ON Semiconductor Corporation announced that total revenue in the fourth quarter of 2019 was $1,401.8 million, down approximately seven percent compared to the same quarter last year. Fourth quarter revenue was up approximately one percent as compared to revenue in the third quarter of 2019.

“Our performance in 2019 validates the transforming nature of our business, as we expect to outperform most of our peer group against a backdrop of challenging macroeconomic and geopolitical conditions. We believe that our strong competitive position in automotive, industrial, and cloud-power semiconductor end-markets, and exposure to secular trends in these markets continue to be the key drivers of our superior performance,” said Keith Jackson, president and CEO of ON Semiconductor. “Along with strong revenue performance, we are taking substantial measures to expand our margins by making structural changes to our manufacturing footprint, and accelerating the timeline for production at our 300mm fab."

“In the fourth quarter, we saw moderate improvement in business trends, and the improvement has continued thus far in the first quarter of 2020. With improving macroeconomic and geopolitical conditions, solid product portfolio with exposure to the most attractive semiconductor end-markets, and ongoing structural improvements to our cost structure, ON Semiconductor is well positioned to deliver strong near to mid-term performance.”

First Quarter Outlook

Based on product booking trends, backlog levels, and estimated turns levels, the Company anticipates that first quarter of 2020 revenue will be approximately $1,355 to $1,405 million. GAAP and non-GAAP gross margin for first quarter 2020 is expected to be between 33.7 percent and 34.7 percent.

The outlook for the first quarter of 2020 includes anticipated stock-based compensation expense of approximately $19 million to $21 million. Net cash paid for income taxes is expected to be $14 million to $18 million. The following table outlines ON Semiconductor's projected first quarter of 2020 GAAP and non-GAAP outlook.