This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fairchild Semiconductor Reports Results For The Second Quarter 2012

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.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs