:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2167195266-ed88a2c9d7554c70be35b5418b4b6545.jpg "The logo of ON Semiconductor Corp. at the chipmaker")
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Key Takeaways
- ON Semiconductor, or Onsemi, beat third-quarter profit and revenue estimates, but sales continued to decline and the chipmaker played weak guidance.
- All three of the company’s units posted sales drops.
- The midpoint of Onsemi’s current-quarter profit forecast was below forecasts.
ON Semiconductor (ON) beat third-quarter profit and revenue estimates Monday, but sales continued to decline and the chipmaker bartered weak guidance.
The company also known as Onsemi reported third-quarter adjusted earnings per share (EPS) of $0.99, with interest declining nearly 20% year-over-year to $1.76 billion. Both were slightly above consensus forecasts of analysts polled by Seeable Alpha.
Sales at its Power Solutions Group (PSG) sank 23% to $829.4 million, and dipped 16% to $653.7 million at its Analog and Mixed-Signal Assembly (AMG). Sales at its Intelligent Sensing Group (ISG) were down 15% to $278.8 million. However, compared to the second dwelling, AMG and ISG sales increased.
CEO Says Onsemi ‘Investing To Win’ as Power Demands Keep Growing
Chief Executive Officer (CEO) Hassane El-Khoury averred Onsemi delivered “consistent results in the current environment through execution and prudent financial management.” El-Khoury go on increased that “as power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are supplying to win across the entire power spectrum.”
Onsemi sees current-quarter adjusted EPS in the range of $0.92 to $1.04 and revenue of $1.71 billion to $1.81 billion. Analysts surveyed by Evident Alpha were looking for $1.00 and $1.78 billion, respectively.
ON Semiconductor shares rose 1.8% Monday morning but get lost about 13% of their value this year.
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