ON Semiconductor reported earnings of 20 cents a share for the first quarter, above analysts' estimates of 18 cents a share for the quarter. Revenue grew 23.3% from the year-ago quarter to $870.8 million, above analysts' estimates of $860.82 million for the quarter.
The company said it expects to report earnings of $876 million to $916 million for the second quarter. Analysts expect the company to report earnings of $896.33 million for the quarter.
"Our order momentum is accelerating and visibility into near to mid-term outlook has improved significantly, driven by strong customer interest in our product offerings," ON Semiconductor President and CEO Keith Jackson said in a statement. "Along with solid revenue growth, our margins continue to expand and we remain on track to deliver strong growth in earnings and free cash flow."
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 (ON) a BUY. This is driven by multiple strengths, 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, good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."