Important points
- Oncemi's stock soared on Monday after the power semiconductor and sensor maker beat expectations for quarterly profit and sales.
- The company's full-year car sales in 2023 reached a record high.
- CEO Hassan El Khoury said Onsemi was able to “survive uncertain market conditions.”
ON Semi (ON) stock soared more than 9% in intraday trading on Monday after the power semiconductor and sensor maker reported better-than-expected quarterly results and record annual auto sales.
The company's fourth-quarter earnings per share (EPS) exceeded expectations at $1.25. Sales decreased 4% from the same period last year to $2.02 billion, slightly exceeding expectations. Onsemi announced that its auto sales in 2023 jumped 29% to a record $4.3 billion. For the full year, sales of $8.25 billion and EPS of $5.16 exceeded expectations.
In the fourth quarter, the company's Power Solutions Group's sales increased 4% to $1.09 billion. The Advanced Solutions Group's sales decreased 11% to $624.6 million, and the Intelligent Sensing Group's sales decreased 13% to $307.7 million.
CEO Hassane El-Khoury said the company “continues to transform its business by building resilience into our model.” By doing so, Onsemi was able to “survive uncertain market conditions and deliver more predictable and sustainable results,” he added.
On the news, Onsemi's stock price rose 9.7% to $77.61 per share as of around 3:30 p.m. ET on Monday. Despite Monday's gain, the stock has fallen 3.5% over the past year.
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