Long/short equity

ON Semiconductor: Playing On Its Strengths

ON Semiconductor (ONNN) is an original equipment manufacturer (OEM) that mainly produces analog semiconductors that are used in varied end markets. It manufactures a wide range of discrete and embedded semiconductor components. The company was spun off from Motorola in August 1999, and in May 2000 went public.

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The results for 1Q2013 were in line with the laid down guidance, affected by lukewarm demand in China and a weakness in the European market. The company posted earnings of $0.10 per share in 1Q2013. Revenues for the quarter were down by 2.8% QoQ to $661 million, 11.2% down YoY.


The GAAP gross margin for 1Q2013 was 30.9% QoQ flat and YoY down 2.00%. The Non-GAAP gross...

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