Fairchild Semiconductor (FCS) Misses Q2 EPS by 4c

Fairchild Semiconductor (NASDAQ: FCS) reported Q2 EPS of $0.13, $0.04 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $350 million versus the consensus estimate of $338.7 million.

Pending Acquisition Update

• As previously announced on November 18, 2015, Fairchild entered into an Agreement and Plan of Merger with ON Semiconductor, under which a wholly owned subsidiary of ON Semiconductor agreed to acquire all of the outstanding shares of Fairchild common stock for $20.00 per share in cash.
• As previously disclosed, Fairchild expects ON Semiconductor will dispose of its ignition IGBT business (which had 2015 revenues of less than $25 million) in order to satisfy remaining regulatory concerns.
• Fairchild and ON Semiconductor continue to work cooperatively and expeditiously to obtain remaining required regulatory approvals from the U.S. and China in connection with the transaction, which is expected to close around the end of August.

Given the current acquisition process, Fairchild has discontinued its practice of providing detailed forward guidance and conducting an earnings conference call to discuss its financial results.

For earnings history and earnings-related data on Fairchild Semiconductor (FCS) click here.

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