ON Semiconductor Shares Jump 7.8% as Q4 Earnings Beat Estimates
$ON Semiconductor(ON.US$ shares jumped 7.8% after the company reported that fourth quarter earnings declined less than analysts were expecting.
The semiconductor company focused on automotive andf industrial end-markets said adjusted earnings for the year ended Dec. 31 fell to $1.25 a share, beating the $1.20 estimate by analysts polled by FactSet. Earnings declined from $1.39 a share a year earlier.
Revenue reached $2.02 billion in the quarter, the company said in a press release Monday. While that's lower than the $2.1 billion last year, it still exceeded the FactSet estimate reported by the Wall Street Journal of $2.0 billion.
Revenue reached $2.02 billion in the quarter, the company said in a press release Monday. While that's lower than the $2.1 billion last year, it still exceeded the FactSet estimate reported by the Wall Street Journal of $2.0 billion.
"Our momentum continued this past year as we achieved record automotive revenue and 4x year-over-year growth in silicon carbide revenue," Chief Executive Officer Hassane El-Khoury said.
For the first quarter of 2024, the company sees earnings reacvhing $0.98 to $1.10. According to the WSJ, analysts surveyed by FactSet are expecting adjusted EPS of $1.10 a share for the period.
Revenue are seen reaching $1.8 biullion to $1.9 billion for the first quarter, with gross margin expected at 44.5% to 46.5%, the company said.
Revenue are seen reaching $1.8 biullion to $1.9 billion for the first quarter, with gross margin expected at 44.5% to 46.5%, the company said.
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