Israeli PRs

Tower Semiconductor Reports First Quarter 2022 Record Revenue of $421 Million, a 21 Percent Year over Year Revenue Growth

Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the first quarter ended March 31, 2022.

First Quarter of 2022 Results Overview

Revenue for the first quarter of 2022 was $421 million, as compared to $347 million in the first quarter of 2021, reflecting 21% revenue growth. Organic revenue for the first quarter of 2022, defined as total revenue excluding revenues from Nuvoton in the Japanese fabs and from Maxim in the San Antonio fab, grew by 29% year over year. Revenue for the fourth quarter of 2021 was $412 million.

Gross profit for the first quarter of 2022 was $105 million, 50% higher than $70 million recorded in the first quarter of 2021. Gross profit in the fourth quarter of 2021 was $100 million.

Operating profit for the first quarter of 2022 was $63 million, 94% higher than the $32 million recorded in the first quarter of 2021. Operating profit in the fourth quarter of 2021 was $ 56 million.

Net profit for the first quarter of 2022 was $54 million, or $0.50 basic and $0.49 diluted earnings per share, 91% higher than $28 million recorded in the first quarter of 2021, which represented $0.26 basic and diluted earnings per share.

Net profit for the fourth quarter of 2021 was $52 million, representing $0.48 basic and $0.47 diluted earnings per share.

Cash flow generated from operating activities in the first quarter of 2022 was $137 million and investment in fixed assets was $81 million, net. During the first quarter of 2022, the company repaid $31 million of its debt.

Corporate Credit Rating 

In May 2022, Standard & Poor’s Ma’alot (an Israeli rating company that is fully owned by S&P Global Ratings) completed its annual rating review for the Company and decided to increase the corporate credit rating and bonds series G rating from “ilAA- “to “ilAA “, with a stable horizon.

Guidance and Conference Call 

In light of the Company’s definitive agreement with Intel Corporation, as announced on February 15, 2022, the Company is not providing herewith revenue guidance for the second quarter 2022 and will not host an earnings conference call.

MORE Israeli PRs

Weebit Nano Crossbar ReRam

Weebit Nano Limited (ASX:WBT), a leading developer of advanced memory technologies for the global semiconductor industry, is demonstrating the high…

Avnet ASIC's leading team. Credit - Eyal Toueg

Avnet ASIC Israel Ltd, (AAI) a leading provider of ASIC and SoC full turnkey solutions and a business division of…

Hailo- iMotion+Renesas

Hailo, the pioneering chipmaker of edge artificial intelligence (AI) processors, today announced that leading autonomous driving solutions provider iMotion has…

Nova Logo

Nova (Nasdaq: NVMI) announces the second-generation Nova Metrion® system for in-line secondary ion mass spectrometry (SIMS). The new Metrion® incorporates key improvements, including increased sensitivity and…

CEVA rebrand

Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and…

CEVA rebrand

Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense…

GOLD PARTNERS