Product category:
Power Supply ICs and Controllers
News Release from: ON Semiconductor
Edited by the Electronicstalk Editorial
Team on 24 October 2005
Margins march up at ON Semiconductor
ON Semiconductor has reported total revenues in the third quarter of 2005 of $313.6 million, an increase of approximately 4% from the second quarter of 2005.
ON Semiconductor has reported total revenues in the third quarter of 2005 of $313.6 million, an increase of approximately 4% from the second quarter of 2005 During the third quarter of 2005, the company reported net income of $23.5 million, or $0.06 per share on a fully diluted basis, which included restructuring, asset impairments and other charges of $0.2 million
This article was originally published on Electronicstalk on 31 Mar 2003 at 8.00am (UK)
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During the second quarter of 2005, the company reported net income of $18.5 million, or $0.05 per share, which included restructuring, asset impairments and other charges of $2.8 million or $0.01 per share.
On a mix-adjusted basis, average selling prices in the third quarter of 2005 were down approximately 3% from the second quarter of 2005.
The company's gross margin in the third quarter was 33.2%, an increase of approximately 70 basis points as compared with the second quarter of 2005.
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EBITDA for the third quarter of 2005 was $65.4 million and included $0.2 million in restructuring, asset impairments and other charges.
EBITDA for the second quarter of 2005 was $59.5 million and included $2.8 million in restructuring, asset impairments and other charges.
The $0.2 million in restructuring, asset impairments and other charges for the third quarter of 2005 was primarily for accrued severance and other exit costs related to previously announced restructuring activities.
"In the third quarter of 2005, we continued to successfully grow both revenue and gross margin", said Keith Jackson, ON Semiconductor President and CEO.
"Our cash, cash equivalents and short-term investments reached a record high at $272.3 million and offer the company continued financial flexibility to further reduce interest expense".
"Our beginning backlog entering the fourth quarter increased sequentially for the second consecutive quarter and we are excited about our financial prospects for the fourth quarter".
"Based on booking trends, backlog levels and estimated turns levels, we anticipate that total revenues will be up approximately 2 to 3% sequentially in the fourth quarter of 2005", Jackson said.
"Backlog levels at the beginning of the fourth quarter were up from backlog levels at the beginning of the third quarter of 2005, and represented over 85% of our anticipated fourth quarter revenues".
"We expect that average selling prices will be down approximately 2% for the fourth quarter of 2005".
"We also expect cost reductions to offset the decline in average selling prices and that gross margins will be up approximately 100 basis points in the fourth quarter of 2005".
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