{"id":78617,"date":"2023-10-30T17:36:56","date_gmt":"2023-10-30T21:36:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/on-semiconductor-provides-soft-fourth-quarter-guidance-the-stock-drops\/"},"modified":"2023-10-30T17:37:00","modified_gmt":"2023-10-30T21:37:00","slug":"on-semiconductor-provides-soft-fourth-quarter-guidance-the-stock-drops","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78617","title":{"rendered":"ON Semiconductor Provides Soft Fourth-Quarter Guidance. The Stock Drops."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000783812\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        ON Semiconductor<br \/>\n       posted third-quarter earnings and revenue better than Wall Street estimates, but provided fourth-quarter guidance below expectations.<\/p>\n<p>The chip maker cited a deteriorating demand from its automotive and industrials customers, pushing its stock price lower.  <\/p>\n<p>\n        ON Semiconductor<br \/>\n       (ticker: ON) reported third-quarter earnings of $1.39 a share on revenue of $2.18 billion. Analysts surveyed by FactSet were expecting the company to report third-quarter earnings of $1.34 a share on revenue of $2.15 billion.<\/p>\n<div class=\"paywall\">\n<p>In the same period last year, ON Semi posted earnings of $1.45 a share on revenue of $2.19 billion.<\/p>\n<p>\u201cOur disciplined approach and execution resulted in another solid quarter, demonstrating the resilience in our business amid market softness,\u201d Chief Executive\u00a0Hassane El-Khoury said in the earnings release.<\/p>\n<p>The company said it expects fourth-quarter earnings of between $1.13 share and $1.27 a share, which is below the FactSet consensus of $1.36. Revenue estimates of between $1.95 billion and $2.05 billion also were below analyst estimates of $2.18 billion.<\/p>\n<p>Shares of ON Semi were down 18.1% in Monday trading. The outlook also weighed on rivals NXP Semiconductor (NXPI) and Analog Devices (ADI), whose shares were down 5.6% and 1.9%, respectively, Monday morning.<\/p>\n<p>On the earnings conference call with investors, ON executives said they were seeing \u201cpockets of softness\u201d with some large customers in Europe and a rising risk of a slowdown in auto demand due to higher interest rates. They also saw broad-based weakness in the industrials sector and expected the uncertain macro environment to last heading into next year. <\/p>\n<p>ON Semi\u2019s guidance is a warning to auto investors that EV sales are slowing down, not just in the U.S., but around the world.<\/p>\n<p>The weak guidance comes after<br \/>\n        Ford Motor<br \/>\n       (F) and<br \/>\n        General Motors<br \/>\n       (GM) both recently deferred tens of billions of investments in EV production citing the economy and moderating EV demand.<br \/>\n        Tesla<br \/>\n       (TSLA) stock dropped 9.3% after the company reported third-quarter numbers with CEO Elon Musk citing the detrimental impact high interest rates were having on demand.<\/p>\n<p>The transition to electric vehicles has generally been a bullish development for chip makers like ON Semi.  <\/p>\n<p>\u201cEvery new EV being built is going to have almost 14x more content just on the drivetrain,\u201c El-Khoury said at a September investor conference. <\/p>\n<p>Shares of ON Semi were recently recommended in <em>Barron\u2019s<\/em>\u00a0Trader column, which noted that the stock was cheap heading into earnings. <\/p>\n<p><em>\u2014Al Root contributed reporting to this story.<\/em><\/p>\n<p>Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/on-semiconductor-stock-earnings-guidance-fcbe6138?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ON Semiconductor posted third-quarter earnings and revenue better than Wall Street estimates, but provided fourth-quarter guidance below expectations. The chip maker cited a deteriorating demand from its automotive and industrials customers, pushing its stock price lower. ON Semiconductor (ticker: ON) reported third-quarter earnings of $1.39 a share on revenue of $2.18 billion. Analysts surveyed by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-78617","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ON Semiconductor Provides Soft Fourth-Quarter Guidance. 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