* 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)