ON Semiconductor (NASDAQ: ON) reported Q4 EPS of $0.30, $0.02 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.37 billion.

For the fourth quarter of 2019, highlights include:

• Revenue of $1,401.8 million
• GAAP and non-GAAP gross margin of 34.6 percent
• GAAP operating margin of 9.9 percent and non-GAAP operating margin of 12.3 percent
• Operating cash flow of $91.7 million and free cash flow of ($20.7) million
• GAAP diluted earnings per share of $0.14 and non-GAAP diluted earnings per share of $0.30

“Our performance in 2019 validates the transforming nature of our business, as we expect to outperform most of our peer group against a backdrop of challenging macroeconomic and geopolitical conditions. We believe that our strong competitive position in automotive, industrial, and cloud-power semiconductor end-markets, and exposure to secular trends in these markets continue to be the key drivers of our superior performance,” said Keith Jackson, president and CEO of ON Semiconductor. “Along with strong revenue performance, we are taking substantial measures to expand our margins by making structural changes to our manufacturing footprint, and accelerating the timeline for production at our 300mm fab.”

“In the fourth quarter, we saw moderate improvement in business trends, and the improvement has continued thus far in the first quarter of 2020. With improving macroeconomic and geopolitical conditions, solid product portfolio with exposure to the most attractive semiconductor end-markets, and ongoing structural improvements to our cost structure, ON Semiconductor is well positioned to deliver strong near to mid-term performance.”

GUIDANCE:

ON Semiconductor sees Q1 2020 revenue of $1.355-1.405 billion, versus the consensus of $1.35 billion.

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