RTTNews | Oct 31, 2020 01:24PM EDT

13:24 Saturday, October 31, 2020 (RTTNews.com) - ON Semiconductor Corp. (ON) reported that its third-quarter net income attributable to the company was $160.6 million or $0.38 per share, compared to a loss of $60.7 million or $0.15 per share in the prior year.

"We delivered strong third quarter results, driven by broad-based macroeconomic recovery and robust demand for our products," said Keith Jackson, president and CEO of ON Semiconductor.

Non-GAAP earnings per share were $0.27 compared to $0.33 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the third-quarter. Analysts' estimates typically exclude special items. Quarterly revenue was $1.32 billion, down about 5 percent from last year. Analysts expected revenue of $1.27 billion for the third quarter.

Looking ahead, the company expects to see above seasonal demand trends across most end-markets in the near term, as global business activity continues to normalize.

The company anticipates fourth quarter revenue to be about $1.30 billion to $1.40 billion. Analysts expect revenue of $1.31 billion for the fourth quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3141623/on-semiconductor-q3-results-top-estimates-sees-q4-revenue-in-line-with-view.aspx)

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