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Tower Semiconductor Beats On Q1 Revenue, Q2 Revenue Guidance Marginally Above Consensus

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Tower Semiconductor Beats On Q1 Revenue, Q2 Revenue Guidance Marginally Above Consensus
  • Tower Semiconductor Ltd (NASDAQ: TSEMreported first-quarter FY21 revenue growth of 16% year-on-year to $347 million, beating the analyst consensus of $345.2 million. Organic revenue grew 21% Y/Y.
  • Gross profit rose 33% Y/Y to $70 million with margins expanding 260 basis points Y/Y to 20.10%.
  • Operating profit doubled to $32 million.
  • Adjusted net profit rose 54% Y/Y to $33.7 million, with an adjusted EPS of $0.31 at par with the analyst consensus.
  • The company generated $87.4 million in operating cash flow and held $215.6 million in cash and equivalents.
  • Guidance: Tower Semi sees Q2 revenue guidance of $360 million, above the analyst consensus of $351.41 million.
  • The company continues to execute its capacity expansion plan, as announced in February 2021, from very high confidence in customers' demand, which exceeds the current 200mm and 300mm capacity.
  • It has issued purchase orders of $150 million to increase its wafer capacity. The equipment will begin to provide incremental capacity during the second half of 2021, targeted to be fully qualified during the Q1 of 2022.
  • Price action: TSEM shares traded lower by 5.69% at $26 in the premarket session on the last check Wednesday.
 

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