ON Semiconductor Q1 Profit Tops View, But Revenues Miss

(RTTNews) - ON Semiconductor Corp. (ON) reported that its GAAP net income attributable to the company for the first quarter of 2016 declined to $36.0 million or $0.09 per share from $55.1 million or $0.13 per share in the same quarter last year. The latest-quarter GAAP net income was negatively impacted by approximately $34.3 million of special items.

Quarterly non-GAAP net income was $70.3 million, or $0.17 per share, compared to $87.1 million or $0.20 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter dropped to $817.2 million, from $870.8 million in the prior year. Wall Street expected revenues of $820.25 million.

The company anticipates that total ON Semiconductor revenue will be approximately $835 million to $875 million in the second quarter of 2016 , Wall Street expects revenues of $855.20 million for the second-quarter.