ON Semiconductor (ON.US) rises over 4% as Q3 operating profit beats expectations

On Monday, ON Semiconductor (ON.US) opened lower but closed higher, up over 4% to $74.36 at the time of writing. On the news front, its third-quarter 2024 financial results showed that its revenue declined 19.2% year-on-year to $1.76 billion, in line with expectations; its non-GAAP EPS was $0.99, up $0.02 year-on-year; its adjusted operating profit was $496.5 million, topping analysts' expectations of $483.4 million. Looking ahead, the company expects its fourth-quarter EPS to be $0.92 to $1.04, compared with analysts' expectations of $1.00; it expects its revenue to be $1.71 to $1.81 billion, compared with expectations of $1.78 billion.

Hassane El-Khoury, president and CEO of ON Semiconductor, said that despite the outperformance, the company would remain focused on delivering consistent performance through execution and prudent financial management in the current environment.