On an unadjusted basis, ON Semiconductor reported a loss of $0.15 per share compared to a profit of $0.38 per share in the third quarter of 2018. The recently ended quarter’s GAAP financial results included a one-time charge of approximately $170 million to settle all pending intellectual property litigation with Power Integrations.
For the third quarter ended September 27, 2019, Power Solutions Group revenue declined 15% year-over-year to $688 million, Analog Solutions Group revenue dropped 4% to $509 million and Intelligent Sensing Group slipped 7% to $185 million.
Even though the company’s supply chain inventories have normalized and orders are trending along normal seasonality, global macroeconomic and geopolitical uncertainty still persists, and visibility into end-market demands remains limited.
Commenting on the guidance, CEO Keith Jackson said, “We believe that with our investments in automotive, industrial, and cloud-power markets, and into our operations, we are well positioned to deliver strong revenue and margin performance.”
Based on product booking trends, backlog levels, and estimated turns levels, ON Semiconductor anticipates 2019 fourth quarter revenue to be between $1.35 billion and $1.40 billion.
ON stock had advanced 16% since the beginning of 2019 and 25% from this time last year.