ONSemiconductor Corp. (ON) on Sunday reported third-quarter profit of $108.7 million.
ONSemiconductor said it had net income of 25 cents per share. Earnings, adjusted for non-recurring costs, came to 30 cents per share. However, analysts had forecast earnings of 40 cents per share.
The semiconductor components maker posted revenue of $1.39 billion in the period. This exceeded analysts revenue forecasts of $1.37 billion.
Third quarter revenues were up 46% compared to the same quarter last year. Furthermore, third quarter revenues were up 4% from the second quarter of 2017.
“Once again, we demonstrated strong margin expansion and free cash flow generation.” This according to Keith Jackson, president and CEO of ON. “This impressive margin and free cash flow performance clearly establishes the strength of our operating model.” “Our revenue momentum continues to accelerate. In addition, we are enabling key innovations in automotive, industrial and communications end-markets.