On Semi: 'We delivered strong results in the second quarter'

"We delivered strong results in the second quarter. Demand for our products continues to accelerate as customers are increasingly relying on us to provide key technologies for newly emerging applications in automotive and industrial markets. With a pipeline of new products and strengthening customer engagement, we are well positioned to benefit from disruptive trends in our markets," said Keith Jackson, president and CEO of ON Semiconductor. "Along with strong revenue growth, we continue to deliver robust margin expansion, which points to strong leverage in our operating model." "We are increasingly upbeat about our long term outlook, and we are making prudent investments in our manufacturing infrastructure to sustain our revenue momentum and to further strengthen our industry-leading cost structure," Keith Jackson added. Second quarter GAAP revenues for 2018 amounted to USD 1.46 billion, an increase of 9% from USD 1.34 billion during the same period last year. The company’s gross profit amounted to USD 555.2 million during the second quarter 2018, up 13% from USD 493.3 for the comparison period. GAAP Operating income for the second quarter 2018 ended up at USD 237.6 million, up 21% from USD 196.4 million from the second quarter 2017. Based on product booking trends, backlog levels and estimated turns levels, the Company anticipates that total revenue in third quarter of 2018 will be approximately USD 1.48 billion to USD 1.53 billion