Tower Semiconductor Shares Jump On Q4 Earnings

Shares of

surged more than 7% in pre-market trading after the company reported better-than-expected earnings for the fourth quarter. The Migdal Haemek, Israel-based company posted quarterly net income of $0.6 million, or $0.01 per share, versus a year-ago loss of $30 million or $0.62 per share. Earnings, excluding one-time items, climbed to $0.83 per share, up from $0.40 per share, in the year-ago period. Its revenue climbed 75% to $235.3 million. However, analysts were expecting earnings of $0.58 per share on revenue of $235 million. EBITDA climbed $28 million year-over-year to $56 million. Gross profit climbed to was $38 million from $9 million, while operating profit came in at $28 million in the quarter, versus an operating loss of $12 million in the year-ago period. The company ended the year with a cash balance of $187 million, versus $123 million as of December 31, 2013. Mr. Amir Elstein, TowerJazz Chairman of the Board said, "We are successfully delivering on our strategy to build an increasingly profitable, fast growing and world leading specialty semiconductor foundry. I very much look forward to the journey ahead continuing our strong performance in 2015 and beyond." For the first quarter, TowerJazz projects revenue of $225 million with an upward or downward range of 5%. TowerJazz shares climbed 7.45% to $14.72 in pre-market trading.