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ON Semiconductor Corp. misses 3Q profit forecasts

PHOENIX (AP) _ ON Semiconductor Corp. (ON) on Sunday reported third-quarter profit of $108.7 million.

The Phoenix-based company said it had net income of 25 cents per share. Earnings, adjusted for non-recurring costs, came to 30 cents per share.

The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The semiconductor components maker posted revenue of $1.39 billion in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $1.37 billion.

For the current quarter ending in December, ON Semiconductor Corp. said it expects revenue in the range of $1.33 billion to $1.38 billion.

ON Semiconductor Corp. shares have increased 70 percent since the beginning of the year. The stock has increased 87 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ON at https://www.zacks.com/ap/ON