ON Semi (NASDAQ:ON) shares experienced an intra-day increase of more than 3% following the company’s second-quarter earnings report, which surpassed Street expectations.
The reported adjusted EPS of $1.33 on revenue of $2.09 billion exceeded the earnings forecast of $1.21 on revenue of $2.02 billion. CEO Hassane El-Khoury expressed satisfaction with the results, noting that the company delivered another outstanding quarter, surpassing revenue and earnings per share guidance. The growth in the automotive and industrial sectors contributed to the positive performance, showcasing the effectiveness of the company’s operational excellence and winning strategy even amid a challenging macroeconomic environment.
Looking ahead to the third quarter, the company projects an EPS of $1.28 on revenue of $2.15 billion. This forecast exceeds analysts’ predictions, who were expecting earnings of $1.21 per share on sales of $2.1 billion.