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ON Semiconductor Corp (NASDAQ:ON) reported better-than-expected first-quarter results on Monday.
ON Semiconductor reported a fiscal first-quarter 2024 revenue decline of 5% year-on-year to $1.86 billion, beating the consensus of $1.85 billion. The adjusted EPS of $1.08 beat the consensus of $1.04, according to data from Benzinga Pro.
Revenue from Power Solutions Group (PSG) grew 2% year over year to $874.2 million, Analog and Mixed-Signal Group (AMG) decreased 6% year over year to $697.0 million, and Intelligent Sensing Group (ISG) fell 18% year over year to $291.5 million.
“The structural changes we have made to the business over the last three years have enabled us to sustain our gross margin despite challenging market conditions,” said Hassane El-Khoury, president and chief executive officer of onsemi. “In the current environment, we remain focused on execution while investing for our long-term growth. As power continues to play a critical role in the world’s increasing energy demands, efficiency is paramount, and we are positioned to continue to gain share with our portfolio of industry-leading power and sensing technologies.”
ON Semiconductor expects second-quarter adjusted revenue of $1.68 billion – $1.78 billion, below the consensus of $1.92 billion. The company sees adjusted EPS of $0.86 – $0.98 versus the consensus of $1.10.
ON Semiconductor shares rose 4.1% to close at $70.82 on Monday.
These analysts made changes to their price targets on ON Semiconductor following earnings announcement.
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Posted In: ON