Onsemi (NASDAQ:ON) Releases Q2 2024 Earnings Guidance

Onsemi (NASDAQ:ON) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.860-0.980 for the period, compared to the consensus estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ON. Rosenblatt Securities cut their target price on Onsemi from $75.00 to $70.00 and set a neutral rating on the stock in a research note on Tuesday. Susquehanna lowered their price target on Onsemi from $90.00 to $85.00 and set a positive rating on the stock in a report on Tuesday. Benchmark lowered their price target on Onsemi from $88.00 to $80.00 and set a buy rating on the stock in a report on Tuesday. Roth Mkm upped their price target on Onsemi from $75.00 to $90.00 and gave the company a buy rating in a report on Tuesday, February 6th. Finally, BNP Paribas reaffirmed an underperform rating and set a $55.00 price target on shares of Onsemi in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $90.24.

Onsemi Stock Performance

NASDAQ:ON opened at $70.16 on Wednesday. The company has a current ratio of 2.87, a quick ratio of 1.74 and a debt-to-equity ratio of 0.32. Onsemi has a 12-month low of $59.34 and a 12-month high of $111.35. The stock has a 50-day moving average price of $72.95 and a 200 day moving average price of $75.13. The stock has a market capitalization of $30.16 billion, a P/E ratio of 14.32, a P/E/G ratio of 7.03 and a beta of 1.80.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Onsemi had a return on equity of 28.86% and a net margin of 26.67%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the business posted $1.19 earnings per share. The firm’s revenue was down 4.9% on a year-over-year basis. Equities research analysts forecast that Onsemi will post 4.23 EPS for the current fiscal year.

About Onsemi

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.