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ON Semiconductor Corporation

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ON Semiconductor is an OEM of primarily analog semiconductors used in diverse end markets.  The company reported strong second quarter results wherein both earnings and revenues exceeded the Zacks Consensus Estimate. Moreover, management provided strong revenue guidance for third-quarter of 2016. We believe that the company’s improving end markets, Fairchild Semiconductor acquisition, product breadth, diversification across end markets and geographies, and the benefits of restructuring actions are positives. The pending acquisition of Fairchild will generate cost savings and earnings accretion, while also building its power management expertise. Therefore the delay in closing the acquisition is a bit of a concern.  ON also has a leveraged balance sheet and sees a good bit of competition.


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