Technology

ON Semiconductor (NASDAQ:ON) reported quarterly earnings of $1.39 per share which beat the analyst consensus estimate of $1.34 by 3.73 percent. This is a 4.14 percent decrease over earnings of $1.45 per share from the same period last year. The company reported quarterly sales of $2.18 billion which beat the analyst consensus estimate of $2.15 billion by 1.43 percent. This is a 0.54 percent decrease over sales of $2.19 billion the same period last year.

onsemi Third Quarter 2023 Results Exceed Expectations Achieves record revenue in automotive and industrial end markets SCOTTSDALE, Ariz.—-October 30, 2023– onsemi (the “Company”) (Nasdaq: ON) today announced results for the third quarter of 2023 with the following highlights: — Revenue of $2,180.8 million; GAAP and non-GAAP gross margin of 47.3% — GAAP operating margin and non-GAAP operating margin of 31.5% and 32.6%, respectively — GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.29 and $1.39, respectively — Record automotive revenue of $1.2 billion, and increased 33% year-over-year — Record industrial revenue of $616 million, up slightly year-over-year “Our disciplined approach and execution resulted in another solid quarter, demonstrating the resilience in our business amid market softness,” said Hassane El-Khoury, president and chief executive officer of onsemi. “We continue to drive structural improvements and efficiencies, most notably in our silicon carbide operation, with the completed expansion of

ON Semiconductor expects lower revenue and earnings in the fourth quarter than it netted a year ago. The maker of intelligent sensing and power services on Monday guided for earnings of $1.10 to $1.24 a share for the fourth quarter, below the year-ago quarter’s $1.35 a share and analyst projections for $1.29 a share this year, according to FactSet. Adjusted earnings, which strip out one-time items, are expected to be $1.13 to $1.27 a share. Analysts surveyed by FactSet had been expecting $1.36 a share. Quarterly revenue is projected to come in at $1.95 billion to $2.05 billion for the quarter, a drop from $2.1 billion last year and below the $2.18 billion consensus estimate of analysts polled by FactSet.