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The Phoenix, Arizona-based company reported GAAP net income attributable to ON Semiconductor of $29.9 million or $0.07 per share for the third quarter, down from $50.6 million or $0.13 per share in the prior year quarter. Result for the latest quarter included net charges of $41.0 million or $0.09 per share from special items.
Excluding items, non-GAAP net income dropped to $70.9 million or $0.16 per share from $100.4 million or $0.25 per share in the year-ago quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the third quarter. Analysts' estimates typically exclude special items.
Third quarter net revenues decreased to $472.9 million from $581.5 million in the same quarter last year. Nineteen analysts had a consensus revenue estimate of $454.91 million for the third quarter.
As a percentage of sales, GAAP gross margin dropped to 37.2% from 38.1%, while non-GAAP gross margin decreased to 38.5% from 41.5% a year ago.
Total operating expenses for the third quarter declined to $126.1 million from $124.5 million in the prior year quarter.
During the quarter, ON Semiconductor completed the acquisition of privately-held PulseCore Holdings (Cayman) Inc. in an all cash transaction for initial consideration of about $17 million.
The acquisition of PulseCore expands ON Semiconductor's high gross margin clock and circuit protection offerings for the consumer, wireless and computing end-market customers.
For the nine-month period of 2009, net loss attributable to ON Semiconductor was $7.0 million or $0.02 per share, compared to net income of $95.8 million or $0.26 per share in the previous year period.
On a non-GAAP basis, net income decreased to $123.3 million or $0.29 per share from $260.9 million or $0.70 per share in the prior year period.
Net revenues for the period dropped to $1.27 billion from $1.57 billion in the year-ago period.
For the fourth quarter of 2009, ON Semiconductor anticipates total revenues to be between $480 million and $495 million. Street estimates revenues of $467.25 million for the fourth quarter.
The company also expects average selling prices for the fourth quarter to be down about 1% to 2%, sequentially.
ON Semiconductor closed Wednesday's regular trading session at $6.83, up 30 cents or 4.59% on a volume of 16.75 million shares. In after-hours, the share further gained 27 cents or 3.95%.
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