ON Semiconductor Corp.’s stock ON was rising more than 4% in Monday’s premarket action after the automotive chip company topped expectations for its latest quarter and gave an upbeat outlook. The company logged first-quarter net income of $462 million, or $1.03 a share, down from $530.2 million, or $1.18 a share, in the year-earlier quarter. On an adjusted basis, ON Semiconductor earned $1.19 a share, down from $1.22 a share but ahead of the FactSet consensus, which was for $1.08 a share. Revenue inched up to $1.96 billion from $1.95 billion, while analysts had been modeling $1.92 billion. “We continued our momentum with first quarter results exceeding expectations despite macroeconomic uncertainties,” Chief Executive Hassane El-Khoury said in a release. He noted that the company nearly doubled its silicon carbide revenue sequentially as manufacturing output came in ahead of the company’s plans. For the second quarter, ON Semiconductor expects $1.975 billion to $2.075 billion in revenue, while analysts were modeling $1.932 billion. The company also anticipates adjusted earnings per share of $1.14 to $1.28, while the FactSet consensus was for $1.06 a share.
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