Tower Semiconductor Reports Third Quarter 2022 Record Revenue of $427 Million


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
 
  Nine months ended
  September 30,
  2022
  2021
REVENUES $ 1,274,387     $  1,096,058  
COST OF REVENUES 932,805       867,113  
GROSS PROFIT 341,582       228,945  
OPERATING COSTS AND EXPENSES:            
Research and development 63,205       63,015  
Marketing, general and administrative 61,402       55,282  
Restructuring costs 4,033       --  
             
  128,640       118,297  
             
OPERATING PROFIT 212,942       110,648  
FINANCING AND OTHER EXPENSE, NET (19,646 )     (11,040 )
PROFIT BEFORE INCOME TAX 193,296       99,608  
INCOME TAX BENEFIT (EXPENSE), NET (12,667)       2,590  
NET PROFIT 180,629       102,198  
Net loss (income) attributable to non-controlling interest 616       (3,925 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 181,245     $  98,273  
BASIC EARNINGS PER SHARE $ 1.66     $  0.91  
Weighted average number of shares 109,165       108,114  
DILUTED EARNINGS PER SHARE $ 1.64     $  0.90  
Weighted average number of shares 110,691       109,640  
             



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