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

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

Sales at its Power Solutions Group (PSG) sank 23% to $829.4 million, and dipped 16% to $653.7 million at its Analog and Mixed-Signal Group (AMG). Sales at its Intelligent Sensing Group (ISG) were down 15% to $278.8 million. However, compared to the second quarter, AMG and ISG sales increased.

CEO Says Onsemi 'Investing To Win' as Power Demands Keep Growing

Chief Executive Officer (CEO) Hassane El-Khoury said Onsemi delivered "consistent results in the current environment through execution and prudent financial management." El-Khoury added that "as power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are investing to win across the entire power spectrum."

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

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