ON Semiconductor (NASDAQ:ON) stock is rising higher on Monday following the release of the company’s earnings report for the fourth quarter of 2021.
Let’s dive into that earnings report below to see why investors in ON stock are celebrating today!
- The ON Semiconductor earnings report kicks off with adjusted earnings per share of $1.09.
- That’s a massive gain over its adjusted EPS of 35 cents per share from the same time last year.
- It’s also a boon to ON stock by smashing Wall Street’s 94 cents per share estimate.
- In addition to that, ON Semiconductor reported revenue of $1.85 billion in its most recent quarter.
- That’s a jump from the $1.45 billion reported in the same period of the year prior.
- It’s also a highlight for ON stock today next to analysts’ estimate of $1.79 billion.
- ON Semiconductor’s outlook for the first quarter of 2022 is also helping out its shares today.
- The company is expecting adjusted per-share earnings of 98 cents to $1.10.
- That low end is higher than the 81 cents per share Wall Street is expecting.
- To go along with that, it’s also looking for revenue to come in between $1.85 billion and $1.95 billion.
- Yet again, that would see ON Semiconductor beating out analysts’ estimate of $1.79 billion with its weakest guidance.
Hassane El-Khoury, president and CEO of ON Semiconductor, said the following in the earnings report boosting the company’s stock.
“Our disciplined execution on transformation initiatives in 2021 resulted in record financial performance and achievement of our financial targets ahead of stated timeline. Revenue for 2021 grew 28.3%. Operating income and free cash flow increased 6 times faster than the revenue as we focus our portfolio on secular megatrends of electric vehicles, ADAS, alternative energy and industrial automation.”
ON stock is up 5.4% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.