RTTNews | Aug 2, 2021 10:11AM EDT

10:10 Monday, August 2, 2021 (RTTNews.com) - ON Semiconductor Corp. (ON) shares are trading more than 12 percent on Monday morning trade after the company reported second-quarter profit compared to loss last year on higher revenues. Earnings surpassed the Street estimates

For the second quarter, the company posted earnings of $184.1 million or $0.42 per share compared to loss of 1.40 million or $0.00 per share in the prior year. On an adjusted basis, earnings were $0.63 per share. Analysts were looking for earnings of $0.49 per share.

Revenue for the quarter increased to $1.669 billion, from $1.213 billion a year ago.

Looking ahead to the third quarter, the company expects earnings per share in a range of $0.53-$0.63 and adjusted earnings of $0.68 -$0.80. Revenue for the third quarter is expected to be $1.660-$1.760 billion in the prior year.

Currently, shares are at $44.04, up 12.76 percent from the previous close of $39.06. For the 52-week period, the shares have traded in a range of $19.75-$44.60 on average volume of 5,561,500.

Read the original article on RTTNews ( https://www.rttnews.com/3214740/on-semiconductor-gains-12-after-reporting-q2-profit-that-beat-estimates.aspx)

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