ON Gains on Monetary Success

The MarketWatch Information Division was not concerned in the creation of this information. Feb 01,…

The MarketWatch Information Division was not concerned in the creation of this information.

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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