Tower Semiconductor Reports 2024 Second 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
  June 30,  March 31,  June 30,
   2024    2024   2023 
REVENUES $ 351,181   $ 327,238  $ 357,191 
COST OF REVENUES  264,259    254,632   270,674 
GROSS PROFIT  86,922    72,606   86,517 
OPERATING COSTS AND EXPENSES:     
Research and development  18,994    19,951   19,452 
Marketing, general and administrative  19,050     18,670     17,387  
Restructuring income, net *   (6,270 )     --     (851 )
    31,774       38,621     35,988  
           
OPERATING PROFIT   55,148       33,985     50,529  
FINANCING AND OTHER INCOME, NET   7,710       3,984     3,924  
PROFIT BEFORE INCOME TAX   62,858       37,969     54,453  
INCOME TAX BENEFIT (EXPENSE), NET   (6,108 )     5,078     (5,747 )
NET PROFIT   56,750       43,047     48,706  
Net loss (income) attributable to non-controlling interest   (3,305 )     1,587     2,484  
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 53,445     $ 44,634   $ 51,190  
BASIC EARNINGS PER SHARE $ 0.48     $ 0.40   $ 0.46  
Weighted average number of shares   111,037       110,840     110,088  
DILUTED EARNINGS PER SHARE $ 0.48     $ 0.40   $ 0.46  
Weighted average number of shares   111,979       111,627     111,234  
     
* 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 $ 53,445     $ 44,634   $ 51,190  
Stock based compensation   7,781       6,761     6,923  
Amortization of acquired intangible assets   448       448     491  
Restructuring income, net **   (2,634 )     --     (250 )
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 59,040     $ 51,843   $ 58,354  
ADJUSTED EARNINGS PER SHARE:          
Basic $ 0.53     $ 0.47   $ 0.53  
Diluted $ 0.53     $ 0.46   $ 0.52  
 
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.

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