ON Semiconductor Corp. Q1 Profit Increases, beats estimates

(RTTNews) - ON Semiconductor Corp. (ON) released earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line came in at $530.2 million, or $1.18 per share. This compares with $89.9 million, or $0.20 per share, in last year's first quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $583.5 million or $1.22 per share for the period.

Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 31.8% to $1.95 billion from $1.48 billion last year.

ON Semiconductor Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $530.2 Mln. vs. $89.9 Mln. last year. -EPS (Q1): $1.18 vs. $0.20 last year. -Analyst Estimate: $1.05 -Revenue (Q1): $1.95 Bln vs. $1.48 Bln last year.

-Guidance: Next quarter EPS guidance: Adj: $1.20 to $1.32 Next quarter revenue guidance: $1.965 to $2.065 Bln