Onsemi (NASDAQ:ON) Issues Q2 Earnings Guidance

Onsemi (NASDAQ:ON) updated its second quarter earnings guidance on Monday. The company provided EPS guidance of $0.86-0.98 for the period, compared to the consensus EPS estimate of $1.00. The company issued revenue guidance of $1.68-1.78 billion, compared to the consensus revenue estimate of $1.82 billion. Onsemi also updated its Q2 2024 guidance to 0.860-0.980 EPS.

Onsemi Trading Up 4.1 %

NASDAQ:ON opened at $70.82 on Tuesday. Onsemi has a 12 month low of $59.34 and a 12 month high of $111.35. The company has a current ratio of 2.71, a quick ratio of 1.74 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $73.11 and its 200 day moving average is $75.28. The stock has a market capitalization of $30.44 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 6.71 and a beta of 1.80.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period last year, the business posted $1.19 earnings per share. Sell-side analysts expect that Onsemi will post 4.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ON. Susquehanna reiterated a positive rating and issued a $90.00 target price on shares of Onsemi in a research note on Monday, April 8th. Wells Fargo & Company lowered their target price on shares of Onsemi from $110.00 to $95.00 and set an overweight rating on the stock in a report on Tuesday, April 23rd. Needham & Company LLC reaffirmed a buy rating and issued a $92.00 price target on shares of Onsemi in a report on Tuesday, February 6th. Evercore ISI started coverage on Onsemi in a research note on Tuesday, April 16th. They set an outperform rating and a $104.00 price objective on the stock. Finally, Truist Financial cut their target price on Onsemi from $94.00 to $89.00 and set a buy rating for the company in a research note on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $95.08.

About Onsemi

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.