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UPDATE 1-ON Semiconductor sees 3rd-qtr below Street, shares fall
August 2, 2012 / 10:56 PM / 5 years ago

UPDATE 1-ON Semiconductor sees 3rd-qtr below Street, shares fall

* Sees Q3 revenue $725 mln-$765 mln vs est $803.0 mln

* CFO resigns, co says mutual agreement

* Q2 revenue $744.8 mln vs est $764.7 mln

* Q2 adj EPS $0.14 vs est $0.14

* Shares down 8 pct after market

Aug 2 (Reuters) - Power-management chipmaker ON Semiconductor Corp reported lower-than-expected quarterly revenue, hurt by a fall in orders, and forecast third-quarter revenue below estimates, sending its shares down 8 percent in extended trade.

The company said Donald Colvin, its chief financial officer of nine years, has resigned.

Colvin will stay with the company for up to 90 days while the chipmaker finds a replacement.

ON Semiconductor, which competes with Infineon, Intersil Corp and Fairchild Semiconductor, expects third-quarter revenue of about $725 million to $765 million, compared with analysts’ expectations for $803 million, according to Thomson Reuters I/B/E/S.

The company, which makes radio-frequency custom chips for consumer, automotive and industrial markets, cited lower orders from customers for its weak third-quarter outlook.

It counts Flextronics, Samsung Electronics Co Ltd , Sony Corp and Panasonic Corp among its customers.

Net income for the second quarter fell to $6.9 million, or 2 cents per share, from $34.3 million, or 7 cents per share, a year earlier.

Excluding items, company earned 14 cents per share.

Revenue fell to $744.8 million from $905.8 million a year earlier.

Analysts on average had expected earnings of 14 cents per share on revenue of $764.7 million, according to Thomson Reuters I/B/E/S.

ON Semiconductor also cut 10 percent jobs in one of its core segments, the SANYO Semiconductor products group, it said in a statement.

The Phoenix, Arizona-based company’s shares fell 8 percent in extended trade. They had closed at $6.84 on Thursday on the Nasdaq.

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