On Semiconductor Corporation (ON) has reported an 117.22 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $78.20 million, or $0.18 a share in the quarter, compared with $36 million, or $0.09 a share for the same period last year.

Revenue during the quarter surged 75.81 percent to $1,436.70 million from $817.20 million in the previous year period. Gross margin for the quarter expanded 132 basis points over the previous year period to 35.03 percent. Total expenses were 87.23 percent of quarterly revenues, down from 92.85 percent for the same period last year. This has led to an improvement of 562 basis points in operating margin to 12.77 percent.

Operating income for the quarter was $183.40 million, compared with $58.40 million in the previous year period.

However, the adjusted operating income for the quarter stood at $169.20 million compared to $86.30 million in the prior year period. At the same time, adjusted operating margin improved 122 basis points in the quarter to 11.78 percent from 10.56 percent in the last year period.

"We continue to demonstrate strong growth in our revenue and profitability, and our free cash flow generation has improved significantly year over year," said Keith Jackson, president and chief executive officer of ON Semiconductor. "With a broad portfolio of analog, power and sensor products, operating leverage, and synergies from our acquisition of Fairchild, we believe that we are well positioned to benefit from improving industry demand environment."

For the second-quarter 2017, On Semiconductor Corporation projects revenue to be in the range of $1,285 million to $1,335 million. The comapny projects adjusted revenue to be in the range of $1,285 million to $1,335 million.

The company has spent $55.10 million cash to meet investing activities during the quarter as against cash outgo of $70.80 million in the last year period. It has incurred net capital expenditure of $52.50 million on net basis during the quarter, down 27.69 percent or $20.10 million from year ago period.

The company has spent $454.90 million cash to carry out financing activities during the quarter as against cash outgo of $44.50 million in the last year period.

Cash and cash equivalents stood at $728.90 million as on Mar. 31, 2017, up 17.66 percent or $109.40 million from $619.50 million on Apr. 01, 2016.

Debt increases substantially
On Semiconductor Corporation has witnessed an increase in total debt over the last one year. It stood at $3,259.60 million as on Mar. 31, 2017, up 139.59 percent or $1,899.10 million from $1,360.50 million on Apr. 01, 2016. Interest coverage ratio improved to 4.78 for the quarter from 3.74 for the same period last year.