ON Semiconductor stock shoots up into record territory after big profit beat, upbeat outlook

Shares of ON Semiconductor Corp.
ON,
+2.06%
shot up 9.0% toward record territory in premarket trading Monday, after the maker of semiconductors for the automotive and industrial markets reported third-quarter adjusted profit that more than tripled to beat expectations, and provided an upbeat fourth-quarter outlook. Net income rose to $309.7 million, or 70 cents a share, from $160.6 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share ran up to 87 cents from 27 cents, above the FactSet EPS consensus of 74 cents. Revenue grew 32.2% to $1.74 billion, topping the FactSet consensus of $1.71 billion. Cost of sales increased 16.7%, as gross margin improved to 41.4% from 33.5%. For the fourth quarter, the company expects adjusted EPS of 89 cents to $1.01, well above the current FactSet consensus of 75 cents, while revenue is expected to be $1.74 billion to $1.84 billion, compared with expectations of $1.72 billion. The stock, which is on track to open above the Sept. 27 record close of $49.48, has run up 23.1% over the past three months through Friday, while the PHLX Semiconductor Corp.
SOX,
+0.36%
has gained 2.8% and the S&P 500
SPX,
+0.19%
has tacked on 4.8%.

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