Revenue from Power Solutions Group (PSG) grew 3% year-over-year to $1.01 billion, Advanced Solutions Group (ASG) decreased 14% year-over-year to $592.8 million, and Intelligent Sensing Group (ISG) rose 32% year-over-year to $354.1 million.
The non-GAAP gross margin declined by 260 bps to 46.8%, and the non-GAAP operating margin decreased by 170 bps to 32.2%.
Non-GAAP EPS of $1.19 beat the consensus of $1.09.
ON Semiconductor generated $87.4 million in free cash flow and held $2.7 billion in cash and equivalents.
"Our accelerating Silicon Carbide manufacturing output exceeded our internal plans and enabled us to nearly double our silicon carbide revenue quarter-over-quarter, and we grew both ADAS and energy infrastructure revenue by approximately 50% year-over-year," said Hassane El-Khoury, president and CEO.
Outlook: ON Semiconductor expects second-quarter adjusted revenue of $1.975 billion-$2.075 billion, above the consensus of $1.93 billion.
The company sees non-GAAP EPS of $1.14-$1.28 above the consensus of $1.06.
ON Price Action: ON Semiconductor shares are trading up 7.47% at $77.31 Monday morning at publication.
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This article Why ON Semiconductor Shares Are Popping After Q1 Beat originally appeared on Benzinga.com
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