For the fourth quarter of 2015, highlights include:

• Total revenues of $840.3 million
• GAAP earnings per diluted share of $0.13, non-GAAP earnings per diluted share of $0.19
• GAAP gross margin of 33.3 percent, non-GAAP gross margin of 33.2 percent
• GAAP operating margin of 6.6 percent, non-GAAP operating margin of 11.1 percent
• Repurchased approximately 1.9 million shares for approximately $20.0 million
• Announced acquisition of Fairchild Semiconductor for $2.4 billion in cash

For 2015, highlights include:

• Total revenues of $3,495.8 million
• GAAP earnings per diluted share of $0.48, non-GAAP earnings per diluted share of $0.83
• GAAP and non-GAAP gross margin of 34.1 percent
• GAAP operating margin of 7.5 percent, non-GAAP operating margin of 11.7 percent
• Repurchased approximately 30.4 million shares for approximately $348.2 million
• Announced acquisition of Fairchild Semiconductor for $2.4 billion in cash

PHOENIX — (BUSINESS WIRE) — February 6, 2016 — ON Semiconductor Corporation (Nasdaq: ON), today announced that total revenues in the fourth quarter of 2015 were $840.3 million, down approximately 7.1 percent compared to the third quarter of 2015. During the fourth quarter of 2015, the company reported GAAP net income of $54.1 million, or $0.13 per diluted share. The fourth quarter 2015 GAAP net income was negatively impacted by approximately $24.8 million of special items. The complete special items detail can be found in the attached schedules.

Fourth quarter 2015 non-GAAP net income was $78.9 million, or $0.19 per diluted share, compared to $95.5 million, or $0.23 per diluted share, for the third quarter of 2015. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release) to the company's most directly comparable measures prepared in accordance with U.S. GAAP are set forth in the attached schedules and on our website at http://www.onsemi.com. Additional information on revenue by end market, region, distribution channel and business unit, and share count can be found on the "Investors" section of our website.

Total company GAAP gross margin in the fourth quarter was 33.3 percent, and total company non-GAAP gross margin in the fourth quarter was 33.2 percent. For the fourth quarter of 2015, GAAP operating margin was 6.6 percent, whereas non-GAAP operating margin was 11.1 percent.

Adjusted EBITDA for the fourth quarter of 2015 was $147.3 million. Adjusted EBITDA for the third quarter of 2015 was $163.1 million. During the fourth quarter, the company repurchased approximately 1.9 million shares of common stock for approximately $20.0 million.

Total revenues for 2015 were $3,495.8 million, an increase of approximately 10.6 percent from $3,161.8 million in 2014. During 2015, the company reported GAAP net income of $206.2 million, or $0.48 per diluted share. The 2015 GAAP net income included charges of $150.7 million from special items, including $135.7 million of amortization of acquisition related intangible assets, which are largely attributed to our acquisitions of Truesense Imaging and Aptina Imaging. The remaining charges and special items detail can be found in the attached schedules. During 2014, the company reported GAAP net income of $189.7 million, or $0.43 per diluted share. The 2014 GAAP net income included net charges of $144.6 million from special items.

Non-GAAP net income for 2015 was $356.9 million, or $0.83 per diluted share. The non-GAAP net income for 2014 was $334.3 million, or $0.75 per diluted share.

The company’s GAAP gross margin in 2015 was 34.1 percent. GAAP gross margin in 2015 included a net benefit of approximately $0.8 million from special items. Non-GAAP gross margin in 2015 was 34.1 percent. The company’s GAAP gross margin in 2014 was 34.3 percent. GAAP gross margin in 2014 included a net charge of approximately $30.9 million, or approximately 100 basis points, from special items. Non-GAAP gross margin in 2014 was 35.3 percent.

"We delivered strong performance in the fourth quarter by exercising robust cost discipline in times of heightened macroeconomic uncertainty and softening demand. In 2015, we significantly expanded our footprint in our key strategic markets and returned approximately $348 million to shareholders through our share repurchase program," said Keith Jackson, president and CEO of ON Semiconductor. "Our growth drivers remain intact, and we are well positioned to again outgrow the industry in 2016."