ON Semiconductor Q4 revenues up approximately 33 percent
Staff Writer |
ON Semiconductor Corporation announced that total revenues in the fourth quarter of 2016 were $1,261 million, up approximately 33 percent compared to the third quarter of 2016.
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Fourth quarter revenue includes contribution of approximately $358 million from company's acquisition of Fairchild, which closed on Sept. 19, 2016.
During the fourth quarter of 2016, the company reported GAAP net income of $110.9 million, or $0.26 per diluted share. Fourth quarter GAAP income before income taxes was $18.2 million as compared to $87.3 million in the third quarter.
The fourth quarter 2016 GAAP income before income taxes was negatively impacted by approximately $113.8 million of special items, the majority of which were related to Fairchild.
Fourth quarter 2016 non-GAAP income before income taxes was $132.0 million, compared to $107.3 million for the third quarter of 2016. Cash paid for taxes for the fourth quarter was approximately $8.2 million, as compared to $6.5 million in the third quarter.
Fourth quarter GAAP gross margin was 30.5 percent, and non-GAAP gross margin in the fourth quarter was 35.2 percent. For the fourth quarter of 2016, GAAP operating margin was 4.4 percent, and non-GAAP operating margin was 12.9 percent.
Adjusted EBITDA for the fourth quarter of 2016 was $252.0 million. Adjusted EBITDA for the third quarter of 2016 was $180.2 million.
Total revenues for 2016 were $3,906.9 million, an increase of approximately 12 percent from $3,495.8 million in 2015.
Total revenue for 2016 included a contribution of approximately $411 million from Fairchild. During 2016, the company reported GAAP net income of $182.1 million, or $0.43 per diluted share.
The 2016 GAAP income before income taxes included charges of $231.5 million from special items, including $104.8 million of amortization of acquisition related intangible assets. The remaining charges and special items detail can be found in the attached schedules.
During 2015, the company reported GAAP net income of $206.2 million, or $0.48 per diluted share. The 2015 GAAP income before income taxes included net charges of $159.8 million from special items.
The company’s GAAP gross margin in 2016 was 33.2 percent. GAAP gross margin in 2016 included a net charge of approximately $70.7 million from special items. Non-GAAP gross margin in 2016 was 35.0 percent.
The company’s GAAP gross margin in 2015 was 34.1 percent. GAAP gross margin in 2015 included a net benefit of approximately $(0.8) million from special items. Non-GAAP gross margin in 2015 was 34.1 percent. ■