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ENP Newswire -
Release date- 01082014 -
During the second quarter of 2014, the company reported GAAP net income of
The second quarter 2014 GAAP net income was negatively impacted by approximately
Second quarter 2014 non-GAAP net income was
Additional information on revenue by end market, region, distribution channel and business unit, and share count can be found on the 'Investors' section of our website.
On a mix-adjusted basis, average selling prices for ON Semiconductor in the second quarter of 2014 were down slightly more than one percent when compared to the first quarter of 2014. Total company GAAP gross margin in the second quarter was 36.0 percent and total company non-GAAP gross margin in the second quarter was 36.2 percent. For the second quarter of 2014, GAAP operating margin was 10.8 percent, whereas non-GAAP operating margin was 13.4 percent.
Adjusted EBITDA for the second quarter of 2014 was
'Our strong revenue growth and margin expansion in the second quarter clearly point to our momentum in key markets and improving operating performance,' said
'Revenue growth along with an optimal cost structure and additional benefits from previously announced restructuring measures should enable us to generate strong operating leverage going forward. With our recent acquisition of Truesense, the pending acquisition of Aptina Imaging, and recently announced foundry partnership with
THIRD QUARTER 2014 OUTLOOK
'Based upon product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately
Average selling prices for the third quarter of 2014 are expected to be down approximately one to two percent when compared to the second quarter of 2014. The outlook for the third quarter of 2014 includes stock-based compensation expense of approximately
About ON Semiconductor
ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout
ON Semiconductor and the ON Semiconductor logo are registered trademarks of
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of ON Semiconductor. These forward-looking statements are often characterized by the use of words such as 'believes,' 'estimates,' 'expects,' 'projects,' 'may,' 'will,' 'intends,' 'plans,' 'should,' or 'anticipates,' or by discussions of strategy, plans or intentions.
All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements.
Among these factors are our revenues and operating performance, poor economic conditions and markets (including current financial conditions), effects of exchange rate fluctuations, the cyclical nature of the semiconductor industry, changes in demand for our products, changes in inventories at our customers and distributors, technological and product development risks, enforcement and protection of our intellectual property rights and related risks, availability of raw materials, electricity, gas, water and other supply chain uncertainties, our ability to effectively shift production to other facilities when required, in order to maintain supply continuity for our customers, variable demand and the aggressive pricing environment for semiconductor products, our ability to successfully manufacture in increasing volumes on a cost-effective basis and with acceptable quality for our current products, competitor actions including the adverse impact of competitor product announcements, pricing and gross profit pressures, loss of key customers, order cancellations or reduced bookings, changes in manufacturing yields, control of costs and expenses and realization of cost savings and synergies from restructuring activities, significant litigation, risks associated with decisions to expend cash reserves for various uses such as debt prepayment, stock repurchases or acquisitions rather than to retain such cash for future needs, risks associated with acquisitions and dispositions (including difficulties encountered in accurately predicting the future financial performance of acquired businesses), risks associated with our substantial leverage and restrictive covenants in our debt agreements that may be in place from time to time, risks associated with our worldwide operations, including foreign employment and labor matters associated with unions and collective bargaining arrangements, as well as man-made and/or natural disasters affecting our operations and finances/financials, the threat or occurrence of international armed conflict and terrorist activities both in
Additional factors that could cause results to differ materially from those projected in the forward-looking statements are contained in ON Semiconductor's 2013 Annual Report on Form 10-K filed with the
You should carefully consider the trends, risks and uncertainties described in this document, the 2013 Form 10-K and other reports filed with or furnished to the
If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
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