Chipmaker Onsemi (ON) on Monday topped Wall Street’s targets for the fourth quarter. It also guided significantly higher for the current period. ON stock rose in early trading.
X
The Phoenix-based company earned an adjusted $1.09 a share on sales of $1.85 billion in the December quarter. Analysts expected Onsemi earnings of 94 cents a share on sales of $1.79 billion, according to FactSet. On a year-over-year basis, Onsemi earnings soared 211% while sales rose 28%.
For the current quarter, Onsemi forecast adjusted earnings of $1.04 a share on sales of $1.9 billion. That’s based on the midpoint of its guidance. Wall Street was modeling earnings of 82 cents a share on sales of $1.78 billion in the first quarter.
“Outlook for our business remains robust as evidenced by over 60% year-over-year growth in our design win funnel driven by our highly differentiated intelligent power…
