Tower Semiconductor Clocks 21% Revenue Growth In Q1; Suspends Guidance Due to Intel Takeover

Tower Semiconductor Ltd TSEM reported first-quarter FY22 revenue growth of 21% year-on-year to $421 million, beating the consensus of $406.9 million. It posted a 29% organic growth.
The gross profit was $105 million, up 50% Y/Y.
The operating profit grew 94% Y/Y to $63 million. Adjusted EPS was $0.49, up from $0.26 prior-year quarter.
It generated $137 million in operating cash flow and held $790.9 million in cash and equivalents.
On February 15, Intel Corp INTC agreed to acquire Tower Semiconductor at a 60% premium.
Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
Price Action: TSEM shares traded lower by 1.25% at $46.55 on the last check Monday.