ON Semiconductor Corp (NASDAQ: ON) stock reported a fiscal first-quarter 2024 revenue decline of 5% year-on-year to $1.86 billion, beating the consensus of $1.85 billion. The adjusted EPS of $1.08 beat the consensus of $1.04.  Revenue from Power Solutions Group (PSG) grew 2% year over year to $874.2 million, Analog and Mixed-Signal Group (AMG) decreased 6% year over year to $697.0 million, and Intelligent Sensing Group (ISG) fell 18% year over year to $291.5 million. The adjusted gross margin declined by 90 bps to 45.9%, and the adjusted operating margin decreased by 320 bps to 29.0%. ON Semiconductor generated $276.3 million in free cash flow and held $2.61 billion in cash and equivalents as of March 29, 2024. Outlook: ON Semiconductor expects second-quarter adjusted revenue of $1.68 billion – $1.78 billion, below the consensus of $1.92 billion. The company sees adjusted EPS of $0.86 – $0.98 versus the consensus of $1.10. Last week, Piper Sandler analyst Harsh V. Kumar noted that fundamentals will ...