Tower Semiconductor Reports 2024 First Quarter Financial Results
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | | | |
Three months ended
| | |
March 31, | |
December 31, | |
March 31, | | |
2024 | |
2023 | |
2023 | |
REVENUES |
$ |
327,238 | |
$ |
351,711 | | |
$ |
355,611 | | |
COST OF REVENUES |
254,632 | |
267,294 | | |
259,894 | | |
GROSS PROFIT |
72,606 | |
84,417 | | |
95,717 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | |
Research and development |
19,951 | |
20,849 | | |
19,331 | | |
Marketing, general and administrative |
18,670 | |
18,401 | | |
18,629 | | |
Restructuring income, net * |
-- | |
-- | | |
(31,655 |
) | | |
38,621 | |
39,250 | | |
6,305 | | | | | | | | | | | |
OPERATING PROFIT |
33,985 | |
45,167 | | |
89,412 | | |
FINANCING AND OTHER INCOME, NET |
3,984 | |
16,682 | | |
6,997 | | |
PROFIT BEFORE INCOME TAX |
37,969 | |
61,849 | | |
96,409 | | |
INCOME TAX BENEFIT (EXPENSE), NET |
5,078 | |
(10,130 |
) | |
(15,041 |
) | |
NET PROFIT |
43,047 | |
51,719 | | |
81,368 | | |
Net loss (income) attributable to non-controlling interest |
1,587 | |
2,128 | | |
(9,966 |
) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
44,634 | |
$ |
53,847 | | |
$ |
71,402 | | |
BASIC EARNINGS PER SHARE |
$ |
0.40 | |
$ |
0.49 | | |
$ |
0.65 | | |
Weighted average number of shares |
110,840 | |
110,796 | | |
109,961 | | |
DILUTED EARNINGS PER SHARE |
$ |
0.40 | |
$ |
0.48 | | |
$ |
0.64 | | |
Weighted average number of shares |
111,627 | |
111,308 | | |
111,071 | | |
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | |
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | | | | | | | | |
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
44,634 | |
$ |
53,847 | | |
$ |
71,402 | | |
Stock based compensation |
6,761 | |
6,662 | | |
6,448 | | |
Amortization of acquired intangible assets |
448 | |
442 | | |
499 | | |
Restructuring income, net ** |
-- | |
-- | | |
(10,974 |
) | |
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
51,843 | |
$ |
60,951 | | |
$ |
67,375 | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | |
Basic |
$ |
0.47 | |
$ |
0.55 | | |
$ |
0.61 | | |
Diluted |
$ |
0.46 | |
$ |
0.55 | | |
$ |
0.61 | | | | |
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. |
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