Press release
Tower Semiconductor Reports 2024 First Quarter Financial Results
Reiterating Revenue Growth throughout the Year MIGDAL HAEMEK, Israel, May 09, 2024 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports
About this update from Tower Semiconductor Ltd.
[{"type":"text","content":"Reiterating Revenue Growth throughout the Year\nMIGDAL HAEMEK, Israel, May 09, 2024 (GLOBE NEWSWIRE) -- Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended March 31, 2024. First Quarter of 2024 Results Overview Revenue for the first quarter of 2024 was $327 million as compared to $352 million for the fourth quarter of 2023. Revenue for the first quarter of 2023 was $356 million. Gross profit for the first quarter of 2024 was $73 million as compared to $84 million for the fourth quarter of 2023. Gross profit for the first quarter of 2023 was $96 million. Operating profit for the first quarter of 2024 was $34 million, as compared to $45 million in the fourth quarter of 2023. Operating profit for the first quarter of 2023 was $89 million and included $32 million restructuring income, net from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the first quarter of 2024 was $45 million, or $0.40 basic and diluted earnings per share, as compared to net profit of $54 million, or $0.49 basic and $0.48 diluted earnings per share for the fourth quarter of 2023. Net profit in the first quarter of 2023 was $71 million, or $0.65 basic and $0.64 diluted earnings per share and included $11 million restructuring income, net. Cash flow generated from operating activities in the first quarter of 2024 was $110 million. Investments in equipment and other fixed assets were $98 million, net and debt payments totaled $8 million, net. In the fourth quarter of 2023, cash flow generated from operating activities was $126 million, investments in equipment and other fixed assets were $136 million, net and debt payments totaled $9 million, net. Corporate Credit RatingIn May 2024, Standard & Poor’s Maalot (an Israeli rating company that is fully owned by S&P Global Ratings) completed its annual rating review for the Company and re-affirmed its corporate credit rating as “ilAA“/ stable. Business OutlookTower Semiconductor guides revenue for the second quarter of 2024 to be $350 million, with an upward or downward range of 5%. Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated: “As we move through the year, we remain focused on and confident about continuous growth, driven by the performance of several of our differentiated tech...