ON Semiconductor Corp. Q2 Profit Decreases, But Beats Estimates

(RTTNews) - ON Semiconductor Corp. (ON) announced earnings for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $338.2 million, or $0.78 per share. This compares with $576.6 million, or $1.29 per share, in last year's second quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $412.1 million or $0.96 per share for the period.

Analysts on average had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 17.1% to $1.735 billion from $2.094 billion last year.

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

-Earnings (Q2): $338.2 Mln. vs. $576.6 Mln. last year. -EPS (Q2): $0.78 vs. $1.29 last year. -Revenue (Q2): $1.735 Bln vs. $2.094 Bln last year.

-Guidance: Next quarter EPS guidance: $0.91 to $1.03 Next quarter revenue guidance: $1,700 to $1,80 Mln