ON Semiconductor (Nasdaq: ON) shares are forecasting second-quarter fiscal 2024 revenue of $1.74 billion, down 17.2% year over year. The analyst consensus estimate was $1.73 billion..
Adjusted EPS was $0.96 The analyst consensus estimate is $0.92.After printing, the stock price rose.
Power Solutions Group (PSG) revenue was down 15% year over year to $835.2 million, Analog and Mixed-Signal Group (AMG) revenue was down 18% year over year to $647.8 million and Intelligent Sensing Group (ISG) revenue was down 22% year over year to $252.2 million.
Adjusted gross margin decreased 210 basis points to 45.3%, while adjusted operating margin decreased 530 basis points to 27.5%, indicating pricing pressures in the semiconductor industry.
As of June 28, 2024, ON Semiconductor generated free cash flow of $207.7 million and had cash and cash equivalents of $2.68 billion.
CEO Hassan El Khoury said: Recent Supply Contracts “Through our partnership with the Volkswagen Group, we continue to strengthen silicon carbide’s leadership position in the automotive sector as we expand production with major global OEMs in Europe, North America and China.”
Outlook: ON Semiconductor expects third-quarter adjusted sales to be in the range of $1.7 billion to $1.8 billion. $1.73 billion consensus.
The company expects adjusted EPS in the range of $0.91 to $1.03, with the consensus being $0.92.
ON Semiconductor shares have fallen 35% in the past 12 months. Citigroup and Morgan Stanley Downgraded ratings and Stock price target. Revaluation is The United States The semiconductor embargo against China has hit semiconductor stocks.
Price Trends: ON shares were up 7.84% as of last check on Monday, trading at $75.67 in pre-market trading.
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This article ON Semiconductor Q2 Results: Revenue and EPS Beat Expectations, CEO Highlights Auto Gains, Positive Q3 Outlook Originally Benzinga
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