Better-than-expected Results Sends ON Semiconductor Shares Higher

(RTTNews) - Shares of ON Semiconductor Corporation (ON) are rising more than 10 percent Monday morning after reporting fourth-quarter results above analysts' view.

Excluding special items, profit was $540.9 million nor $1.25 per share for the fourth quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $1.21 per share.

Net profit declined to $562.7 million or $1.28 per share from $604.3 million or $1.35 per share in the same quarter a year ago.

Revenue for the quarter decreased to $2.018 billion from $2.104 billion, but beat the Street view of $2 billion.

ON Semiconductor shares, currently at $77.18, has traded in the range of $61.47 - $111.35 in the last 1 year.