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Fairchild Semiconductor Reports Results For The Second Quarter 2012

Stocks in this article: FCS

Fairchild Semiconductor (NYSE: FCS), the leading global supplier of power semiconductors, today announced results for the second quarter ended July 1, 2012. Fairchild reported second quarter sales of $361.5 million, up 3 percent from the prior quarter and 17 percent lower than the second quarter of 2011. Adjusting for the extra week in Fairchild’s fiscal first quarter, sales grew 11 percent sequentially. Second quarter revenue includes approximately a $4 million insurance recovery related to the Thailand flooding.

Fairchild reported second quarter net income of $11.9 million or $0.09 per diluted share compared to $1.6 million or $0.01 per diluted share in the prior quarter and $44.9 million or $0.34 per diluted share in the second quarter of 2011. Gross margin was 32.6 percent compared to 29.8 percent in the prior quarter and 37.1 percent in the year-ago quarter.

Fairchild reported second quarter adjusted gross margin of 32.6 percent, up 280 basis points sequentially and down 460 basis points from the second quarter of 2011. Adjusted gross margin excludes accelerated depreciation related to fab closures. Adjusted net income was $17.6 million or $0.14 per diluted share, compared to $8.3 million or $0.06 per diluted share in the prior quarter and $54.6 million or $0.41 per diluted share in the second quarter of 2011. Adjusted net income excludes amortization of acquisition-related intangibles, restructuring and impairments, accelerated depreciation related to fab closures, write off of deferred financing fees, charges for litigation and associated net tax effects of these items and other acquisition-related intangibles.

“We reported solid sequential sales growth in the second quarter despite a challenging macro-economic environment,” said Mark Thompson, Fairchild’s president and CEO. “Distribution sell-through increased more than 14% from the prior quarter after adjusting for the extra week in Q1. Demand continues to be strong for our mobile and mid-voltage product lines. We are confident we can grow our sales into the mobile end market in the second half given our backlog and design win pipeline at key customers. While we believe we can increase sales in other end markets as well, our guidance reflects a healthy level of conservatism given the current economic uncertainties.”

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