ON Gains on Monetary Success

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Feb 01, 2021 (Baystreet.ca by using COMTEX) —
ON Semiconductor Company (NASDAQ:ON) observed its shares transfer up Monday on the launch of monetary success for the fourth quarter of 2020.

Fourth-quarter revenue proved to be $1,446.3 million, up 3% yr-about-yr

Q4 GAAP diluted earnings per share have been $.21 as in contrast to $.14 in the quarter a yr ago. Fourth Quarter Non-GAAP diluted earnings for every share of $.35, as in comparison to $.30 in the quarter a year ago

ON also boasted record automotive revenue of $491 million in the fourth quarter

Once-a-year 2020 functioning cash circulation increased to $884.3 million from $694.7 million in 2019 on a 5% lessen earnings. Once-a-year 2020 cost-free funds movement increased to $500.7 million, from $160.1 million in 2019

Stated CEO Hassane El-Khoury, “In the fourth quarter, we observed strong improvement in organization developments pushed by wide-primarily based improvement in global macroeconomic environment, lean inventories, and a steep recovery in the automotive close-current market, in which we keep on to see our written content expansion exceed the all round automotive sector advancement.

“Based mostly on existing desire traits and the world-wide macroeconomic outlook, we count on to continue on to see above seasonal need developments in the close to-expression.”

“ON Semiconductor has remarkable probable, and I am psyched about the possibilities we have to unlock that possible and make value for our shareholders, buyers, and staff members.”

ON is a main provider of semiconductor-based alternatives, offering a in depth portfolio of vitality efficient power management, analog, sensors, logic, timing, connectivity, discrete, SoC and tailor made units.

Its shares opened the day’s buying and selling up $1.72, or 5%, to $36.21.

COMTEX_379986339/2559/2021-02-01T10:30:57

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