Tower Semiconductor Clocks 10% Revenue Growth In Q3

November 14, 2022 10:06 AM | 1 min read |

Tower Semiconductor Ltd TSEM reported third-quarter FY22 revenue growth of 10% year-on-year to $427.1 million, marginally missing the consensus of $427.33 million. It posted a 22% organic growth.
The gross profit was $125 million, up 46% Y/Y.
The operating profit grew 79% Y/Y to $79 million.
It generated $122 million in operating cash flow and held $901.1 million in cash and equivalents.
EPS of $0.62 beat the consensus of $0.61.
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 flat at $41.07 on the last check Tuesday.