Tower Semiconductor Reports 2023 Second Quarter Financial Results
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | | |
Six months ended | | | |
June 30, | | | |
2023 | |
2022
| |
REVENUES | |
$ |
712,802 | | |
$ |
847,300 | | |
COST OF REVENUES | |
530,568 | | |
630,229 | | |
GROSS PROFIT | |
182,234 | | |
217,071 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | |
Research and development | |
38,783 | | |
40,799 | | |
Marketing, general and administrative | |
36,016 | | |
42,538 | | |
Restructuring income, net * | |
(32,506 |
) | |
-- | | | | | | | | | | | | |
42,293 | | |
83,337 | | | | | | | | | | |
OPERATING PROFIT | |
139,941 | | |
133,734 | | |
FINANCING AND OTHER INCOME (EXPENSE), NET | |
10,921 | | |
(10,295 |
) | |
PROFIT BEFORE INCOME TAX | |
150,862 | | |
123,439 | | |
INCOME TAX EXPENSE, NET | |
(20,788 |
) | |
(9,492 |
) | |
NET PROFIT | |
130,074 | | |
113,947 | | |
Net income attributable to non-controlling interest | |
(7,482 |
) | |
(1,837) | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY | |
$ |
122,592 | | |
$ |
112,110 | | |
BASIC EARNINGS PER SHARE | |
$ |
1.11 | | |
$ |
1.03 | | |
Weighted average number of shares | |
110,025 | | |
109,037 | | |
DILUTED EARNINGS PER SHARE | |
$ |
1.10 | | |
$ |
1.01 | | |
Weighted average number of shares | |
111,153 | | |
110,561 | | | | | | | | | |
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
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