Intel Acquisition Target Tower Semiconductor Tops Q1 Consensus

Tower Semiconductor Ltd.TSEM reported a first-quarter FY23 revenue decline of 15.6% year-on-year to $355.6 million, beating the consensus of $352.4 million.
Gross profit was $95.7 million, down by 8.5% Y/Y.
Operating profit grew 41.8% Y/Y to $89.4 million, aided by restructuring income from the previously disclosed reorganization and restructuring of its Japan operations during 2022.
It generated $72.7 million in operating cash flow and held $945.97 million in cash and equivalents.
EPS of $0.64 beat the consensus of $0.47.
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 higher by 2.20% at $41.30 premarket on the last check Monday.