Tower Semiconductor Clocks 2.2% Revenue Decline In Q4

Tower Semiconductor Ltd TSEM reported a fourth-quarter FY22 revenue decline of 2.2% year-on-year to $403.2 million, beating the consensus of $400.7 million. It posted a 6% organic growth.
Gross profit was $125 million, up 25% Y/Y, mainly due to replacing contractual revenue from Arai following the cessation of its operations.
Operating profit grew 77% Y/Y to $99 million.
It generated $133 million in operating cash flow and held $1.01 billion in cash and equivalents.
EPS of $0.75 beat the consensus of $0.57.
On February 15, Intel Corp INTC agreed to acquire Tower Semiconductor at a 60% premium. Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
Price Action: TSEM shares traded lower by 0.86% at $40.95 on the last check Thursday.