$ON · Schwab Network · 2026-11-03
ON Semiconductor 交出干净的业绩超预期——调整后每股收益 90 美分，高于预期的 88 美分，营收增长 11% 至 17 亿——其第四季度每股 95 美分至 1.07 美元的指引看起来不错；盘后承压来自一项对 Feric 的 6 亿美元外加最高 1.75 亿美元的里程碑交易，目前认为这笔交易值得。
逐段跳播
我们来谈谈安森美，它实际上超出了华尔街预期。我知道。我认为它一度小幅下跌，现在又涨上去了，不过那些分析师正在小幅调整目标价。他们正在往回调整一些。
Let's talk about on semi, which actually beat the street. I know. I think it sold off a little bit, now it's higher, but those analysts are changing the price targets a bit. They're coming back a bit.
是的，投资者正在对安森美这里的一系列消息做出反应。他们既发布了财报，也公布了这笔交易的消息。所以这就是你看到一些波动的原因，也很可能是盘后以及今早盘前一度承压的原因。但现在投资者已经做出决定，好吧，他们喜欢看到的情况。
Yeah, investors are reacting to a mix of news here for oni. They had both their earnings, but they also announced this deal news. So that's why you see some of the fluctuations and probably why you saw pressure in the aftermarket and and briefly in the pre-market this morning.
But now investors have decided, okay, they like what they're seeing.
调整后每股收益为90美分。这超出了预期。这是明确的超预期。我们此前预期的是88美分。营收17亿，超出预期。这又是一个明确的超预期。我们此前预期的是17亿。营收增长11%。所以这里略高于市场一致预期。
Earnings coming in at 90 cents per share on an adjusted basis. That was a beat. That's a clean beat. We were looking for 88 cents. Revenue 1.7 to beat. Another clean beat there.
We were looking for 1.7 billion there. Revenue rising 11%. So slightly ahead of consensus here.
自由现金流达到4.89亿。显然，华尔街也很看好这一点。
uh free cash flow reaching 489 million. Obviously, Wall Street liking that as well.
调整后毛利率为41.2%。所以就投资者盘后的反应而言，那显然与财报无关。这里的情况是这样的。就在发布财报之前，他们宣布了这笔Feric交易。这是对AI电力的一次押注。Feric做的就是这块业务。
他们同意以6亿美元现金收购Feric，外加最高1.75亿美元，这部分与里程碑挂钩，是营收里程碑。所以潜在总金额为7.75亿美元。
Adjusted gross margin 41.2% there. Uh so, you know, the in terms of again what the investor reaction was after hours, that was clearly not about the earnings. Uh here's what's happening there.
Right before their earnings, they announced this Feric deal. Uh this is a bet on AI power here. That's what Feric does. They agreed to buy Feric for $600 million in cash plus up to $175 million.
That's tied to milestones, revenue milestones here. So, it's a potential total of 775 million there.
所以有时候我们会看到这种承压的情况，华尔街在试图消化并判断这里的价值，判断他们付出的价格是否值得。他们显然已经认定这是值得的。
So, you know, we see that sometimes where there's pressure when Wall Street is kind of trying to digest and decide what the value is here and is it worth it, what they're paying for. They've obviously decided it is worth it.
安森美第四季度调整后盈利的前景看起来也不错。他们给出的指引是每股95美分到1.07美元。
The outlook also looks good for on semi fourth quarter adjusted earnings. They're guiding for 95 cents to a buckle 7 per share.
这个频道对 $ON 的历次判断
Schwab Network 在这只股票上共 2 条判断，这里只列相邻的几条。