ABOUT Semiconductor (ON) beat third-quarter profit and revenue estimates on Monday, but sales continued to decline and the chipmaker gave weak forecasts.

The company also known as Onsemi reported adjusted earnings for the third quarter. earnings per share (EPS) of $0.99, with revenue down nearly 20% year over year to $1.76 billion. Both were slightly above the consensus forecasts of analysts surveyed by Visible Alpha.

Sales at its Power Solutions Group (PSG) fell 23% to $829.4 million, and 16% to $653.7 million for its Analog and Mixed Signals Group (AMG). Sales at its Intelligent Sensing Group (ISG) fell 15% to $278.8 million. However, compared to the second quarter, sales of AMG and ISG increased.

CEO Says Onsemi ‘Investing to Win’ as Power Demand Continues to Grow

Chief Executive Officer (CEO) Hassane El-Khoury said Onsemi has achieved “consistent results in the current environment through prudent execution and financial management.” El-Khoury added that “as energy demand continues to increase in our key markets and the need for greater efficiency becomes paramount, we are investing to win across the entire energy spectrum” .

Onsemi expects adjusted EPS for the current quarter in the range of $0.92 to $1.04 and revenue in the range of $1.71 billion to $1.81 billion. Analysts surveyed by Visible Alpha were looking for $1.00 billion and $1.78 billion, respectively.

Shares of ON Semiconductor rose 1.8% Monday morning but have lost about 13% of their value this year.