ON Semiconductor Corporation (ON) said before open Monday that it earned $1.32 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $2.1 billion, beating estimates by $24 million.
In the same quarter a year ago, the company earned $1.09 per share on revenue of $1.8 billion.
The stock is up 0.4% to $81.01 after the report.
ON Semiconductor Corporation's earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned ON Semiconductor Corporation a Bullish Sentiment Rank from InvestorsObserver.
ON Semiconductor Corporation has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 94, putting ON Semiconductor Corporation in the top 25% of stocks. The firm was recently trading at a 52-week high of $83.25 on February 3, 2023 and set a 52-week low on July 5, 2022 at $44.76.
Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and the largest supplier of image sensors to the automotive market. While the firm used to be highly vertically integrated, it now pursues a hybrid manufacturing strategy for flexible capacity. Onsemi is pivoting to focus on emerging applications like electric vehicles, autonomous vehicles, industrial automation, and renewable energy.
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ON Semiconductor Corporation Up 0.4% To $81.01 After Earnings Beat
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