ON Semiconductor Q1 Profit Rises

(RTTNews) - ON Semiconductor Corp.(ON) reported that its first-quarter net income attributable to the company increased to $78.2 million or $0.18 per share from $36.0 million or $0.09 per share last year.

Total GAAP revenue in the first quarter of 2017 was $1.44 billion, up about 76 percent compared to the same quarter last year. Non-GAAP revenue was $1.28 billion, up about 57 percent as compared to the same quarter last year. Wall Street analysts had a consensus revenue estimate of $1.24 billion for the quarter.

"Business conditions continue to improve across most end-markets and geographies. Our momentum in key end-markets, including industrial, automotive and communications remains strong. Commentary from our global customers in industrial, automotive and communications end-markets and macro-economic data point to improving business trends in 2017," said Keith Jackson, president and CEO of ON Semiconductor.

The company anticipates that total revenue will be about $1.285 billion to $1.335 billion in the second quarter of 2017. Analysts expect second-quarter revenues of $1.28 billion. Backlog levels for the second quarter of 2017 represent approximately 80 to 85 percent of anticipated second quarter 2017 revenue. The outlook for the second quarter of 2017 includes anticipated stock-based compensation expense of approximately $20 million to $22 million.