Tower reports higher revenue and profit in Q2

Russell Ellwanger / Photo: Einat Levron , Globes

The Israeli semiconductor company beat the analysts on revenue and profit.

Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE:TSEM) has reported substantial revenue growth for the second quarter of 2021. The Israeli company reported $362 million revenue for the second quarter, up 4.3% from the preceding quarter, and up 16.8% from the corresponding quarter of 2020. The figure was slightly above the analysts' revenue consensus of $360 million.

Tower reported net profit of $28.3 million, up from $19.1 million in the corresponding quarter of 2020. Earnings per share was $0.34 in the second quarter of 2021, slightly above the analysts' expectations of $0.33.

Tower sees $385 million revenue in the third quarter with a range of 5% more or less.

Tower CEO Russell Ellwanger said, "We are excited with the second quarter 2021 record revenue performance, leading to a third quarter revenue guidance of substantial continued growth, breaking a $1.5 billion annual run rate. We remain confident that we are serving the right customers in the right markets as evidenced by the 38% mid-range year over year organic revenue growth guidance."

He added, "We are effectively executing our expansion plans, and hence expect continued fourth quarter 2021 growth in both top and bottom lines. Our announced partnership with ST Microelectronics at the Agrate, Italy 300mm factory, will significantly enhance our 300mm capabilities, in order to further boost our leading position in advanced 300mm based analog RF, power platforms, displays and other technologies."

Published by Globes, Israel business news - en.globes.co.il - on August 2, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Russell Ellwanger / Photo: Einat Levron , Globes
Russell Ellwanger / Photo: Einat Levron , Globes
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