ON Semiconductor Corp (NASDAQ:ON) stock gained Monday after it reported flat second-quarter FY23 revenue growth year-on-year at $2.09 billion, beating the consensus of $2.02 billion. Non-GAAP EPS of $1.33 beat the consensus of $1.21.<br /><br />Revenue from Power Solutions Group (PSG) grew 6% year-over-year to $1.12 billion, Advanced Solutions Group (ASG) decreased 9% year-over-year to $649.5 million, and Intelligent Sensing Group (ISG) rose 4% year-over-year to $325.1 million.<br /><br />The non-GAAP gross margin declined by 230 bps to 47.4%, and the non-GAAP operating margin decreased by 170 bps to 32.8%.<br /><br />ON Semiconductor used $(39.8) million in free cash flow and held $2.62 billion in cash and equivalents.<br /><br />"Onsemi delivered another excellent quarter, ahead of guidance on revenue and earnings per share, driven by growth in automotive and industrial," said Hassane El-Khoury, president and chief executive officer. <br /><br />"Our brownfield capacity expansion is creating an opportunity for onsemi to gain share in silicon carbide by capitalizing on the rapidly accelerating demand for electrification and renewable energy."<br /><br />Outlook: ON Semiconductor expects third-quarter adjusted revenue of $2.095 billion - $2.195 billion, above the consensus of $2.07 billion.<br /><br />The company sees non-GAAP EPS of $1.27 - $1.41 above the consensus of $1.21.
