ON Semiconductor Q4 results beat Street

BANGALORE, INDIA: Chipmaker ON Semiconductor Corp posted quarterly results that marginally beat market expectations, helped by strong demand from its automotive end-market.

Automotive end-market sales were up about 11 per cent, the company said. ON Semiconductor makes audio and power management chips used in mobile phones, medical equipment, cars and electronics.

For the fourth quarter, the company posted net income of $61 million, or 14 cents per share, compared with $68 million, or 15 cents a share in the year-ago period.

Excluding items, the company earned 22 cents a share. Analysts were expecting a profit of 21 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 31 percent to $579.20 million, edging over analysts' estimate of $576.9 million. Average selling prices fell about 1 percent sequentially on a mix-adjusted basis during the quarter.

For the first quarter, the company forecast revenue of $570-$590 million. The company closed its acquisition of the chip unit of Sanyo Electric at year-end and expects Sanyo Semiconductor to add about $260-$285 million to the first quarter.

Analysts are expecting revenue of $838.6 million for the first quarter.

Shares of ON Semiconductor closed at $11.50 on Wednesday on Nasdsaq.