ON Semiconductor Corporation announced that total revenues in the first quarter of 2016 were $817.2 million, down approximately three percent compared to the fourth quarter of 2015. During the first quarter of 2016, the company reported GAAP net income of $36.0 million, or $0.09 per diluted share. The first quarter 2016 GAAP net income was negatively impacted by approximately $34.3 million of special items, details of which can be found in the attached schedules.
Total company GAAP and non-GAAP gross margin in the first quarter was 33.7 percent. For the first quarter of 2016, GAAP operating margin was 7.1 percent, and non-GAAP operating margin was 10.6 percent. Adjusted EBITDA for the first quarter of 2016 was $141.5 million. Adjusted EBITDA for the fourth quarter of 2015 was $147.3 million.
"We delivered strong operating performance in the first quarter with strong gross margin expansion and continued discipline in operating expenses control," said Keith Jackson, president and CEO of ON Semiconductor. "We will continue to optimize our operations to align our cost structure with the prevailing business environment and to deliver strong financial results.
"During the first quarter, we noticed a stabilization in business conditions, although a few end-markets experienced greater than expected softness. With a strong design win pipeline and exposure to faster growing segments within a diverse group of end-markets, we remain well positioned to outgrow the semiconductor industry."
"Based on product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately $835 to $875 million in the second quarter of 2016," Jackson said. "Backlog levels for the second quarter of 2016 represent approximately 80 to 85 percent of our anticipated second quarter 2016 revenue. The outlook for the second quarter of 2016 includes stock-based compensation expense of approximately $14 million to $16 million.â€
