Tower Semiconductor Reports 2024 Second Quarter Financial Results
|
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |
(dollars and share count in thousands, except per share data) | | |
Six months ended | | |
June 30, | | | |
2024 | | | |
2023 | | |
REVENUES |
$ |
678,419 | | |
$ |
712,802 | | |
COST OF REVENUES | |
518,891 | | | |
530,568 | | |
GROSS PROFIT | |
159,528 | | | |
182,234 | | |
OPERATING COSTS AND EXPENSES: | | | | |
Research and development | |
38,945 | | | |
38,783 | | |
Marketing, general and administrative | |
37,720 | | | |
36,016 | | |
Restructuring income, net * | |
(6,270 |
) | | |
(32,506 |
) | | | |
70,395 | | | |
42,293 | | | | | | | |
OPERATING PROFIT | |
89,133 | | | |
139,941 | | |
FINANCING AND OTHER INCOME, NET | |
11,694 | | | |
10,921 | | |
PROFIT BEFORE INCOME TAX | |
100,827 | | | |
150,862 | | |
INCOME TAX EXPENSE, NET | |
(1,030 |
) | | |
(20,788 |
) | |
NET PROFIT | |
99,797 | | | |
130,074 | | |
Net income attributable to non-controlling interest | |
(1,718 |
) | | |
(7,482 |
) | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
98,079 | | |
$ |
122,592 | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS PER SHARE |
$ |
0.88 | | |
$ |
1.11 | | |
Weighted average number of shares | |
110,938 | | | |
110,025 | | |
DILUTED EARNINGS PER SHARE |
$ |
0.88 | | |
$ |
1.10 | | |
Weighted average number of shares | |
111,964 | | | |
111,153 | | | | |
* 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 |
$ |
98,079 | | |
$ |
122,592 | | |
Stock based compensation | |
14,542 | | | |
13,371 | | |
Amortization of acquired intangible assets | |
896 | | | |
990 | | |
Restructuring income, net ** | |
(2,634 |
) | | |
(11,224 |
) | |
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
110,883 | | |
$ |
125,729 | | |
ADJUSTED EARNINGS PER SHARE: | | | | |
Basic |
$ |
1.00 | | |
$ |
1.14 | | |
Diluted |
$ |
0.99 | | |
$ |
1.13 | | | | |
** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of taxes. | | | | | |
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