ON Semiconductor Corp. (Phoenix, AZ) pushed its first-quarter guidance upward. The company said it now expects first-quarter revenues to rise by eight percent sequentially instead of the previously forecast five-percent to six-percent growth rate. The company also said its gross margins will come in at more than 30 percent compared to the previous forecasts of 29 percent to 30 percent. ON also said that based on current visibility, it expects average selling prices to increase by more than one percent in the first quarter and continue to rise in the second quarter.
"We are encouraged by the strength of new orders in the first quarter," said Keith Jackson, president and CEO. "Based on current trends, we believe our backlog entering the second quarter will be significantly higher than at the beginning of the first quarter, enabling us to grow our revenue in the second quarter by at least five percent sequentially."
