UPDATE 2-ON Semiconductor Q3 beats estimates, sees strong Q4 rev

* Q3 adj EPS $0.16 vs est $0.10

* Revenue falls 19 pct

* Sees Q4 rev $480 mln-$495 mln vs est $468.3 mln

* Shares up 4 pct in post-market trade (Recasts; Adds analyst comments and conference call details)

By Manasi Phadke

BANGALORE, Nov 4 (Reuters) - Chipmaker ON Semiconductor Corp (ONNN.O) posted a quarterly profit that handily beat estimates, helped partly by strength in its end markets, and forecast fourth-quarter revenue above Wall Street expectations.

The company, which makes energy efficient chips for computers, satellite radios, cell phones and set-top boxes, forecast fourth-quarter revenue of $480 million to $495 million.

Analysts were expecting revenue of $468.3 million, according to Thomson Reuters I/B/E/S.

"The fourth quarter of 2009 should represent the first quarter we should see year-over-year revenue growth in our analog end market since the recession began," Chief Executive Keith Jackson said on a conference call.

Ever since Intel Corp (INTC.O) reported solid results, ON Semiconductor has been down about 22 percent as expectations and worries have been piling up among investors, Brigantine Advisors analyst Ramesh Misra said.

"ON Semiconductor has comforted the Street with a strong outlook," Misra added.

The company also expects a stronger-than-usual first quarter.

"We are getting a picture from our customers that their demand continues to strengthen and they are more bullish about the first quarter than we have been in many years," a company official said on the call.

Normally, the first quarter is down about 5 percent sequentially, he added.

ON Semiconductor posted a quarterly profit after incurring losses for three consecutive quarters as the chipmaker bore the brunt of a slump in demand for electronics due to the economic slowdown.

"I think we are coming out of the woods," Misra said, adding that most companies will see a year over year growth in the current quarter beyond any doubt.

"We had been expecting a solid performance, but they (ON Semiconductor) clearly delivered more," analyst Misra said.

For the third quarter ended Oct. 2, the company earned $29.9 million, or 7 cents a share, compared with $50.6 million, or 13 cents a share, a year ago.

Revenue fell 19 percent to $472.9 million.

Excluding items, the company earned 16 cents a share.

Analysts on average expected earnings of 10 cents a share, before items, on revenue of $455.5 million.

Gross margins rose to 37.2 percent from 32.9 percent in the second quarter.

The computing end market, accounting for 27 percent of revenue, grew 13 percent sequentially.

The automotive end market, comprising 18 percent of revenue, rose 20 percent, helped by the clash for clunkers incentive program.

The consumer end market, which formed 17 percent of revenue, grew 43 percent due to back-to-school and holiday demand.

Shares of the company were up 4 percent at $7.10 in trading after the bell. They closed at $6.83 Wednesday on Nasdaq. (Editing by Unnikrishnan Nair and Anil D'Silva)