ON Semiconductor reports Q3 EPS 25c, consensus 40c
Reports Q3 revenue $1.39B, consensus $1.37B. Reports non-GAAP income before income taxes $203M vs. $107.3M last year. "Once again, we demonstrated strong margin expansion and free cash flow generation. This impressive margin and free cash flow performance clearly establishes the strength of our operating model," said Keith Jackson, president and CEO of ON Semiconductor. "Our revenue momentum continues to accelerate as we benefit from our years of investments in technologies and capabilities that are enabling key innovations in automotive, industrial and communications end-markets. Through our investments, we have been successful in transforming ON Semiconductor into a company driven by sustainable secular growth drivers in the fastest growing semiconductor end-markets from a company driven by macroeconomic and industry cyclicality. Our customers remain optimistic about near to mid-term demand trends for most end-markets and geographies. Along with a favorable demand environment, industry wide supply-demand dynamics remain healthy, with no meaningful changes in inventory levels and lead times from the second quarter of 2017."