May 5, 2010 / 8:47 PM / in 8 years

UPDATE 1-ON Semiconductor Q1 beats Street, sees strong Q2 rev

* Q1 adj EPS $0.19 vs $0.17 est

* Q1 rev $550.2 mln vs $520.9 mln est

* Sees Q2 rev $565 mln-$580 mln vs $534.2 est

* Shares up about 3 pct in extended trade

May 5 (Reuters) - Chipmaker ON Semiconductor Corp ONNN.O posted first-quarter results above Wall Street expectations, helped by new product developments and recent acquisitions, and forecast strong second-quarter revenue.

The company, which makes audio and power management chips used in mobile phones, cars and portable electronics, expects second-quarter revenue of $565 million to $580 million.

Analysts were looking for revenue of $534.2 million, according to Thomson Reuters I/B/E/S.

For the first quarter, ON Semiconductor earned $63 million, or 14 cents a share, compared with a loss of $33.9 million, or 8 cents a share, a year ago.

Excluding items, the company, which competes with Texas Instruments Inc TXN.N, Intersil Corp ISIL.O and Fairchild Semiconductor International Inc FCS.N, earned 19 cents a share, higher than analysts’ expectations of 17 cents a share.

Revenue rose 45 percent to $550.2 million, while analysts were expecting $520.9 million.

In January, ON Semiconductor acquired California Micro Devices for $113 million in cash.

Shares of the company rose about 3 percent to $7.95 in trading after the bell. They closed at $7.75 Wednesday on Nasdaq.

For related alerts, click [ID:nASA00BL7] (Reporting by Manasi Phadke in Bangalore; Editing by Aradhana Aravindan)

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