For the fourth quarter of 2014, highlights include:

• Total revenues of $864.2 million
• GAAP gross margin of 32.1 percent, non-GAAP gross margin of 34.1 percent
• GAAP earnings per diluted share of $0.01, non-GAAP earnings per diluted share of $0.17
• Repurchased approximately 8 million shares
• Announced capital return policy and a four year $1 billion share repurchase program

For 2014, highlights include:

• Total revenues of $3,161.8 million
• GAAP gross margin of 34.3 percent, non-GAAP gross margin of 35.3 percent
• GAAP earnings per diluted share of $0.44, non-GAAP earnings per diluted share of $0.75
• Closed the acquisitions of Aptina Imaging and Truesense Imaging
• Repurchased approximately 13.9 million shares

PHOENIX — (BUSINESS WIRE) — February 5, 2015 — ON Semiconductor Corporation (Nasdaq: ONNN), driving energy efficient innovation, today announced that total revenues in the fourth quarter of 2014 were $864.2 million, up approximately 3.7 percent compared to the third quarter of 2014. During the fourth quarter of 2014, the company reported GAAP net income of $4.9 million, or $0.01 per diluted share. The fourth quarter 2014 GAAP net income was negatively impacted by approximately $71.4 million of special items. The complete special items detail can be found in the attached schedules. Results for fourth quarter of 2014 include the contribution for the full quarter from our acquisition of Aptina Imaging, which closed on August 15, 2014.

Fourth quarter 2014 non-GAAP net income was $76.3 million, or $0.17 per diluted share, compared to $89.7 million, or $0.20 per diluted share, for the third quarter of 2014. 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.

On a mix-adjusted basis, average selling prices for ON Semiconductor in the fourth quarter of 2014 were down approximately two percent when compared to the third quarter of 2014. Total company GAAP gross margin in the fourth quarter was 32.1 percent, and total company non-GAAP gross margin in the fourth quarter was 34.1 percent. For the fourth quarter of 2014, GAAP operating margin was 2.3 percent, whereas non-GAAP operating margin was 10.3 percent.

Adjusted EBITDA for the fourth quarter of 2014 was $143.2 million. Adjusted EBITDA for the third quarter of 2014 was $154.3 million. During the fourth quarter, the company repurchased approximately 8 million shares of common stock for approximately $68 million.

Total revenues for 2014 were $3,161.8 million, an increase of approximately 13.6 percent from $2,782.7 million in 2013. During 2014, the company reported GAAP net income of $195.2 million, or $0.44 per diluted share. The 2014 GAAP net income included charges of $139.1 million from special items, including $68.4 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 2013, the company reported GAAP net income of $150.4 million, or $0.33 per diluted share. The 2013 GAAP net income included net charges of $90.3 million from special items, the details of which can be found in the attached schedules.

Non-GAAP net income for 2014 was $334.3 million, or $0.75 per diluted share. The non-GAAP net income for 2013 was $240.7 million, or $0.53 per diluted share.

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. The company’s GAAP gross margin in 2013 was 33.4 percent. GAAP gross margin in 2013 included a net charge of approximately $4.0 million, or approximately 10 basis points, from special items. Non-GAAP gross margin in 2013 was 33.5 percent. The special item details can be found in the attached schedules.

"We are off to a solid start in 2015 with improving order rates and a favorable macro-economic backdrop," said Keith Jackson, president and CEO of ON Semiconductor. "Our strategy of focusing our investments in automotive, industrial, and smartphone end-markets is showing strong results with solid revenue growth and growing design win pipeline. Our acquisitions of Truesense and Aptina should further accelerate our momentum in 2015 in automotive and industrial markets.