ON Semiconductor Corp. Q3 Profit Decreases, But Beats Estimates

(RTTNews) - ON Semiconductor Corp. (ON) revealed earnings for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $401.7 million, or $0.93 per share. This compares with $582.7 million, or $1.29 per share, in last year's third quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $423.8 million or $0.99 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 19.2% to $1.761 billion from $2.180 billion last year.

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

-Earnings (Q3): $401.7 Mln. vs. $582.7 Mln. last year. -EPS (Q3): $0.93 vs. $1.29 last year. -Revenue (Q3): $1.761 Bln vs. $2.180 Bln last year.

-Guidance: Next quarter EPS guidance: $0.92 to $1.04 Next quarter revenue guidance: $1,710 to $1,810 Mln