Despite a weakening automotive and industrial sector, ON Semiconductor (NASDAQ:ON) has reported a significant rise in its Q3 profit to $582.7 million, or $1.29 per share. This is a marked increase from the previous year's figure of $311.9 million, or 70 cents per share, after accounting for one-time items. The company's adjusted earnings reached $1.39 per share, surpassing FactSet analysts' estimate of $1.34 per share.
The company's quarterly revenue, while slightly down, came in at $2.18 billion, exceeding the previous year's figure of $2.19 billion and outpacing the predicted $2.15 billion.
CEO Hassane El-Khoury attributes these robust results to structural enhancements within the company and the successful expansion of their silicon carbide fab in South Korea. The facility is now the world's largest of its kind, equipped to produce 150- and 200-millimeter wafers.
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