Over the weekend, ON Semiconductor (NASDAQ: ON) reported Q3 EPS of $0.27, $0.07 better than the analyst estimate of $0.20. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.27 billion.

"We delivered strong third quarter results, driven by broad-based macroeconomic recovery and robust demand for our products. Our margins in the third quarter expanded significantly quarter over quarter due to normalization of our operations following the initial impact of the COVID-19 pandemic and growth in our revenue. Gross margin expansion is the key strategic priority for the company, and we are making strong progress in optimizing our manufacturing footprint and qualifying our 300mm manufacturing processes," said Keith Jackson, president and CEO of ON Semiconductor. "Fundamentals of our business remain strong with accelerating momentum in automotive, industrial, and cloud-power end-markets and strong operating leverage from revenue growth.

"We expect to see above seasonal demand trends across most end-markets in the near term, as global business activity continues to normalize.”

GUIDANCE:

ON Semiconductor sees Q4 2020 revenue of $1.3-1.4 billion, versus the consensus of $1.31 billion.

For earnings history and earnings-related data on ON Semiconductor (ON) click here.