ON Semiconductor stock surges after record earnings that beat expectations, upbeat outlook

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Shares of ON Semiconductor Corp. ON, +1.17% changeable up 8.2% successful premarket trading Monday, aft the chipmaker reported grounds adjusted nett and gross that bushed expectations and provided an upbeat outlook, citing accelerating request successful the automotive and concern extremity markets. Net income was $184.1 million, oregon 42 cents a share, aft a nonaccomplishment of $1.4 billion, oregon astir breakeven connected a per-share basis, successful the year-ago period. Excluding nonrecurring items, adjusted net per stock accrued to a grounds 63 cents from 12 cents, beating the FactSet statement of 49 cents. Revenue grew 37.6% to $1.67 billion, supra the FactSet statement of $1.62 billion. For the 3rd quarter, the institution expects adjusted EPS of 68 cents to 80 cents and gross of $1.66 cardinal to $1.76 billion, supra the FactSet statement for EPS of 51 cents and gross of $1.61 billion. Gross borderline is expected to amended to 38.8% to 40.9% successful the 3rd 4th from 38.3% successful the 2nd quarter. The banal has rallied 19.3% twelvemonth to day done Friday, portion the PHLX Semiconductor Index SOX, +0.70% has tally up 20.1% and the S&P 500 SPX, -0.54% has precocious 17.0%.

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