ON Semiconductor (NASDAQ:ON) earnings for the tech company’s fourth quarter of 2019 have ON stock taking a beating on Monday. That’s due to its adjusted EPS of 30 cents. This is worse than Wall Street’s estimate of 32 cents per share. Revenue of $1.40 billion is above analysts’ estimates of $1.37 billion, but couldn’t save ON stock today.
Here are some additional highlights from the most recent ON Semiconductor earnings report.
- Adjusted per-share earnings are down 43.40% from 53 cents in the fourth quarter of 2018.
- Revenue for the quarter comes in 6.67% lower than the $1.50 billion from the same time last year.
- Operating income of $138.90 million is a 37.63% drop YoY from $222.70 million.
- The ON Semiconductor earnings report also includes a net income of $56.90 million.
- That’s 65.72% worse than the company’s operating income of $166.00 million in the same period of the year prior.
Keith Jackson, President and CEO of On Semiconductor, says this about the ON stock earnings.
“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.”
The ON Semiconductor earnings report also includes its Q1 2020 outlook. The company expects revenue to range from $1.355 billion to $1.405 billion. Wall Street’s estimates are for revenue of $1.35 billion during the quarter.
ON stock was down 13.07% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.