- ON Semiconductor Corp (NASDAQ: ON) reported second-quarter FY22 revenue growth of 25% year-on-year to $2.09 billion, beating the consensus of $2.01 billion.
- Revenue from Power Solutions Group (PSG) grew 25% Y/Y to $1.06 billion, Advanced Solutions Group (ASG) increased 18% Y/Y to $716.7 million, and Intelligent Sensing Group (ISG) rose 44% Y/Y to $311.3 million.
- The non-GAAP gross margin expanded by 1,130 bps to 49.7%, and the non-GAAP operating margin expanded by 1,490 bps to 34.5%.
- Non-GAAP EPS of $1.34 beat the consensus of $1.26.
- ON Semiconductor generated $420.8 million in operating cash flow and held $1.8 billion in cash and equivalents.
- "These financial results validate our momentum in the market and the differentiation of our intelligent power and sensing solutions. Our leadership in the accelerating megatrends of vehicle electrification, ADAS, energy infrastructure, and factory automation have enabled us to extend long-term supply agreements and increase demand visibility," CEO Hassane El-Khoury said.
- Outlook: ON Semiconductor sees Q3 revenue of $2.07 billion - $2.17 billion, above the consensus of $2.02 billion.
- It sees non-GAAP EPS of $1.25 - $1.37, above the consensus of $1.21.
- Price Action: ON shares traded lower by 6.41% at $62.50 in the premarket on the last check Monday.
Read at Benzinga