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ON Semi beat fourth-quarter earnings and sales expectations.
STR/AFP via Getty Images
ON Semiconductor
posted quarterly earnings and sales that beat Wall Street estimates, but issued soft first-quarter guidance.
The stock was rising 3.2% to $83.45 on Monday to $83.35 after falling in premarket trading.
ON Semi (ticker: ON) posted fourth-quarter adjusted earnings of $1.32 a share on revenue of $2.1 billion, compared to earnings of $1.09 a share on revenue of $1.85 billion last year. Analysts surveyed by FactSet were expecting earnings of $1.26 a share on sales of $2.08 billion.
ON-Semi also announced a new repurchase program of $3 billion.
“Despite the current macroeconomic uncertainty, the long-term outlook for our business remains robust,” Chief Executive Hassane El-Khoury said in the earnings release.
The company said it expects adjusted earnings of between $1.02 a share to $1.14 a share for the first quarter. Analysts surveyed by FactSet were expecting first-quarter earnings of $1.14 a share. ON Semi also expects first-quarter revenue of between $1.87 billion to $1.97 billion, below the FactSet consensus of $2 billion.
“The uncertainty in the macro environment has impacted demand and we have seen a slowdown in some areas of our business which includes consumer computing and parts of industrial,” El-Khoury said on the company’s earnings call.
Write to Angela Palumbo at [email protected]
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