onsemi ON reported second-quarter 2022 non-GAAP earnings of $1.34 per share, outpacing the Zacks Consensus Estimate by 6.35%. The company had reported earnings of 63 cents per share in the year-ago quarter.Revenues of $2.09 billion beat the Zacks Consensus Estimate by 3.4% and improved 7.2% on a year-over-year basis.Shares are down 6.48% in pre-market trading following the results. onsemi shares have lost 1.6% year to date, outperforming the Zacks Computer & Technology sector’s rise of 24%.Top-Line DetailsPower Solutions Group or PSG revenues of $1.06 billion (accounting for 50.7% of revenues) increased 7.1% year over year.Advanced Solutions Group or ASG revenues of $716.7 million (34.4% of revenues) increased 4% on a year-over-year basis.ON Semiconductor Corporation Price ON Semiconductor Corporation price | ON Semiconductor Corporation Quote Intelligent Sensing Group or ISG revenues of $311.3 million (14.9% of revenues) improved 15.7% year over year.In terms of end markets, Automotive (37.6% of revenues) revenues were $784 million, up 41% year over year. Industrial (27.9% of revenues) end-market (includes military, aerospace and medical) revenues increased 34.3% year over year to $581.8 million. Other (34.5% of revenues) end-market revenues grew 5.6% year over year to $719.2 million.Operating DetailsNon-GAAP gross margin was 49.4% compared with the year-ago quarter’s 32.9%.Non-GAAP operating expenses increased 0.7% year over year to $317.9 million.Non-GAAP operating margin was 34.5%, significantly up from the year-ago quarter’s figure of 16.8%, courtesy of a higher revenue base and improvement in gross margin.Balance Sheet & Cash FlowAs of Jul 1, 2022, onsemi had cash and cash equivalents of $1.79 billion compared with $1.65 billion on Apr 1, 2022.Total debt (including the current portion), as of Jul 1, 2022, was $3.21 billion, unchanged from the reported figure on Apr 1, 2022.Second-quarter 2022 cash flow from operations amounted to $420.8 million compared with the previous quarter’s reported figure of $478.6 million.Free cash flow amounted to $202.7 million compared with $304.8 million in the previous quarter.GuidanceFor third-quarter 2022, onsemi expects revenues between $2.07 billion and $2.17 billion.Non-GAAP gross margin is projected in the range of 48-50.5%.Non-GAAP operating expenses are expected to be $319-$334 million.Non-GAAP earnings are envisioned between $1.25 per share and $1.37 per share.Zacks Rank & Stocks to Consideronsemi currently has a Zacks Rank #4 (Sell).Asure Software ASUR, Aspen Technology AZPN, and Fastly FSLY are some better-ranked stocks that investors can consider in the broader sector. All three stocks have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Asure shares are down 27.2% year to date. ASUR is set to report second-quarter 2022 results on Aug 8.Aspen shares are up 34.1% year to date. AZPN is set to report fourth-quarter fiscal 2022 results on Aug 8.Fastly shares are down 67.9% year to date. FSLY is set to report second-quarter 2022 results on Aug 3. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Asure Software Inc (ASUR): Free Stock Analysis Report Aspen Technology, Inc. (AZPN): Free Stock Analysis Report ON Semiconductor Corporation (ON): Free Stock Analysis Report Fastly, Inc. (FSLY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research