ON Semiconductor (NASDAQ: ON) reported Q3 EPS of $0.57, $0.06 better than the analyst estimate of $0.51. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.51 billion.

"Our strong performance in the third quarter clearly demonstrates the strength of our business, even in face of volatility in a few end-markets. The key driver of our business today is significant content increase in several applications in automotive, industrial and cloud power end-markets, as opposed to underlying unit growth in these end-markets. With a strong design win pipeline and expanding portfolio of power, analog, and sensor products, we are well positioned to capitalize on key mega-trends in automotive, industrial and cloud power end-markets," said Keith Jackson, president and CEO of ON Semiconductor. "Along with solid revenue performance, our operational execution continues to be robust, as demonstrated by our strong margin performance and free cash flow generation."

“Despite near term volatility in a few of our end-markets, we are upbeat about our long term outlook, and we are making prudent investments to sustain our revenue momentum and to further strengthen our industry-leading cost structure.”

GUIDANCE:

ON Semiconductor sees Q4 2018 revenue of $1.48-1.53 billion, versus the consensus of $1.47 billion.

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