ON Semiconductor Corporation (NASDAQ:ON) saw its shares move up Monday on the release of financial results for the fourth quarter of 2020.
Fourth-quarter revenue proved to be $1,446.3 million, up 3% year-over-year
Q4 GAAP diluted earnings per share were $0.21 as compared to $0.14 in the quarter a year ago. Fourth Quarter Non-GAAP diluted earnings per share of $0.35, as compared to $0.30 in the quarter a year ago
ON also boasted record automotive revenue of $491 million in the fourth quarter
Annual 2020 operating cash flow increased to $884.3 million from $694.7 million in 2019 on a 5% lower revenue. Annual 2020 free cash flow increased to $500.7 million, from $160.1 million in 2019
Said CEO Hassane El-Khoury, "In the fourth quarter, we saw strong improvement in business trends driven by broad-based improvement in global macroeconomic environment, lean inventories, and a steep recovery in the automotive end-market, in which we continue to see our content growth exceed the overall automotive market growth.
"Based on current demand trends and the global macroeconomic outlook, we expect to continue to see above seasonal demand trends in the near-term."
"ON Semiconductor has tremendous potential, and I am excited about the opportunities we have to unlock that potential and create value for our shareholders, customers, and employees."
ON is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy efficient power management, analog, sensors, logic, timing, connectivity, discrete, SoC and custom devices.
Its shares opened the day’s trading up $1.72, or 5%, to $36.21.
