Shares of the Phoenix chipmaker, which reached an intraday all-time record, were up 14.3% to $44.67 on Monday.
"We continue to see accelerating demand for our products in our strategic automotive and industrial end-markets," Hassane El-Khoury, president and CEO said in a statement. "As we continue to drive operational efficiencies in our manufacturing sites, we expect to see incremental supply and revenue growth in the second half of 2021."
Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or essentially breakeven on a per-share basis, a year ago. Adjusted earnings came to 63 cents a share, beating analysts' estimates of 49 cents.
Revenue totaled $1.67 billion, up 38% from a year ago and ahead of Wall Street's call for $1.62 billion.
Analysts at Truist Securities, who have a buy rating and a $46 price target on the shares, said the results and outlook were “strong all around,” and both the automotive and industrial end markets “posted impressive
MKM Partners said the earnings report “calls out accelerating demand for the auto and industrial end-markets.”
Looking ahead, ON said it expected revenue to range from $1.66 billion to $1.76 billion, while estimates called for $1.61 billion. The company said it expects adjusted earnings to range from 68 cents to 80 cents a share. Analysts are looking for earnings of 51 cents a share.
The global semiconductor shortage has had an impact on productivity for many companies.