Tower Semiconductor Clocks 18% Revenue Growth In Q2

  • Tower Semiconductor Ltd TSEM reported second-quarter FY22 revenue growth of 18% year-on-year to $426 million, missing the consensus of $428.4 million. It posted a 30% organic growth.
  • The gross profit was $112 million, up 52% Y/Y.
  • The operating profit grew 108% Y/Y to $70.7 million. EPS was $0.53.
  • It generated $138 million in operating cash flow and held $856 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 higher by 1.45% at $47.60 in the premarket on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!