Press release
Tower Semiconductor Reports 2023 First Quarter Financial Results
MIGDAL HAEMEK, Israel, May 15, 2023 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended
About this update from Tower Semiconductor Ltd.
[{"type":"text","content":"MIGDAL HAEMEK, Israel, May 15, 2023 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended March 31, 2023. First Quarter of 2023 Results Overview Revenue for the first quarter of 2023 was $356 million. Revenue for the first quarter of 2022 was $421 million, and for the fourth quarter of 2022 was $403 million. Gross profit for the first quarter of 2023 was $96 million. Gross profit for the first quarter of 2022 was $105 million, and for the fourth quarter of 2022 was $125 million. Operating profit for the first quarter of 2023 was $89 million. Operating profit for the first quarter of 2022 was $63 million. This increase includes there structuring income, net from the previously disclosed reorganization and restructure of our Japan operations during 2022, as in the breakdown in the statement of operations table below. Operating profit for the fourth quarter of 2022 was $99 million. Net profit for the first quarter of 2023 was $71 million, or $0.65 basic and $0.64 diluted earnings per share. Net profit in the first quarter of 2022 was $54 million, or $0.50 basic and $0.49 diluted earnings per share. This increase includes the restructuring income, net from the previously disclosed reorganization and restructure of our Japan operations during 2022, as in the breakdown in the statement of operations table below. Net profit for the fourth quarter of 2022 was $83 million, or $0.76 basic and $0.75 diluted earnings per share. Cash flow generated from operating activities in the first quarter of 2023 was $73 million, as compared to $133 million in the fourth quarter of 2022. The decrease is attributed mainly to purchase of starting material against a present reduction in shipment. Investment in fixed assets for the first quarter of 2023 was $105 million, net. During the first quarter of 2023, the Company repaid $29 million of its debt, resulting in full bonds’ redemption. Corporate Credit Rating In May 2023, Standard & Poor’s Maalot (an Israeli rating company that is fully owned by S&P Global Ratings) completed its annual rating review of the Company and re-affirmed its corporate credit rating as “ilAA“/ stable. Guidance and Conference Call In light of the Company’s definitive agreement with Intel Corporation, as announced on February 15, 2022, the Company is not providing...