ON Semiconductor (ON) Tops Q3 EPS by 2c, Sales Light

ON Semiconductor (NASDAQ: ON) reported Q3 non-GAAP EPS of $0.26, $0.02 better than the analyst estimate of $0.24. Revenue for the quarter came in at $950.9 million versus the consensus estimate of $955.98 million.

GUIDANCE:

ON Semiconductor sees Q4 2016 revenue of $1.19-1.24 billion, versus the consensus of $1.23 billion. Backlog levels for the fourth quarter of 2016 represent approximately 80 to 85 percent of our anticipated fourth quarter 2016 revenue. The outlook for the fourth quarter of 2016 includes stock-based compensation expense of approximately $13 million to $15 million. Net cash paid for income taxes is expected to be $7 million to $11 million.

"The acquisition of Fairchild positions ON Semiconductor as a highly diversified and broad based supplier of analog and power semiconductors, and marks an inflection point in our quest to become a leader in the analog and power management semiconductor market," said Keith Jackson, president and CEO of ON Semiconductor. "Following the close of the transaction, our assessment of Fairchild fully confirms our strategic and financial rationale for the acquisition, and I am very pleased to report that as of now, we are tracking significantly ahead of our announced synergy targets."

"Business conditions remain steady across most end-markets and geographies. Our momentum in key end-markets remains strong and with increased scale and an expanded product portfolio, we are well positioned to drive top-line growth, margin expansion and meaningfully higher free cash flow going forward."

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

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