By Dean Seal
ON Semiconductor logged a higher profit on a slight decline in revenue as the automotive and industrial end markets it serves continued to soften.
The maker of intelligent sensing and power services posted a third-quarter profit of $582.7 million, or $1.29 a share, compared with $311.9 million, or 70 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.39 a share. Analysts polled by FactSet had been expecting $1.34 a share.
Quarterly revenue slid to $2.18 billion from $2.19 billion last year, coming in above analyst forecasts for $2.15 billion, according to FactSet.
The above-consensus results came despite softness in the market, Chief Executive Hassane El-Khoury said.
“We continue to drive structural improvements and efficiencies, most notably in our silicon carbide operation, with the completed expansion of the world’s largest, state-of-the-art silicon carbide fab in South Korea for 150- and 200-millimeter wafers,” he said.
Write to Dean Seal at [email protected]
Read the full article here