Independent foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) has raised its revenue guidance for the second quarter of 2011 to $136-142 million. The new guidance's mid-point is 15% higher than the $120.6 million revenue for the first quarter, and 11% more than for the second quarter of 2010. The company said that the guidance is its highest ever.
Tower will publish its financial report for the second quarter of 2011 on Thursday, August 4, 2011. The analysts' consensus is for non-GAAP earnings per share of $0.12 on $133 million revenue for the second quarter.
Tower also announced today that it has signed an R&D cooperation agreement with Argentinean public and private consortium Tecnopolis del Sur to enable product competitiveness in the international market. The company will train Tecnopolis del Sur R&D groups on process design kits and technology, and will also provide discounted multi-project wafers space at its fabs in Migdal Haemek and in Newport Beach, California.
Tecnopolis del Sur will grant Tower the right to use its facilities in Bahía Blanca, and help the company expand its global reach into South America.
Tower's share price rose 4.8% in premarket trading on Nasdaq today to $1.09, giving a market cap of $275 million, and rose 7% by mid-afternoon on the TASE to NIS 3.75.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2011
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