Tower Semiconductor Reports 2024 First Quarter Financial Results


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
 
  Three months ended
  March 31,  December 31,  March 31,
  2024  2023  2023
REVENUES $ 327,238  $ 351,711   $ 355,611 
COST OF REVENUES 254,632  267,294   259,894 
GROSS PROFIT 72,606  84,417   95,717 
OPERATING COSTS AND EXPENSES:       
Research and development 19,951  20,849   19,331 
Marketing, general and administrative 18,670  18,401   18,629 
Restructuring income, net * --  --   (31,655 )
  38,621  39,250   6,305 
        
OPERATING PROFIT 33,985  45,167   89,412 
FINANCING AND OTHER INCOME, NET 3,984   16,682     6,997  
PROFIT BEFORE INCOME TAX 37,969   61,849     96,409  
INCOME TAX BENEFIT (EXPENSE), NET 5,078   (10,130 )   (15,041 )
NET PROFIT 43,047   51,719     81,368  
Net loss (income) attributable to non-controlling interest 1,587   2,128     (9,966 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 44,634   $ 53,847     $ 71,402  
BASIC EARNINGS PER SHARE $ 0.40   $ 0.49     $ 0.65  
Weighted average number of shares 110,840   110,796     109,961  
DILUTED EARNINGS PER SHARE $ 0.40   $ 0.48     $ 0.64  
Weighted average number of shares 111,627   111,308     111,071  
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:              
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 44,634   $ 53,847     $ 71,402  
Stock based compensation 6,761   6,662     6,448  
Amortization of acquired intangible assets 448   442     499  
Restructuring income, net ** --   --     (10,974 )
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 51,843   $ 60,951     $ 67,375  
ADJUSTED EARNINGS PER SHARE:              
Basic $ 0.47   $ 0.55     $ 0.61  
Diluted $ 0.46   $ 0.55     $ 0.61  
 
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.

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