Tower Semiconductor (TSEM) Misses Q1 EPS by 11c, Beats on Revenues; Offers 2Q Revenue Outlook Below Consensus

Tower Semiconductor (NASDAQ: TSEM) reported Q1 EPS of $0.31, $0.11 worse than the analyst estimate of $0.42. Revenue for the quarter came in at $313 million versus the consensus estimate of $325.03 million.

Highlights:

• Revenues of $313 million resulted in EBITDA of $84 million and net profit of $26 million;
• Cash from operations of $75 million and free cash flow of $35 million;
• Record net cash of $247 million;
• Record Shareholders equity of $1.07 billion;
• Received upgraded S&P rating from “ilA+ stable” to “ilAA- stable”;
• Forecast second quarter revenue growth of 7% sequentially, with a mid-range guidance of $335 million.
• Business OutlookTowerJazz expects revenues for the second quarter of 2018 ending June 30, 2018 to be $335 million, with an upward or downward range of 5%, representing a sequential growth of 7%.

GUIDANCE:

Tower Semiconductor sees Q2 2018 revenue of $335 million, versus the consensus of $343.72 million.

For earnings history and earnings-related data on Tower Semiconductor (TSEM) click here.

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