Benzinga | Feb 1, 2021 09:50AM EST

ON Semiconductor Beats Q4 Earnings, Issues Better Than Expected Q1 Guidance

* ON Semiconductor Corporation (NASDAQ: ON) posted revenue growth of 3% year-on-year to $1.44 billion in the fourth quarter of FY20, beating Street estimates by 80 million. It posted a record automotive revenue of $491 million.

* The adjusted EPS rose by 16.7% to $0.35, beating consensus estimates by $0.07.

* Operating cash quadrupled Y/Y to $400.4 million, while Free cash flow grew to $284 million.

* ON expects first-quarter FY21 revenue between $1.41 and $1.51 billion, higher than the consensus of $1.35 billion, and the gross margin target falls between 34.1% and 36.1%.

* The company appointed a former Cypress Semiconductor executive as its CFO last week.

* Price action: ON shares are trading higher by 5.45% at $36.37 on the last check Monday.