ON Semiconductor (NASDAQ:ON) Files 8-K – Results of Operations and Financial Condition

Onsemi, in its recent 8-K filing with the Securities and Exchange Commission, provided an update on its financial condition and operations. The company reported its financial results for the second quarter of the fiscal year 2021, which ended on July 2, 2021.

According to the filing, Onsemi posted total revenues of $1.68 billion for the second quarter. This reflects an increase of 11.4% compared to the previous quarter. The company attributed this growth to strong demand across various end markets, including automotive, industrial, and cloud power sectors.

On the profitability front, the company reported a gross margin of 36.8% in the second quarter, up from 34.6% in the previous quarter. Operating margin was reported at 11.9%, compared to 8.7% in the previous quarter.

Onsemi’s net income for the second quarter was $184.1 million, resulting in diluted earnings per share of $0.42. This is an improvement from the previous quarter, where the company reported net income of $135.9 million and diluted earnings per share of $0.31.

The company highlighted that it has been focused on optimizing its operations and enhancing its product portfolio to meet the evolving needs of its customers. Onsemi expressed confidence in its ability to navigate the current market conditions and capitalize on growth opportunities moving forward.

Investors and analysts are likely to closely monitor Onsemi’s performance in the coming quarters, as the company continues to navigate the changing dynamics of the global semiconductor industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Onsemi’s 8K filing here.

Onsemi Company Profile

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.