ON Semiconductor Reports First Quarter 2014 Results

ON Semiconductor Corp. is reporting an income of $58.6 million in the first quarter of 2014. This represents a 101 percent increase over the 2013 fourth quarter income figure of $29.2 million, and an increase of 152 percent over the first quarter income of $23.3 million in 2013. “Our bookings momentum continued in the first quarter and our current bookings rate is at the highest level it has been during last two years,” said President and CEO Keith Jackson. “Improving operating performance and a richer product mix enabled us to deliver a strong expansion in our gross and operating margins in the first quarter.” He added that the company has seen a 20 percent increase quarter over quarter in orders from its distribution channel. “We remain confident that strong operating performance, coupled with our robust design win pipeline, should enable us to deliver strong results in 2014,” he said. The company anticipates continued revenue growth in the second quarter of 2014, totaling $738 to $768 million, based on product booking trends, backlog levels and estimated turn levels. Targeted growth areas include automobiles, smartphones and select segments of the industrial end-market. However, average selling prices for the second quarter of this year are expected to be down by 1 percent from the first quarter. For more information, visit: www.onsemi.com