On Semiconductor

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our 12-month target to $74 from $125, shifting to a lower revised P/E of 13x our 2025 EPS view, which we set at $5.70, below peers/historical. We cut our 2023 EPS view to $5.08 from $5.25 and 2024’s to $4.73 from $5.91. ON posted Q3 EPS of $1.39 vs. $1.45, beating the $1.34 consensus. Revenue fell fractionally (-0.5%), as automotive (+33%) and industrials (+0.4%) growth was offset by consumer declines (-42%). We are wary of inventory digestion across automotive/industrials, with ON citing softness from Tier 1 auto customers in Europe and increasing risks to demand amid high interest rates. While the secular prospects for silicon carbide remain positive (revenue up 4x in 2023), expectations for 2023 were cut to $800M in sales vs. $1B outlook, […]

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.

ON Semiconductor (NASDAQ:ON) reported Q2 non-GAAP earnings  of $1.33 per diluted share, down from $1.34 a year earlier. Analysts polled by Capital IQ expected $1.21. Revenue for the quarter ended June 30 was $2.09 billion, flat compared with a year earlier. Analysts surveyed by Capital IQ expected $2.02 billion. The company said it expects Q3 non-GAAP EPS of $1.27 to $1.41 on revenue of $2.1 billion to $2.2 billion. Analysts polled by Capital IQ are looking for $1.21 and $2.06 billion, respectively.

ON Semiconductor has completed the acquisition of Globalfoundries Inc.’s 300mm East Fishkill New York plant and manufacturing facility. The transaction adds more than 1,000 world-class technicians and engineers to ON Semiconductor and is part of the company’s fab restructuring around the world.

On Semiconductor (NASDAQ:ON) announced its Q4 and full-year 2022 results, with Q4 revenue of $2,103.6 million, up 14% year-over-year; Gross margin for the fourth quarter was 48.5%, up 343 basis points year-over-year, and non-GAAP gross margin was 48.4%, up 321 basis points year-over-year. Full-year fiscal 2022 revenue was $8.3 billion, up 24% year-over-year. In addition, On Semiconductor announced that its Board of Directors has approved a new share repurchase program authorizing the repurchase of up to $3 billion of the Company’s common stock through December 31, 2025.