ON Semiconductor Corp. Q1 Profit Increases, beats estimates

ON Semiconductor Corp. (ON) released earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line came in at $530.2 million, or $1.18 per share. This compares with $89.9 million, or $0.20 per share, in last year's first quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $583.5 million or $1.22 per share for the period.

Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 31.8% to $1.95 billion from $1.48 billion last year.

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

-Earnings (Q1): $530.2 Mln. vs. $89.9 Mln. last year.
-EPS (Q1): $1.18 vs. $0.20 last year.
-Analyst Estimate: $1.05
-Revenue (Q1): $1.95 Bln vs. $1.48 Bln last year.

Next quarter EPS guidance: Adj: $1.20 to $1.32
Next quarter revenue guidance: $1.965 to $2.065 Bln

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