ON Semiconductor Corporation reported third-quarter 2024 earnings that surpassed analyst expectations, with adjusted earnings per share of $0.99, exceeding the consensus estimate of $0.97. Revenue for the quarter was $1.76 billion, slightly above the estimated $1.75 billion, but representing a 19% decline year-over-year. The company's gross margin stood at 45.5%, compared to 45.3% in the previous quarter and 47.3% in the same period last year. ON Semiconductor's non-GAAP operating margin was reported at 34%. Despite the earnings beat, the company provided fourth-quarter guidance below analyst estimates at the midpoint, expecting earnings per share between $0.92 and $1.04 versus the estimated $1.01, and revenue in the range of $1.71 billion to $1.81 billion compared to analysts' expectations of $1.78 billion. The CEO noted that while third-quarter results were above expectations, the demand environment remains muted with ongoing inventory digestion and slow end demand, particularly in the automotive and industrial markets. The company also mentioned that sell-through outside China is expected to be below forecast for the second half of 2024, prompting cautious monitoring to avoid inventory issues in 2025. Shares of ON Semiconductor fell as much as 5% during premarket trading following the earnings release.