RTTNews | Nov 1, 2021 10:05AM EDT

10:04 Monday, November 1, 2021 (RTTNews.com) - Shares of ON Semiconductor Corp. (ON) reached an all-time high of $54.75 Monday morning, following the company's strong Q3 results, and upbeat Q4 guidance.

ON is currently trading at $53.86, up $5.79 or 12.04%, with daily volume surging over 7.16 million versus an average volume of 5.53 million shares.

The company reported Q3 GAAP net income of $309.7 million or $0.70 per share compared to $160.6 million or $0.42 per share last year.

On a non-GAAP basis, net income surged to $380.3 million or $0.63 per share from $111.8 million or $0.27 per share in the prior year period.

Revenue for the quarter amounted to $1.74 billion from the previous year's revenue of $1.32 billion.

Analysts polled by Thomson Reuters expected earnings of $0.74 per share on revenue of $1.71 billion for the quarter. Analysts' estimate typically exclude certain special items.

Looking ahead, the company projects Q4 GAAP EPS of $0.67 - $0.78, non-GAAP EPS of $0.89 - $1.01 and revenue of $1.74 billion - $1.84 billion. Wall Street analysts look for earnings of $0.75 per share on revenue of $1.72 billion for the quarter.

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