ON Semiconductor Corp. recently announced its earnings for the third quarter, revealing a decline compared to the same period the previous year but exceeding analysts' forecasts. The company reported a net income of $401.7 million or $0.93 per share, a decrease from $582.7 million or $1.29 per share a year ago. When adjusted for special items, the earnings were $423.8 million or $0.99 per share. This figure surpassed the consensus estimate of $0.97 per share, according to data from Thomson Reuters, which typically omits special items.
Revenue for the quarter experienced a 19.2% decline, falling to $1.761 billion from $2.180 billion in the previous year’s third quarter.
Summary of ON Semiconductor Corp.'s financial performance (GAAP):
- Third Quarter Earnings: $401.7 million compared to $582.7 million last year.
- Third Quarter EPS: $0.93, down from $1.29 in the prior year.
- Third Quarter Revenue: $1.761 billion, a reduction from $2.180 billion the previous year.
Guidance:
For the upcoming quarter, ON Semiconductor Corp. anticipates an EPS ranging from $0.92 to $1.04 and projects revenue between $1.710 billion and $1.810 billion.
