ON Semiconductor Corp. Q3 Profit Increases, beats estimates

(RTTNews) - ON Semiconductor Corp. (ON) released a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $582.7 million, or $1.29 per share. This compares with $311.9 million, or $0.70 per share, in last year's third quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $608.4 million or $1.39 per share for the period.

Analysts on average had expected the company to earn $1.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.5% to $2.18 billion from $2.19 billion last year.

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

-Earnings (Q3): $582.7 Mln. vs. $311.9 Mln. last year. -EPS (Q3): $1.29 vs. $0.70 last year. -Analyst Estimate: $1.34 -Revenue (Q3): $2.18 Bln vs. $2.19 Bln last year.

-Guidance: Next quarter EPS guidance: $1.13 to $1.27 Next quarter revenue guidance: $1,950 to $2,050 Mln