ON Semiconductor posts 2Q loss on lower revenue, charges but numbers top analysts’ estimates

ON Semiconductor posts 2Q loss as revenue falls

PHOENIX — Chip maker ON Semiconductor Corp. reported a loss for the second quarter after booking restructuring and other charges as revenue fell. But its earnings and revenue numbers blew past analysts’ forecasts.

The company lost $3 million, or a penny per share, in the quarter, compared to a profit of $34.2 million, or 8 cents, in the same quarter a year ago. The just-concluded quarter includes $41.7 million, or 10 cents per share, in stock-based compensation expenses, restructuring, impairment and other charges.

Excluding these items, earnings would have been $38.7 million, or 9 cents per share.

Revenue fell 25 percent to $419.8 million from $562.7 million.

Analysts were expecting, on average, revenue of $406.2 million and earnings of 2 cents per share. Analysts’ estimates typically exclude one-time items.

ON said it expects to book revenue of $445 million to $455 million in the third quarter, higher than the $428 million expected by analysts.

ON CEO Keith Jackson said he’s starting to see some stabilization in the markets.

“While there is still great uncertainty on the trajectory of the economic recovery, we believe the worst of the crisis is behind us,” he said in a statement.

Shares of Phoenix-based ON rose 7 cents to $7.51 on Wednesday.