Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) (marketed as Tower-Jazz) today reported its second quarter results, with revenue rising 13% to a record $345 million, in accordance with the forecasts. EBITDA reached a record $108 million, 24% more than in the second quarter of 2016.
The company reported a $50 million net profit, $0.52 per share, up 30% compared with the corresponding quarter last year. The market predicted a profit of $0.49 per share.
Tower Semiconductor's prediction for the third quarter is a record $355 million in revenue, plus or minus 5%. The middle of the forecast range is 9% more than in the corresponding quarter in 2016, and is the same as the analysts' forecasts.
Tower Semiconductor CEO Russell Ellwanger said upon publication of his company's results, "We again reported business and financial growth in the second quarter of 2017, with 26% growth in organic sales and an annualized net profit of $200 million. We're continuing our focus on the basic needs of our extensive customer base, while creating value, based on our supply of mobile technology in the industry, and we therefore expected continued growth in the third quarter of 2017."
Published by Globes [online], Israel Business News - www.globes-online.com - on August 3, 2017
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