Benzinga | May 3, 2021 08:48AM EDT

ON Semiconductor Shares Are Trading Higher On Q1 Earnings Beat, Better Than Expected Q2 Guidance

* ON Semiconductor Corp (NASDAQ: ON) reported first-quarter FY21 revenue growth of 16% year-on-year to $1.482 billion, beating the analyst consensus of $1.46 billion.

* PSG, ASG, and ISG segment revenue rose 20%, 14% and 9% Y/Y.

* Automotive revenue rose 5% quarter-on-quarter to $515 million.

* The company secured key platform design wins for Silicon Carbide and Silicon-based power products, further solidifying market leadership in vehicle electrification, CEO Hassane EL-Khoury said.

* Non-GAAP gross margin expanded 370 basis points to 35.2%, and Non-GAAP operating margin expanded 670 basis points to 13.3%.

* Non-GAAP EPS of $0.35 beat the analyst consensus of $0.33.

* The company generated $218.5 million in operating cash flow. It held $1.043 billion in cash and equivalents.

* Guidance: Q2 revenue guidance lies between $1.57 billion to $1.67 billion, above the analyst consensus of $1.49 billion. Non-GAAP EPS guidance lies between $0.44 and $0.54, higher than the analyst consensus of $0.39.

* Price action: ON shares traded higher by 2.31% at $39.9 in the premarket session on the last check Monday.