Onsemi shares reached a new 52-week high Monday in early trading as its fourth quarter earnings exceeded analysts' expectations, but the shares lost most of the day's gains on the company's softened outlook for the first quarter.
“From our manufacturing footprint to our product portfolio and go-to-market strategy, we have transformed all facets of our business and set ourselves up to win in the fastest-growing megatrends of the automotive and industrial markets,” he said. “We earned ourselves a position in the S&P 500 this past year and we created more value for our shareholders than ever before.”
Volkswagen Group in January selected Onsemi as a supplier for silicon carbide modules for use in its fleet of electric vehicles. The company also expects a bump in revenue from its silicon carbide shipments to Tesla in 2023. It has expanded its partnership with the electric vehicle maker to include “numerous power and analog solutions,” according to the company.
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