ON Semi (Phoenix) reported fourth quarter sales of $680.2 million, down 6 percent from the previous quarter and down 11 percent compared to the fourth quarter of 2011.
The company reported a loss in accordance with generally accepted accounting principles (GAAP) of $138.2 million, or 31 cents per share, compared to profits in both the previous and year-ago quarters. ON Semi said the GAAP net loss was due to $175.2 million in special charges, including $150.4 million of asset write downs associated with its Sanyo Semiconductor Products Group.
On a non-GAAP basis, excluding charges, ON Semi reported a fourth quarter net income of $37 million, or 8 cents per diluted share, down from a non-GAAP net income of $53.5 million or 12 cents per share in the third quarter.
ON Semi's fourth quarter sales and non-GAAP net income came in slightly above consensus analysts' expectations, according to Yahoo Finance.
For the full year 2012, ON Semi reported sales of $2.89 billion, up 8 percent from 2011.
ON Semi said it expects sales for the first quarter of 2013 to be between $645 million and $685 million. The forecast was consistent with consensus analysts' expectations.
"Backlog levels for the first quarter of 2013 represent approximately 80 to 85 percent of our anticipated first quarter 2013 revenues," Jackson said. "We expect that average selling prices for the first quarter of 2013 will be down approximately two percent when compared to the fourth quarter of 2012."