ON Semiconductor Corp (NASDAQ: ON) reported third-quarter FY22 revenue growth of 26% year-on-year to $2.19 billion, beating the consensus of $2.12 billion.
Revenue from Power Solutions Group (PSG) grew 25% Y/Y to $1.12 billion, Advanced Solutions Group (ASG) increased 20% Y/Y to $734.3 million, and Intelligent Sensing Group (ISG) rose 45% Y/Y to $342.2 million.
The non-GAAP gross margin expanded by 780 bps to 49.3%, and the non-GAAP operating margin expanded by 1,090 bps to 35.4%.
Non-GAAP EPS of $1.45 beat the consensus of $1.32.
ON Semiconductor generated $731 million in free cash flow and held $2.5 billion in cash and equivalents.
“onsemi has delivered another quarter of record results stemming from continued growth in our focus markets of automotive and industrial. We remain confident in our long-term outlook as we continue to win where semiconductor content growth is accelerating for vehicle electrification, energy infrastructure, advanced safety, and factory automation,” said Hassane El-Khoury, president and CEO of onsemi.
Outlook: ON Semiconductor sees Q4 revenue of $2.01 billion – $2.14 billion, versus the consensus of $2.10 billion.
It sees non-GAAP EPS of $1.18 – $1.34 versus the consensus of $1.25.
Price Action: ON shares traded lower by 5.31% at $63.90 on the last check Monday.
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Source: https://finance.yahoo.com/news/semiconductor-registers-26-revenue-growth-135817154.html