ON Semiconductor Corporation today announced that total revenues in the first quarter of 2015 were $870.8 million, up approximately one percent compared to the fourth quarter of 2014. During the first quarter of 2015, the company reported GAAP net income of $55.1 million, or $0.13 per diluted share. The first quarter 2015 GAAP net income was negatively impacted by approximately $32.0 million of special items, details of which can be found in the attached schedules. First quarter 2015 non-GAAP net income was $87.1 million, or $0.20 per diluted share, compared to $76.3 million, or $0.17 per diluted share, for the fourth quarter of 2014.
Total company GAAP and non-GAAP gross margin in the first quarter was 34.5 percent. For the first quarter of 2015, GAAP operating margin was 7.9 percent, and non-GAAP operating margin was 11.5 percent. Adjusted EBITDA for the first quarter of 2015 was $155.9 million. Adjusted EBITDA for the fourth quarter of 2014 was $143.2 million. During the first quarter, the company repurchased approximately 8.6 million shares of common stock for approximately $97 million.
"We continue to make strong progress in our focused end-markets, as evident from our results for the first quarter and outlook for the second quarter," said Keith Jackson, president and CEO of ON Semiconductor. "Our order momentum is accelerating and visibility into near to mid-term outlook has improved significantly driven by strong customer interest in our product offerings. Along with solid revenue growth, our margins continue to expand and we remain on track to deliver strong growth in earnings and free cash flow.
"Based upon product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately $876 million to $916 million in the second quarter of 2015," Jackson said. "Backlog levels for the second quarter of 2015 represent approximately 80 to 85 percent of our anticipated second quarter 2015 revenue. The outlook for the second quarter of 2015 includes stock-based compensation expense of approximately $13 million to $15 million," Jackson concluded.
