ON Semiconductor’s (NASDAQ: ON) third quarter 2019 earnings failed to meet the market’s estimates, while revenue came in-line with the targets. The semiconductor firm reported adjusted earnings of $0.33 per share compared to consensus’ earnings target of $0.36 per share. Revenue came in-line at $1.38 billion, a decline of 10% compared to the prior-year quarter. ON stock, which closed up 3.28% at $19.18 on Friday, was up about 3% in the pre-market trading session today.
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.
Walmart Inc. (NYSE: WMT) reported second quarter 2023 earnings results today. Total revenue increased 8.4% year-over-year to $152.9 billion. Revenues grew 9.1% in constant currency. Consolidated net income attributable to
The evolution of the electric vehicle industry accelerated in recent years even as innovations in battery technology and affordability brought EVs into the mainstream. Encouraged by the success of market
Shares of Pfizer Inc. (NYSE: PFE) were down on Monday. The stock has dropped 15% year-to-date and there is a mixed sentiment surrounding the company’s growth prospects. Pfizer has benefited