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Benzinga
Benzinga
Business
Anusuya Lahiri

Tower Semiconductor Clocks 19% Revenue Growth In Q4

Tower Semiconductor TSEM Intel Corporation Tower Semiconductor Ltd
  • Tower Semiconductor Ltd (NASDAQ:TSEM) reported fourth-quarter FY21 revenue growth of 19% year-on-year to $412.1 million, missing the consensus of $430.2 million. It posted a 28% organic growth.
  • The gross profit was $100 million, up 44% Y/Y.
  • Adjusted EPS of $0.55 beat the consensus of $0.45.
  • It generated $134 million in operating cash flow. It held $764.6 million in cash and equivalents.
  • On February 15, Intel Corp (NASDAQ:INTC) agreed to acquire Tower Semiconductor at a 60% premium.
  • Due to its impending acquisition, Tower Semiconductor did not provide its guidance for Q1 FY22.
  • Price Action: TSEM shares traded lower by 0.76% at $46.91 in the premarket session on the last check Thursday.
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