NEW YORK (TheStreet) -- Shares of ON Semiconductor (ON) - Get Report were gaining 0.3% to $10.31 after-hours on Thursday after the semiconductors supplier company reported is third quarter financial results.

ON Semiconductor reported earnings of 23 cents a share for the third quarter, in line with analysts' estimate. Revenue grew 3% year over year to $904.2 million for the quarter, missing analysts' estimates of $906.75 million.

"The current macroeconomic environment has been challenging, but we continue to outpace the industry," President and CEO Keith Jackson said in a statement. "Order trends for most end-markets have been sub-seasonal due to realignment of supply chain, but recent trends have been encouraging and point to an improving industry environment early next year."

The company expects revenue of $830 million to $870 million for the fourth quarter, compared to analysts' estimates of $892.05 million.

TheStreet Recommends

TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate ON SEMICONDUCTOR CORP (ON) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: ON

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