ON Semiconductor, a leading provider of intelligent sensing and power services, has announced a higher profit in the third quarter of this year, despite facing challenges in the automotive and industrial markets it serves. The company's profit for the quarter reached $582.7 million, or $1.29 per share, compared to $311.9 million, or 70 cents per share, during the same period last year.
After adjusting for one-time items, ON Semiconductor's adjusted earnings were $1.39 per share, surpassing analyst expectations of $1.34 per share. Although quarterly revenue saw a slight decline to $2.18 billion from $2.19 billion in the previous year, it exceeded analyst forecasts of $2.15 billion.
Chief Executive Hassane El-Khoury attributed the company's above-consensus results to their ongoing efforts to drive structural improvements and efficiencies. He specifically mentioned the success of their silicon carbide operation, highlighting the completion of the expansion of their state-of-the-art silicon carbide fab in South Korea for 150- and 200-millimeter wafers.
ON Semiconductor remains committed to navigating the challenging market conditions with dedication and innovation, ensuring continued success in providing exceptional services to its customers.