ON Semiconductor Shares Rise On 3Q Profit, 4Q View

PHOENIX (AP) — ON Semiconductor Corp.'s third-quarter profit fell from a year earlier, but its adjusted results beat Wall Street expectations and its shares rose in late trading on a bullish outlook.

The chipmaker's profit dropped 40 percent as it continued to wrestle with the economic downturn. Profit slid to $29.9 million, or 7 cents per share, for the quarter that ended Oct. 2, from $50.6 million, or 13 cents per share, a year ago.

Revenue fell nearly 19 percent to $472.9 million, from $581.5 million a year earlier.

The company said it would have earned $70.9 million, or 16 cents per share, if not for special items. On that basis, profit beat the expectation of analysts surveyed by Thomson Reuters, who on average were expecting a profit of 10 cents per share on revenue of $454.9 million.

President and CEO Keith Jackson called it a "strong financial performance."

Cash rose to $470.2 million, from $458.7 million at the end of 2008.