Shares of ON Semiconductor (NASDAQ:ON) are up today after it reported earnings for its first quarter of Fiscal Year 2023. Adjusted earnings per share came in at $1.19, which beat analysts’ consensus estimate of $1.08 per share. Sales increased by 0.5% year-over-year, with revenue hitting $1.96 billion. This was $30 million above expectations.
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Looking forward, management now expects revenue and adjusted EPS for Q2 2023 to be in the ranges of $1.972 billion to $2.075 billion and $1.14 to $1.28, respectively. For reference, analysts were expecting $1.93 billion in revenue and an EPS figure of $1.06.
Overall, Wall Street analysts have a consensus price target of $92.24 per share on ON stock, implying almost 20% upside potential, as indicated by the graphic above.