Why ON Semiconductor Corporation Stock Popped 14.2% in August
Shares of ON Semiconductor (NASDAQ: ON) jumped 14.2% in the month of August, according to data provided by S&P Global Market Intelligence, after power-efficient semiconductor solutions company announced strong second-quarter 2017 results. ON Semiconductor stock jumped more than 8% on Aug. 7, 2017 alone -- the first trading day after its quarterly results were released.
More specifically, ON's revenue last quarter climbed 52% year over year to $1.338 billion -- well above the company's previous guidance for a range of $1.285 billion to $1.335 billion -- with growth largely driven by the company's $2.4 billion acquisition of Fairchild Semiconductor late last year. ON's gross margin of 36.7% also arrived ahead of expectations for a range of 34.5% to 36.4%.
On the bottom line, that translated to 274% growth in net income attributable to the company, to $93.9 million, and 267% growth in earnings per share to $0.22, with growth driven by ON's increased scale and cost synergies stemming from the acquisition.
Source: Fool.com