ON Semiconductor (ON) Tops Q2 EPS by 10c

On Saturday, ON Semiconductor (NASDAQ: ON) reported Q2 EPS of $0.12, $0.10 better than the analyst estimate of $0.02. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.18 billion.

"Despite disruption from COVID-19 pandemic, we continue to make strong progress towards our key strategic initiatives. To achieve our gross margin target, we have accelerated the pace of manufacturing optimization. In addition, we have made outstanding progress in ramp of our 300mm manufacturing processes at East Fishkill fab with our 300mm wafer production starting in the second quarter, significantly ahead of schedule. With expected decline in COVID-19 related costs and ongoing recovery in global macroeconomic activity, we expect to see sustained improvement in our margins,” said Keith Jackson, president and CEO of ON Semiconductor. “Our design win pipeline continues to expand rapidly with multiple strategic wins for our power, analog and sensor products in automotive, industrial, and cloud-power applications.

"We are beginning to see moderate recovery in demand across most end-markets and geographies, and we expect this recovery to continue in near term driven by improving global macroeconomic activity."

GUIDANCE:

ON Semiconductor sees Q3 2020 revenue of $1.2-1.3 billion, versus the consensus of $1.27 billion.

For earnings history and earnings-related data on ON Semiconductor (ON) click here.

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