ON Semiconductor Delivers Earnings and Guidance Beat but Shares Fall on Commentary By Investing.com

ON Semiconductor Delivers Earnings and Guidance Beat but Shares Fall on Commentary

Stock Markets Aug 01, 2022 09:22AM ET

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ON Semiconductor Delivers Earnings and Guidance Beat but Shares Fall on Commentary

By Senad Karaahmetovic

Shares of ON Semiconductor (NASDAQ:ON) are down over 4% in premarket Monday after the chipmaker reported Q2 results.

ON reported an adjusted EPS of $1.34 on revenue of $2.09 billion to top the consensus of adjusted EPS of $1.26 on revenue of $2.02 billion.

The company said it expects to report adjusted EPS of $1.25 to $1.37 for the current quarter, easily ahead of the consensus of $1.22. Revenue is seen at between $2.07 billion and $2.17 billion, again better than the consensus of $2.02 billion.

However, ON’s outlook for an adjusted gross margin of 48% to 50% (consensus 49.3%) may have a negative impact on shares.

Moreover, investors weren't too happy about the management’s commentary.

“While we are optimistic about our outlook, we remain sensitive to dynamic market conditions,” said Hassane El-Khoury, president and CEO of ON.

ON shares rallied sharply in July after plunging over 30% YTD. Net-net, ON stock price is down about 5% YTD prior to the Monday open.

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