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© cacaroot dreamstime.com Business | August 08, 2016

Total revenues of USD 877.8 million for ON Semi

ON Semiconductor reports on total revenues in the second quarter of 2016 were USD 877.8 million, up approximately seven percent compared to the first quarter of 2016.
During the second quarter of 2016, the company reported GAAP net income of USD 25.1 million. The second quarter 2016 GAAP net income was negatively impacted by approximately USD 63.4 million of special items.

Total company GAAP gross margin in the second quarter was 35.1 percent. For the second quarter of 2016, GAAP operating margin was 8.6 percent. Adjusted EBITDA for the second quarter of 2016 was USD 161.7 million. (Adjusted EBITDA for the first quarter of 2016 was USD 141.5 million.)

"Our execution momentum continued in the second quarter with strong revenue growth and margin expansion," said Keith Jackson, president and CEO of ON Semiconductor. "We intend to continue on our current trajectory of margin expansion as ongoing optimization of our operations should enable us to deliver further improvements in our margins.

"Traction in our strategic end-markets of automotive, industrial, and mobile devices remains strong, even though the global macroeconomic conditions and overall demand environment continue to be subdued. We remain well positioned to outgrow the semiconductor industry, driven by strength of our product portfolio and design win pipeline."

Third Quarter 2016 Outlook

"Based on product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately USD 885 to 925 million in the third quarter of 2016," Jackson said. "Backlog levels for the third quarter of 2016 represent approximately 80 to 85 percent of our anticipated third quarter 2016 revenue. The outlook for the third quarter of 2016 includes stock-based compensation expense of approximately USD 13 to 15 million. Net cash paid for income taxes is expected to be USD 5 to 9 million."
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