Onsemi (NASDAQ:ON) shares rose about 3% in pre-market after the company reported better-than-expected earnings for the second quarter.
The adjusted EPS of $1.33 on revenue of $2.09 billion topped analyst expectations for earnings of $1.21 on revenue of $2.02B. The adjusted gross margin also beat expectations by 100 basis points.
“[O]nsemi delivered another excellent quarter, ahead of guidance on revenue and earnings per share, driven by growth in automotive and industrial. Our operational excellence and winning formula have proven to be the right strategy in sustaining our financial performance amid a soft macroeconomic environment,” said Hassane El-Khoury, president and chief executive officer, onsemi.
The company sees Q3 EPS at $1.28 on revenue of $2.15B. Analysts were looking for earnings of $1.21 per share on sales of $2.1B.