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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.
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