ON Semiconductor Corp. Q1 Profit Decreases, but beats estimates

(RTTNews) - ON Semiconductor Corp. (ON) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $461.7 million, or $1.03 per share. This compares with $530.2 million, or $1.18 per share, in last year's first quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $523.7 million or $1.19 per share for the period.

Analysts on average had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 0.7% to $1.959 billion from $1.945 billion last year.

ON Semiconductor Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $461.7 Mln. vs. $530.2 Mln. last year. -EPS (Q1): $1.03 vs. $1.18 last year. -Analyst Estimates: $1.09 -Revenue (Q1): $1.959 Bln vs. $1.945 Bln last year.

-Guidance: Next quarter EPS guidance: $1.14 - $1.28 Next quarter revenue guidance: $1.975Bln-$2.075Bln