ON Semiconductor Guides Q1 Well Below Estimates; Approves $3 Bln Share Buyback - Update

While reporting financial results for the fourth quarter on Monday, ON Semiconductor Corp. (ON) provided earnings and revenue guidance for the first quarter of fiscal 2023.

For the first quarter, the company projects earnings in a range of $0.99 to $1.11 per share and adjusted earnings in a range of $1.02 to $1.14 per share on revenues between $1.87 billion and $1.97 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.27 per share on revenues of $2.08 billion for the quarter. Analysts' estimates typically exclude special items.

The company also announced that its Board of Directors has approved a new share repurchase program with authorization to repurchase up to $3 billion of shares of the company's common stock through December 31, 2025.

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