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)
  Six months ended
  June 30,
   2024    2023 
REVENUES $ 678,419   $ 712,802 
COST OF REVENUES  518,891    530,568 
GROSS PROFIT  159,528    182,234 
OPERATING COSTS AND EXPENSES:   
Research and development  38,945    38,783 
Marketing, general and administrative  37,720    36,016 
Restructuring income, net *  (6,270 )   (32,506 )
   70,395    42,293  
       
OPERATING PROFIT   89,133       139,941  
FINANCING AND OTHER INCOME, NET   11,694       10,921  
PROFIT BEFORE INCOME TAX   100,827       150,862  
INCOME TAX EXPENSE, NET   (1,030 )     (20,788 )
NET PROFIT   99,797       130,074  
Net income attributable to non-controlling interest   (1,718 )     (7,482 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 98,079     $ 122,592  
       
       
       
       
BASIC EARNINGS PER SHARE $ 0.88     $ 1.11  
Weighted average number of shares   110,938       110,025  
DILUTED EARNINGS PER SHARE $ 0.88     $ 1.10  
Weighted average number of shares   111,964       111,153  
 
* 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 $ 98,079     $ 122,592  
Stock based compensation   14,542       13,371  
Amortization of acquired intangible assets   896       990  
Restructuring income, net **   (2,634 )     (11,224 )
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 110,883     $ 125,729  
ADJUSTED EARNINGS PER SHARE:      
Basic $ 1.00     $ 1.14  
Diluted $ 0.99     $ 1.13  
 
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes.
       

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