Tower Semiconductor Reports 2024 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,
		2024			2023
REVENUES	$	678,419		$	712,802
COST OF REVENUES		518,891			530,568
GROSS PROFIT		159,528			182,234
OPERATING COSTS AND EXPENSES:
Research and development		38,945			38,783
Marketing, general and administrative		37,720			36,016
Restructuring income, net *		(6,270	)		(32,506	)
		70,395			42,293

OPERATING PROFIT		89,133			139,941
FINANCING AND OTHER INCOME, NET		11,694			10,921
PROFIT BEFORE INCOME TAX		100,827			150,862
INCOME TAX EXPENSE, NET		(1,030	)		(20,788	)
NET PROFIT		99,797			130,074
Net income attributable to non-controlling interest		(1,718	)		(7,482	)
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	98,079		$	122,592




BASIC EARNINGS PER SHARE	$	0.88		$	1.11
Weighted average number of shares		110,938			110,025
DILUTED EARNINGS PER SHARE	$	0.88		$	1.10
Weighted average number of shares		111,964			111,153

* 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	$	98,079		$	122,592
Stock based compensation		14,542			13,371
Amortization of acquired intangible assets		896			990
Restructuring income, net **		(2,634	)		(11,224	)
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	110,883		$	125,729
ADJUSTED EARNINGS PER SHARE:
Basic	$	1.00		$	1.14
Diluted	$	0.99		$	1.13

** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.

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