ON Semiconductor has reported total revenues of $905.8m in the second quarter of 2011, an increase of approximately 4% from the first quarter of 2011.
The company posted GAAP net income of $41m or $0.09 per fully diluted share in the second quarter, compared to a GAAP net income of $82.6m, or $0.18 per fully diluted share in the previous quarter.
The March 2011 earthquake and resulting tsunami in Japan, and manufacturing cost increases from commodity prices and foreign currencies have impacted the second quarter 2011 gross profit and net income, which was slightly less than anticipated.
Second quarter 2011 non-GAAP net income was $114.4m, or $0.25 per share on a fully diluted basis, compared to first quarter 2011 non-GAAP net income was $121.2m, or $0.27 per share on a fully diluted basis.
Total company GAAP gross margin in the second quarter was 29.4%, which included a net charge of approximately $53m, or approximately 580 basis points, from special items, while total company non-GAAP gross margin in the second quarter was 35.2%.
Adjusted EBITDA for the second quarter of 2011 was $176.5m, compared $167.3m for the first quarter of 2011, the company said.
Keith Jackson, ON Semiconductor president and CEO said as discussed previously, second quarter 2011 results were negatively impacted by the March 2011 earthquake and resulting tsunami in Japan.
"Revenues for Japan began to stabilize in May and we currently expect to see some slight revenue growth in our overall SANYO Semiconductor business in the third quarter of 2011 compared to the second quarter of 2011," Jackson said.
The company expects its total revenues to be in the range of approximately $895m to $925m in the third quarter of 2011.
The non-GAAP outlook for the third quarter includes stock-based compensation expense of approximately $12m.
