsEarnings News Guidance Tech Media

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