Adjusted earnings totaled $75.2 million, or 17 cents a share, while revenue increased year over year to $706.5 million from $661 million. Analysts polled by Thomson Reuters expected the company to earn 15 cents a share on revenue of $711.67 million.
The company issued second-quarter revenue guidance in the range of $738 million to $768 million. Analysts expect second-quarter revenues of $741.82 million.
First-quarter profit was $58.4 million, or 13 cents a share, up from $23.3 million, or 5 cents a share, in the same period one year earlier.
The stock was down 5.01% to $8.91 at 10:43 a.m.
Separately, TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ON SEMICONDUCTOR CORP (ONNN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."