ON Semiconductor Corp. reported fourth-quarter FY21 revenue growth of 28 percent year-on-year to $1.85 billion, beating the consensus of $1.79 billion.
Revenue from Power Solutions Group (PSG) grew 33 percent Y/Y to $953.4 million, Advanced Solutions Group (ASG) increased 24 percent Y/Y to $647.3 million, and Intelligent Sensing Group (ISG) rose 18 percent Y/Y to $245.4 million.
The non-GAAP gross margin expanded 1,080 bps to 45.2 percent, and the non-GAAP operating margin expanded by 1,440 bps to 28.6 percent.
Non-GAAP EPS of $1.09 beat the consensus of $0.94.
ON Semiconductor generated $626.6 million in operating cash flow during the quarter. It held $1.35 billion in cash and equivalents at quarter-end.
Outlook
ON Semiconductor sees Q1 FY22 revenue of $1.85 billion – $1.95 billion, above the consensus of $1.78 billion.
It sees non-GAAP EPS of $0.98 – $1.10, above the consensus of $0.81.
“Outlook for our business remains robust as evidenced by over 60 percent year-over-year growth in our design win funnel driven by our highly differentiated intelligent power and sensing portfolio,” said CEO Hassane El-Khoury.
By Anusuya Lahiri
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