ON Semiconductor (Phoenix, AZ) announced that product revenues for the first quarter of 2001 are expected to be down approximately 30 percent from the fourth quarter of 2000, with an expected loss per share of $0.13 to $0.15, excluding restructuring charges, amortization of goodwill and other intangibles.
Previously the company had expected a sequential product revenue reduction of 18 to 20 percent, and earnings per share between break-even and a $0.03 loss. In the fourth quarter of fiscal 2000, the company reported product revenues of $491.0 million and net income of approximately $21.0 million, or $0.12 per share, again excluding restructuring charges, amortization of goodwill and other intangibles.
President and CEO Steve Hanson commented, “Overall demand for our products continues to be soft. Customers continue to delay or cancel bookings in order to manage their inventories in line with their incoming business. Consequently, orders for the current quarter are trending below the fourth quarter of 2000."
