Tower Semiconductor Reports 2024 Third Quarter Financial Results

   
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,
  2024  2023
REVENUES $ 1,048,931   $ 1,070,969 
COST OF REVENUES 796,342   801,867 
GROSS PROFIT 252,589   269,102 
OPERATING COSTS AND EXPENSES:     
Research and development 58,812   58,959 
Marketing, general and administrative 55,152   54,053 
Restructuring income, net * (6,270 )  (32,506 )
Merger-contract termination fee, net ** --   (313,501 )
  107,694   (232,995 )
      
OPERATING PROFIT 144,895   502,097 
FINANCING AND OTHER INCOME, NET 17,798     20,896  
PROFIT BEFORE INCOME TAX 162,693     522,993  
INCOME TAX EXPENSE, NET (8,056 )   (55,182 )
NET PROFIT 154,637     467,811  
Net income attributable to non-controlling interest (1,911 )   (3,164 )
NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 152,726     $ 464,647  
BASIC EARNINGS PER SHARE $ 1.38     $ 4.22  
Weighted average number of shares 111,039     110,118  
DILUTED EARNINGS PER SHARE $ 1.36     $ 4.18  
Weighted average number of shares 112,135     111,184  
             
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.    
** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost.
           
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:    
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 152,726     $ 464,647  
Stock based compensation 23,153     21,269  
Amortization of acquired intangible assets 1,344     1,481  
Restructuring income, net *** (2,634 )   (11,224 )
Merger-contract termination fee, net **** --     (289,988 )
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 174,589     $ 186,185  
ADJUSTED EARNINGS PER SHARE:          
Basic $ 1.57     $ 1.69  
Diluted $ 1.56     $ 1.67  
             
*** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
**** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
           

 

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