Loading...
Loading...
- ON Semiconductor Corp ON reported first-quarter FY23 revenue growth of 1% year-on-year to $1.96 billion, beating the consensus of $1.92 billion.
- Revenue from Power Solutions Group (PSG) grew 3% year-over-year to $1.01 billion, Advanced Solutions Group (ASG) decreased 14% year-over-year to $592.8 million, and Intelligent Sensing Group (ISG) rose 32% year-over-year to $354.1 million.
- The non-GAAP gross margin declined by 260 bps to 46.8%, and the non-GAAP operating margin decreased by 170 bps to 32.2%.
- Non-GAAP EPS of $1.19 beat the consensus of $1.09.
- ON Semiconductor generated $87.4 million in free cash flow and held $2.7 billion in cash and equivalents.
- "Our accelerating Silicon Carbide manufacturing output exceeded our internal plans and enabled us to nearly double our silicon carbide revenue quarter-over-quarter, and we grew both ADAS and energy infrastructure revenue by approximately 50% year-over-year," said Hassane El-Khoury, president and CEO.
- Outlook: ON Semiconductor expects second-quarter adjusted revenue of $1.975 billion-$2.075 billion, above the consensus of $1.93 billion.
- The company sees non-GAAP EPS of $1.14-$1.28 above the consensus of $1.06.
- ON Price Action: ON Semiconductor shares are trading up 7.47% at $77.31 Monday morning at publication.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in