- Tower Semiconductor Ltd TSEM reported a fourth-quarter FY22 revenue decline of 2.2% year-on-year to $403.2 million, beating the consensus of $400.7 million. It posted a 6% organic growth.
- Gross profit was $125 million, up 25% Y/Y, mainly due to replacing contractual revenue from Arai following the cessation of its operations.
- Operating profit grew 77% Y/Y to $99 million.
- It generated $133 million in operating cash flow and held $1.01 billion in cash and equivalents.
- EPS of $0.75 beat the consensus of $0.57.
- 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 0.86% at $40.95 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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