PHOENIX (AP) — On Semiconductor Corp.’s second-quarter earnings fell 48 percent as accounting charges and disruptions from Japan’s March earthquake weighed on the maker of energy-saving electronics chips.
The company said Wednesday that it made $41 million, or 9 cents per share, in the three months ending July 1. That compared with net income of $78.7 million, or 18 cents per share, at the same time last year.
The results in the most recent quarter were dragged down by $73.4 million in charges for past acquisitions, inventory adjustments and a variety of other items. If not for those charges, On Semiconductor said it would have earned 25 cents per share. Even so, that figure was a penny below the average estimate among analysts surveyed by FactSet.
Revenue for the period climbed 55 percent from last year to nearly $906 million. That was about $27 million above analyst forecasts.
The company, which is based in Phoenix, said it would have fared even better had it not been for problems caused by the early March earthquake and tsunami in Japan, where On Semiconductor has factories. The Japan factories returned to full operating capacity during the last half of May, said On Semiconductor CEO Keith Jackson. But it will take a while before the factories make up for the lost time earlier in the spring. As a result, Jackson said, the company expects a “modest” loss of revenue during the current quarter.
The weak economy around the world looms as a bigger concern. Uncertain about customer demand, On Semiconductor predicted its third-quarter revenue will range from $895 million to $925 million. Analysts, on average, expect $913 million in revenue.
On Semiconductor’s shares fell 6 cents to $8.51 in Wednesday’s extended trading after the second-quarter results came out.