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ON Semiconductor Reports Third Quarter 2013 Results

ON Semiconductor Corporation (Nasdaq: ONNN)

For the third quarter of 2013, highlights include:

  • Total revenues of $715.4 million
  • GAAP gross margin of 34.8 percent
  • Non-GAAP gross margin of 34.8 percent
  • GAAP net income per diluted share of $0.11
  • Non-GAAP net income per diluted share of $0.17
  • Repurchased approximately 4.1 million shares of common stock

ON Semiconductor Corporation (Nasdaq: ONNN) today announced that total revenues in the third quarter of 2013 were $715.4 million, up approximately four percent compared to the second quarter of 2013. During the third quarter of 2013, the company reported GAAP net income of $51.8 million, or $0.11 per diluted share. The third quarter 2013 GAAP net income was impacted by approximately $23.6 million of special items. The complete special items detail can be found in the attached schedules.

Third quarter 2013 non-GAAP net income was $75.4 million, or $0.17 per diluted share, compared to $57.2 million, or $0.13 per diluted share, for the second quarter of 2013. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release, such as non-GAAP gross margin and adjusted EBITDA) to the company's most directly comparable measures prepared in accordance with U.S. GAAP are set forth in the attached schedules and on our website at http://www.onsemi.com. Additionally, revenue by end market, region, distribution channel and business unit can be found on the "Investors" section of our website.

On a mix-adjusted basis, average selling prices for ON Semiconductor in the third quarter of 2013 were down approximately one percent when compared to the second quarter of 2013. Total company GAAP gross margin in the third quarter was 34.8 percent. Non-GAAP gross margin in the third quarter was 34.8 percent.

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