ON Semiconductor Corporation announced that total revenues in the second quarter of 2015 were $880.5 million, up approximately one percent compared to the first quarter of 2015. During the second quarter of 2015, the company reported GAAP net income of $50.7 million, or $0.12 per diluted share. The second quarter 2015 GAAP net income was negatively impacted by approximately $44.7 million of special items.
Second quarter 2015 non-GAAP net income was $95.4 million, or $0.22 per diluted share, compared to $87.1 million, or $0.20 per diluted share, for the first quarter of 2015. Total company GAAP and non-GAAP gross margin in the second quarter was 34.6 percent. For the second quarter of 2015, GAAP operating margin was 7.7 percent, and non-GAAP operating margin was 12.3 percent.
Adjusted EBITDA for the second quarter of 2015 was $163.5 million. Adjusted EBITDA for the first quarter of 2015 was $155.9 million. During the second quarter, the company repurchased approximately 10.4 million shares of common stock for approximately $131 million.
"Despite a tough macro-economic backdrop during the second quarter, we were able to deliver strong earnings performance driven by solid execution and sharp focus on managing costs," said Keith Jackson, president and CEO of ON Semiconductor. "The current macro-economic uncertainty has impacted demand and order trends. However, following a drop in orders towards the end of the second quarter, we have recently seen stabilization in order trends.
"We believe that our strong product pipeline coupled with our manufacturing and operational prowess should enable us to grow at a faster pace than the semiconductor industry. Despite volatility in the macro-economic environment, customer interest in our product offerings for the automotive, industrial, and smartphone markets continues to increase, and our design win pipeline and breadth of customer engagements continues to grow."
"Based on product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately $890 to $930 million in the third quarter of 2015," Jackson said. "Backlog levels for the third quarter of 2015 represent approximately 80 to 85 percent of our anticipated third quarter 2015 revenue. The outlook for the third quarter of 2015 includes stock-based compensation expense of approximately $13 million to $15 million."
