ON Semiconductor Q2 Earnings: Revenue And EPS Beat, CEO Highlights Automotive Gains, Strong Q3 Outlook
Portfolio Pulse from Anusuya Lahiri
ON Semiconductor Corp (NASDAQ: ON) reported a fiscal Q2 2024 revenue decline of 17.2% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion. The adjusted EPS of $0.96 also beat the consensus estimate of $0.92. Despite declines in various segments, the company generated $207.7 million in free cash flow and held $2.68 billion in cash and equivalents. CEO Hassane El-Khoury highlighted gains in the automotive sector and a strong Q3 outlook. The stock gained 7.84% premarket following the earnings report.
July 29, 2024 | 12:44 pm
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ON Semiconductor reported better-than-expected Q2 revenue and EPS, despite a year-on-year decline. The company highlighted gains in the automotive sector and provided a strong Q3 outlook. The stock gained 7.84% premarket.
The better-than-expected Q2 revenue and EPS, along with a positive outlook for Q3, are likely to boost investor confidence. The stock's premarket gain of 7.84% indicates a positive short-term impact.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100