ON Semiconductor Tops Q1 Backed By Auto, Industrial End-Markets

ON Semiconductor Corp ON reported first-quarter FY22 revenue growth of 31% year-on-year to $1.95 billion, beating the consensus of $1.90 billion.
Revenue from Power Solutions Group (PSG) grew 32% Y/Y to $986.7 million, Advanced Solutions Group (ASG) increased 30% Y/Y to $689.3 million, and Intelligent Sensing Group (ISG) rose 32% Y/Y to $269 million.
The non-GAAP gross margin expanded by 1,420 bps to 49.4%, and the non-GAAP operating margin expanded by 2,060 bps to 33.9%.
Non-GAAP EPS of $1.22 beat the consensus of $1.05.
ON Semiconductor generated $478.6 million in operating cash flow and held $1.67 billion in cash and equivalents.
CEO Hassane El-Khoury said, "Our focused strategy has delivered sustainable results in on semi's margin and growth profile with the automotive and industrial end-markets now representing 65% of our revenue."
Outlook: ON Semiconductor sees Q2 FY22 revenue of $1.965 billion - $2.065 billion, above the consensus of $1.920 billion.
It sees non-GAAP EPS of $1.20 - $1.32, above the consensus of $1.05.
Price Action: ON shares traded higher by 3.93% at $54.16 in the premarket on the last check Monday.

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