ON Semiconductor Posts Higher 1Q Sales, Lifted by Automotive and Industrial Demand

Dow Jones2023-05-01

ON Semiconductor Corp. posted higher revenue in the first quarter, lifted by demand from the automotive and industrial end markets.

The Scottsdale, Ariz.-based company, which makes intelligent sensing and power services, posted a profit of $461.7 million, or $1.03 a share, compared with $530.2 million, or $1.18 a share, in the same period a year earlier.

Stripping out one-time items, adjusted earnings came to $1.19 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $1.08 a share.

Revenue edged about 1% higher to $1.96 billion. Analysts expected revenue of $1.92 billion, according to FactSet.

The advanced-solutions unit posted a 14% drop in revenue. Revenue rose 3% in the company's power-solutions segment, 32% in the intelligent-sensing group, and 38% in the automative unit. The automotive and industrial end markets contributed to 79% of overall revenue.

Shares rose nearly 5% in premarket trading Monday.

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