Wednesday, May 10, 2017
ON Semiconductor Corp. reported a 76 percent increase in revenue that helped the company to a hefty 117 percent increase in profit year over year due to an improving industry demand environment.
The Phoenix-based semiconductor manufacturer (Nasdaq: ON) announced its first quarter earnings today.
ON reported net income of $78.2 million, or 18 cents per share, on revenue of $1.4 billion for the quarter ended March 31.
That compares to net income of $36 million, or 9 cents per share, on revenue of $817.2 million for the same quarter a year ago.
Keith Jackson, president and CEO of ON Semiconductor, said the company continues to “demonstrate strong growth” in revenue and profitability.
“With a broad portfolio of analog, power and sensor products, operating leverage, and synergies from our acquisition of Fairchild, we believe that we are well positioned to benefit from improving industry demand environment,” Jackson said.
ON completed its $2.4 billion acquisition of Fairchild Semiconductor International Inc. in September, making it the largest supplier of power semiconductors in the world.
“Business conditions continue to improve across most end-markets and geographies,” Jackson said. “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.”
By: DocMemory Copyright © 2023 CST, Inc. All Rights Reserved
|