on semiconductor corp shares were up 13 to 5418 in afternoon trading after the company issued quarterly results and guidance that beat analyst expectations the company earlier reported thirdquarter revenue of 174 billion up 32 and beating factset consensus for 171 billion adjusted eps of 87 cents was higher than factset consensus of 74 cents we delivered another quarter of record results driven by ongoing execution of our new strategy with demand remaining strong for our intelligent power and sensing solutions in the automotive and industrial endmarkets chief executive hassane elkhoury said in the companys earnings release the company guided for fourthquarter revenue of 174 billion to 184 billion and adjusted eps of 89 cents to 101 factset consensus had been for 172 billion and 75 cents based on bookings trends we believe demand will remain strong through much of next year we continue to increase supply through operational efficiencies and working with our external partners to obtain additional capacity chief financial officer thad trent said in the companys conference call mr trent also said the company is accelerating product qualification at a 300millimeter fabrication plant despite these efforts we will be limited by supply constraints and we are working with our strategic customers to ensure longterm uninterrupted supply mr trent said piper sandler raised its price target on the stock to 75 from 56 on is benefiting from a strong automotive and industrial environment but the majority of the gross margin expansion is being driven by its own operational enhancements piper sandler said some of these enhancements include exiting legacy businesses that carry a 1520 gross margin extracting appropriate value from its highervalue products and entering new highergrowth segments like electric vehicles advanced driverassistance systems and charging the analyst note said all of these trends appear to be working in ons favor and we see sustained revenue growth margin expansion and eps growth moving forward piper sandler said