Tower Semiconductor Reports 2024 Second Quarter Financial Results
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | |
Three months ended | | |
June 30, | |
March 31, | |
June 30, | | | |
2024 | | | |
2024 | | |
2023 | | |
REVENUES |
$ |
351,181 | | |
$ |
327,238 | |
$ |
357,191 | | |
COST OF REVENUES | |
264,259 | | | |
254,632 | | |
270,674 | | |
GROSS PROFIT | |
86,922 | | | |
72,606 | | |
86,517 | | |
OPERATING COSTS AND EXPENSES: | | | | | | |
Research and development | |
18,994 | | | |
19,951 | | |
19,452 | | |
Marketing, general and administrative | |
19,050 | | | |
18,670 | | |
17,387 | | |
Restructuring income, net * | |
(6,270 |
) | | |
-- | | |
(851 |
) | | | |
31,774 | | | |
38,621 | | |
35,988 | | | | | | | | | |
OPERATING PROFIT | |
55,148 | | | |
33,985 | | |
50,529 | | |
FINANCING AND OTHER INCOME, NET | |
7,710 | | | |
3,984 | | |
3,924 | | |
PROFIT BEFORE INCOME TAX | |
62,858 | | | |
37,969 | | |
54,453 | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
(6,108 |
) | | |
5,078 | | |
(5,747 |
) | |
NET PROFIT | |
56,750 | | | |
43,047 | | |
48,706 | | |
Net loss (income) attributable to non-controlling interest | |
(3,305 |
) | | |
1,587 | | |
2,484 | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
53,445 | | |
$ |
44,634 | |
$ |
51,190 | | |
BASIC EARNINGS PER SHARE |
$ |
0.48 | | |
$ |
0.40 | |
$ |
0.46 | | |
Weighted average number of shares | |
111,037 | | | |
110,840 | | |
110,088 | | |
DILUTED EARNINGS PER SHARE |
$ |
0.48 | | |
$ |
0.40 | |
$ |
0.46 | | |
Weighted average number of shares | |
111,979 | | | |
111,627 | | |
111,234 | | | | | | |
* Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022. | | | |
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY: | |
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
53,445 | | |
$ |
44,634 | |
$ |
51,190 | | |
Stock based compensation | |
7,781 | | | |
6,761 | | |
6,923 | | |
Amortization of acquired intangible assets | |
448 | | | |
448 | | |
491 | | |
Restructuring income, net ** | |
(2,634 |
) | | |
-- | | |
(250 |
) | |
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
59,040 | | |
$ |
51,843 | |
$ |
58,354 | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | |
Basic |
$ |
0.53 | | |
$ |
0.47 | |
$ |
0.53 | | |
Diluted |
$ |
0.53 | | |
$ |
0.46 | |
$ |
0.52 | | | | |
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. |
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