ON Semiconductor Q4 Adj. Profit Meets View; Sees Q1 Revenues In Line

(RTTNews) - ON Semiconductor Corp (ON) reported a turnaround to profit in the fourth quarter despite lower revenues. Adjusted earnings per share matched analysts' expectations, while revenues missed their estimates. Looking ahead, the company forecast first-quarter revenues in line with the Street expectations.

The company reported fourth-quarter net earnings of $54.1 million or $0.13 per share, compared to net loss of $0.6 million or breakeven per share in the same period last year.

Results for the recent quarter were impacted by about $24.8 million of special items, the company said.

Adjusted earnings for the quarter were $0.19 per share, compared with $0.18 per share a year ago.

Revenues for the quarter declined to $840.3 million from $864.2 million in the prior-year period.

On average, analysts polled by Thomson Reuters estimated earnings of $0.19 per share on revenues of $850.25 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter, the company expects revenues of $800 million to $840 million, while analysts expect revenues of $839.73 million.