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- Tower Semiconductor Ltd (NASDAQ:TSEM) reported third-quarter FY21 revenue growth of 25% year-on-year to $386.7 million, beating the consensus of $384.97 million. It posted a 40% organic growth.
- The gross margin expanded 171 bps Q/Q to 22.1%.
- Adjusted EPS of $0.41 beat the consensus of $0.37.
- It generated $107 million in operating cash flow. It held $718 million in cash and equivalents.
- "We guided to end 2021 breaking $1.5 billion revenue with a fourth quarter annualized run rate greater than $1.6 billion, as compared to a $1.27 billion 2020 revenue. Our initiatives on capacity growth with a richer capability mix, combined with certain pricing initiatives, target more than 15% net profit margins in 2022. Our long-term forecast is very positive, indicating continuous growth for the foreseeable years," said Russell Ellwanger, CEO of Tower Semiconductor.
- Outlook: The company sees mid-range Q4 revenue of $410 million, with an upward or downward range of 5%, versus the consensus of $393.5 million.
- Price Action: TSEM shares traded higher by 5.03% at $36.96 in the premarket session on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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